FxSniper’s Long Entry: 99.11
SL: 98.47
TP: 104.52
Ratio: 8:1
Off Daily and H4
Status: All but confirmed (98%)
Entry strategy: 50% of pin (Will use full measure strategy if the former fails to trigger)
Stop strategy used: Hard stop… Idea becomes totally invalid with stop loss
General Assessment: This is one of those occasions when I totally refuse to obey the bookies and their agents in favor of my simple charts and the price actions therein and 98% of the time with total impunity!
In this week’s edition of eurjpy long, I am simply continuing with the second phase of my recently analyzed Daily bullish wedge dynamics, which by chance or design has now formed a formidable bedrock by virtue of Friday intra-day price action.
After my initial longs, I knew exactly where to pause to allow those who are usually late to trend changes, time to react. Yes, the bears did react off my dynamic 21ema with good confluences. The result was supposed to be a cataclysm but no, they were suddenly arrested and chased back up by the almighty bulls with a weighted pinbar off our 8ema and an even greater amount of confluences. It is on record that Friday was the only day during the whole week that we see a bearish (black colored) candle and even that too ended a bullish pin bar! Is it a random event or a purposeful paradox that the bearish pin bar that sparked the reaction earlier on Thursday ended white in color and the one on Friday ended black ?
Well, whatever it means to you, current eurujpy daily chart is showing a very strong bullish momentum and should be tapped into irrespective of what the bookmasters are saying.
Join me and make up to 500 pips on this one risking just 64 pips in the process. What an amazing risk to reward Ratio!
Good luck
