EUR/JPY Weekly
Long or Short: Long
Entry Point: 108.00 (above engulfing bar high)
Stop Loss: 106.55
Profit Target(s): 109.25, 111.10
Risk-to-Reward Ratio: final 1:2
Risk percentage: 2 positions equaling 2% of trading a/c
Indicators used: None. Using support/resistance and a price-action setup [ bullish engulfing bar (BUEB) at key support ]. However, quick check with Fibonacci shows that the level is also the 38.2 retrace level of the main uptrend.
Trade Rationale: A bullish engulfing bar (BUEB) (is forming) at a key support level
Trade Adjustments: When first TP is hit, take one position off, and move the other to break-even.
Cheers, & safe trading to all,
Dudest