After a short hiatus, I am back! In any case, here’s a nice setup I spotted on EUR/JPY.
EUR/JPY, 4-Hour
Long or Short: Long
Entry Point: A close above consolidation (102.20, most likely)
Stop Loss: 99.50
Profit Target/s: Targetting former highs initially, but may ride it further depending on PA
Reward-to-risk Ratio: Will depend on my trade management
Risk percentage: 1.5%
Indicators: 100 SMA, RSI (9), Fibs
Trade Rationale:
- Consolidation above the 50% Fib
- RSI moving higher
- BOJ announced an expansion of its QE program
- Optimism from ECB’s decision to buy unlimited amount of bonds
- Trend still bullish (above both 100 and 200 SMA)