EUR/JPY is in a major downtrend
I took my sell position taking these into consideration:
-3rd tap on the descending trendline
-Daily candle closed bearish engulfing
-Fibonacci retracement at 61.80%
-Broke out of the rising wedge in a downtrend signaling price continuation to the downside
-Price still below the daily resistance
Risked 2% of my account with a RRR 1:1.5
Will move SL accordingly
Entry: 129.602
TP: 128.600 (100 pips)
SL: 130.250 (65 pips)
Only time will tell. I’m short this pair as well. I’m trading the channel, but it will need to break through that S level for some down momentum:
Yes that is what i see too
but i’m testing the wedge pattern breakout strategy to see if it plays out well or not!
It worked well on BTC but didn’t work on GBP/JPY
So this is my 3rd time testing this chart pattern on the high timeframes (4H-D)
Ofcourse using it along with other confluence areas or indicators
Hopping in!
Update: Got stopped-out and lost 2% on the trade as planned
Hope you didn’t follow it on a real account 
I did lol and also got stopped out. 
That is why you should never take a trade based on another person’s analysis blindly 
It is dropping now though but it is what it is!
It’s cool, I knew the risks going in! It’s just something I wanted to try doing lol
