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After the success of the EUR/GBP we are going to look at another cross pair i.e. EUR/JPY which has a descending Triangle Pattern and this is one of my favourite patterns.
We can make money both ways by using a Technique Called BPC i.e. Breakout Pull Back and Continuation.
For those who have never traded currencies believe me that it sounds like it’s very complicated. The matter of the fact is at Platinum, we make it very easy for you to understand the concept of trading the financial markets.
We teach clients on a daily basis that come from all walks of life so just message me and I will try and personally explain the trade if you have any questions. If you would like more information on Learn How To Trade forex markets and take advantage of some beautiful opportunities whether you want to get a career in the city or diversify your career or even trade from home let me know and I will do my best to assist.
What do we see on EUR/JPY and how can you trade it?
We are looking at shorting the EUR/JPY Pair and we are expecting it to fall between 400-500 fx Pips, yes that is correct! If you traded this at even £10 a point you could potentially make between 4k to 5k on this deal.
Behind every trade at Platinum, we should have the following:
A) A Perfect Technical Reason to take a trade
B) A Perfect Fundamental Reason to take a trade
C) A Logical Reason to enter the trade
D) A Perfect Stop loss which is justified
What have we spotted in the market today?
We foresee a Descending Triangle Pattern which could be coming into play on the EUR/JPY Pair:
Please look at the detailed chart attached:
In this chart, the following is clearly visible:
A) We have a clear and precise Defined Range between 128.35 and 121.50 and we are making lower lows on the weekly basis which means the trend is bearish.
B) We have a harmonic Trend line completion pattern which is show clearly by the 1,2,3 sequence.
C) The Third touch is the area to short the Eur/Jpy @ 124.67 which coincides with the previous supply zone this is denoted by the green and red arrows to the left of the short entry.
D) We have a Descending Triangle Pattern which is shown in the right-hand corner denotes by Diagram A. This is generally a bearish pattern.
E) This could be a banker trade set-up if we compare this with our intraday selling levels on EUR/JPY
F) At Platinum we are looking to short the euro on rallies which also supports this trade
LEARN HOW TO TRADE THE EUR/JPY:
SHORT THE EUR/JPY @124.67 WITH A STOP LOSS @125.17 AND A TARGET OF 121.50 AND A SECONDARY TARGET OF 119.50.
Wish you all the best of luck!
Please trade at your own risk, this is no way meant to be trading advise but mere analysis of the pair which will I be trading myself.
The Platinum Formula:
Perfect Fundamentals + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management = Perfect Trade
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Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day!
Live from the Platinum Trading Floor.