HIPPY MOMENTS FOR THE EUPPY! | EURJPY LONG TERM SPECULATION

Our last trade (see previous publication) on this pair fetched us an approximate of 410pips. In this setup, we shall be having two trading possibilities and this is dependent on the individual style of trading, see plan below;

Tendency: Uptrend (Bullish)
Structure: The Three Drive Pattern
Observation: i. Three Lower Lows indicated on the chart as Drive 1, 2 and 3 signalling a potential reversal.
ii. Confirmation of 0.618 retracements on each drive.
iii. Price spikes out of Drive 3 confirming the reversal.
iv. Price is presently retracing into the 120.000 zone in anticipation of the rally up.
v. Price gaining momentum towards Moving Averages.
Trading plan: i. SELL the correction move into 119.000 zone or
ii. BUY now or after completion of correction with maximum TP @ 129.000 zone (1,005pips) and SL @ 116.000/114.000 zone.
Risk/Reward: 1/3.6
Potential Duration: 30 to 50 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

NB: Publication on Lower time frame coming up soon


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