Looking at EurJpy price has recently broken a daily significant level that is notable for a bullish setup. Scoping into the 5 minute timeframe, price has exhibited a break and retest of this level while successfully shooting towards the upside. I would want price to come back down to the level before possibly capturing another upside movement.
The candlestick configuration I like to see at the level is just identification that price is beginning to switch direction. I looks for double bottoms, inverse head and shoulders, or bullish engulfing patterns. My go-to is the double bottom/top. Stop loss is directly below the level while targeting the previous highs if we get a pullback to this level. My alert is set, we shall see.
The candlestick configuration I like to see at the level is just identification that price is beginning to switch direction. I looks for double bottoms, inverse head and shoulders, or bullish engulfing patterns. My go-to is the double bottom/top. Stop loss is directly below the level while targeting the previous highs if we get a pullback to this level. My alert is set, we shall see.
