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26 June 2007

EURJPY Bearish Setup

EURJPY Bearish Setup




There is here an interesting Bearish Setup on 4 hours chart.

It started with a Bearish Divergent Bar here price drifted around for few sessions allowing to place sell stop orders.

Divergent Bar was taken furiously and our stop loss was checked but not taken while 3 red Momentum bars were formed offering a new short entry.
Meanwhile a Bearish Fractal was formed showing us where the next sell stop order should be placed. Both orders were fired in a short period.

This setup was supported with the divergence between the price and momentum where Tween Peaks signal was formed.

Now price enters into a support area around 165.50 level. If broken down there will be a nice profitable opportunity.

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