So here we are looking at the Week chart of the EURJPY. If you have been able to join us on the webinar's, you will know how I like consolidation channels. WEll, the EURJPY has been on a channel for about a year. When ever I trade a breakout of a channel, I look for a candle open outside of the consolidated area, and we got that this week. As you see to when it opend outside of this channel, it surged all the way up and tapped what used to be our support. (Remember: Support becomes Resistance)
So it surged up there, tapped it and dropped. Euodoo was able to get us in on the retracement and if you where able to hold on you would have two entries, one at 126.42 and another at 125.92. As I am typing this the EURJPY is droppin and is at 124.69.
Entry #1: up 173 pips
Entry #2: up 123 pips
Totaling: 296 pips
HOW AWESOME IS THAT????
Now that we know we have broken a 1 year channel, I will be looking for more short entries then long and will probably set the Euodoo to get me in short positions adding to the entries that we have now. So stay tuned to @Euodoo for levels as they present themselves.
FYI, My long term target is in the 112 area for the EURJPY.
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