The Forex Mechanics just wish to update you that we have taken 22 Pips and are out for now. We will wait for the Double Top to be broken before we reenter the market otherwise we will stay away for now.
Although the chart below shows that we are still in the trade we will be getting out very soon . We don't give back profit once we make it no matter how small . That is a tradition the Forex Mechanics will never change.
So let us analyse the chart below
We entered the Trade at 132.075 and we took the traditional 10 Pips as we normally do and we remained in the trade waiting to see what will happen. At 132.399 price level which eventually happen to be a Resistance Level it formed Double Top and went back back to the South on 1HR Time Frame
Now what do we think? At the Forex Mechanic Workshop: We think EURjpy will go further South to 131.960 before returning to the North. And Just as i was posting this message it has gone back to Retest 132.399 and could not break it. Although it has formed another Resistance Level at 132.098 on 30 Mins Time Frame and we are waiting to see if that is sustainable .
We will get back to you later to brief you of what eventually happens at the end of the day
See the 30 Mins Chart below
Thanks
God Bless You all
No comments:
Post a Comment