Dear EUR/USD Price Action Traders
The trade from last time was quite tough. I did write in my latest price action signal that you should place your stops just under 121.85, but did not specify exactly where. So, if you have placed your stop just under 121.85, you would have been stopped out. On the other side, if your stop was just under 121.80, you would not have been stopped out. Anyways, in any of those two cases, you should not be disappointed or too excited, because it is just one trade out of the 100 trades that I have been teaching about. The markets have been quite volatile recently with Greece on the agenda, but anyways price action is objective and even with such events, you should be able to trade in the same way as without them.
Today’s price action signal is coming again from USD/JPY. It is another bearish rejection just above 122.00. The candlestick pattern is a long-legged doji/ pin bar- like and it gives further indication of the inability of sellers to take over this zone. Therefore, I will be looking to go long again. My price action long entry is at 122.45. The stop for this trade is at 121.80. The price targets are like last time- 125.00 and then 126.00. After that it will depend on price action.