Results of EURJPY Market Commentary – Long Term Trade – October 31, 2016

Hello everyone! Back on October 31, 2016 I sent out a market commentary setup for the EURJPY. Now it is time to share the results of this long term trade which brought in a beautiful 700 pip gain!

Below is the chart that the setup was shown on with the following thoughts:

It is currently in what appears to be a triple bottom.  If price breaks above the D1 resistance, then we should see a Trend Reversal.

If price breaks below the MN1 support, then we may be seeing a continuation of price.

Here are my thoughts:

Long entry if we see a break to the upside of 116.524

Short entry if we see a break to the downside through the MN1 support or the D1 support of 112.236

So, where will price go once we see a break?

Upon a break of the two levels provided, we may see the following price movement:

Long – 119.837076, 122.877466, 126.151732

Short – 110.964, 110.050

 

eurjpy-daily-market-commentary-10-31-2016

 

If you take a look at the chart below, we see that price broke to the upside of 116.524, which was the D1 resistance level and long entry. Once it broke in mid November, the trade continued to TP levels 1 and 2 over the next month.
eurjpy market commentary results forex price action trading final

This was from a simple triple bottom setup taught in our Pure Price Action series. Learning and utilizing these solid trade setups can really improve your trading results and take away the stress of short term trades that keep you monitoring charts all day. If you are not a Slick Trade member, feel free to check out our price action series for patterns with 3 free video lessons.

I look forward to our next market commentary release and have a great one everyone!

Cheers to success and see you all in the room!

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