This is my trade on Friday, November 20th.
EUR was on the slide against the USD and JPY since midday US session Nov 18(Wednesday). The slide was arrested by midday European session on Nov 19th. The subsequent correction carried it into a 61.8% fibo retracement by early Asian session.
From the swing low of 131.72 to swing high of 132.92, EURJPY make a retracement of 61.8% with a engulfing candle on a 30 MTF chart, indicating the minor downtrend is reversing. An engulfing candle at 61.8% retracement of swing high 132.92 to swing low of 132.20 point to a possibility of the continuation of the downtrend.`(refer to the 30 MTF chart below)
As my trade started at about midday Tokyo session, at 8:00 (6:00 GMT) on the 5 MTF chart a wedge is formed. My bias at this time is on the short side as the prices are moving below the Pivot Point.
On my scalp trade which I used the 1 MTF, I entered a short at 8:16 when EURJPY fall below the blue channel with all indicators pointing a downward moves. Exit at 78.6% retracement of swing low of 132.20 to swing high at 132.73.
The next entry is long when prices break the down sloping line at 9:00(7:00 GMT-European session started).
With the two entry I have made my daily profit target of 50 pips.
