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Setting up a Strategy

Profile photo of Nuno Lampreia – Forex.Today by Nuno Lampreia – Forex.Today
2015-09-16_00-11-58eurjpyforextoday

2015-09-16_00-11-58eurjpyforextoday

The eurjpy pair has the two bigger moving averages quite flat on this 1 hour chart.

We deduce therefore that we are not in a strong trending mode for this pair.

Also when price finds itself between the blue and purple moving averages it is a sign of indecision of price.

Therefore we refer to the use of lower lows and lower highs of this chart.

This means that I would prefer to be a bear and to follow the way of least resistance.

I might therefore suggest to short from the blue moving average and to place my target at number 5.

A possible stop loss placement might be over the blue moving average plus the spread of this pair.

Best of PIPS

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