Dear Successful Traders

Yesterday’s trading idea is still performing quite well. I had a AUD/USD long signal and it is still showing bullish interest. It went up around 60 pips today, which means that our primary target is not yet reached. We are seeing confirmation signals from the daily price action and there is still no reason to close our positions. The intraday charts are showing bullish confirmation, as well. I have actually added to my existing position based on the Daily time frame a second long position based on a 4 hour time frame signal.
Today’s trading idea is coming from the EUR/JPY. This pair is showing some temporary bullish interest. I believe that this might a part of a small correction. But doesn’t matter whether it is a small correction or the beginning of a new bullish trend, we should try to take advantage of what the market has to offer. EUR/JPY has bounced off from the 134.00 support level. Now, it is trying to find some new buyers and we have the next resistance area at around 137.50. Today, there was a bullish engulfing pattern on the Daily time frame and this is giving further confirmation that the bullish momentum is renewed.
The trading parameters for today’s entry are: I would be looking to go long at 135.50. My stop would be placed just under the 133.800 level. My primary target is at the level of 137.500. From then on, it depends on how price action will react to those levels.
Happy Trading,
Colibri Trader