EURJPY appears overbought
The Congestion Opportunities Strategy has just bought EURJPY at 124.623. The system recommends entering this trade at any price between 124.452 and 124.794. The signal was issued because the 28-hour indicates that the EURJPY may be overbought, while the Speculative Sentiment Index reading of 1.456 indicates that trader sentiment is not at extremes.The 14-period on a is 0.686, so the stop loss has been set at 123.937. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Congestion Opportunities is a range trading strategy that aims to sell overbought currency pairs and to buy oversold currency pairs. The strategy will only trade when the Speculative Sentiment Index for that currency pair is between -1.5 and +1.5. Limiting range trading in this way has shown in the past to significantly raise the probability of successful range trades.
Signal ID: 73018
Time Issued: Friday, 21 August 2020 09:00:16 GMT
Entry: 124.452 – 124.794
Stop Loss: 123.937
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