Thanks Eliza, appreciate your efforts.
Are you referring to a Bearish (sell) Breakout soon?
May I know what's the reason for a Bearish breakout?
Cos interestingly, from my technical analysis, it looks like a Bull Breakout is more likely to happen, though there seems to be a more fundamental pressure for a rather "prolonged" Bearish (with sideway trending) outlook and hence, the trend may be bearish for a while more but the next breakout seem likely to be in the Long direction....(Please don't take my comments seriously, i'm not a professional, cos I never traded in EURJPY, and I'm just trying to have some fun and to see whether the indicators I use (in EURUSD) is applicable in this situation). And I'm curious how come you predict the opposite direction (sell) instead and I thought I would like to gain some perspective.
EA does a better Market Analysis
Now a days, I don't analyse the market anymore. My EA does a better job than me, cos it is able to take into so many considerations (scan multiple time frames) at an instant and calculates more accurate than me. I used to make the mistake of entering too early and got caught in the wrong direction because I based on "prediction" and when the market got caught too long in a "prolonged" situation than I expected (mostly due to some fundamental issues that went against the usual technical "expectations"), I ended up having to hold onto a losing position more than I should have.
Better to be safe than sorry.
I learnt my lesson, better to wait for a confirmation and lose gaining a couple of pips in order to be sure than to enter a trade too early and taking such a "gamble" in my prediction.
We can predict trend but we can't predict time
Even if I can "predict" the direction, there is the issue call, Time Factor. It can come any time, it can come much later...and time/duration, is something I can't predict. So although I think there is a likelihood of a breakout in the near future, it could happen anytime in the next moment yet it can also happen after days ranging and waiting till a week etc.
As for now, I let EA do the job for me
I now prefer to trade with an EA, cos the EA doesn't "predict"...it waits for an actual breakout to happen first and then enter into a trade and hence, preforms better. And since I can't be watching the market all the time to wait for that moment to happen right at the moment while I'm sitting in front of my monitor. And most of the time, when a breakout happened, a couple of hundreds or thousands pips can happened within a minute or two...by the time I react manually, those precious pips are gone..a little left (that's why I don't like to use any time frame more than 1min, it's hard to be on time to catch the bus when we have a laggy watch), then there is the waiting again as the market consolidate. Still it's better to be safe than sorry. Gain a little is better than losing and having a risky trading attitude.
If you missed the Bus/Breakout, the next bus is coming anyway...but make sure you use a timely watch
One thing good about forex trading, if you missed your bus, don't worry, the next bus is coming anyway (just make sure you have a good watch, i.e. Time Frame to help you watch the market every minute for the next coming bus/breakout, so that you can be on time for your next bus arrival and catch it). I often wonder how one is able to enter accurately (with their EA) if they use higher time frame as their platform? How can one ever be on time for his bus, if he is always on an hourly look out and the bus can come at odd timing...won't he always be late for his breakout party?