Good day everyone,
For the past couple of months I've been learning about FOREX , therefore I am not sure if the following event is going to occur, so don't pin yourself down on it.
Today I was playing around with the EUR/JPY charts. I started looking at the month, week and day charts and was testing out some Fibonacci retracement levels.
What I found out, and what you can see on the chart, is that there was a retracement from 0% to 61.8% (from 14-04-2015 till 04-06-2015 which took 51 days) and from 61.8% to -61.8% ( 04-06-2015 till 24-06-2016 which took 386 days).
After hitting the -61.8% mark you can see a trend reversal. Which tests the 61.8% Fibonacci level and then goes up again, which gives me an indication that it might retrace to the 161.8% level in the next couple of months.
I even did a little calculation and it might take between 8 and 10 months before (and if) the 161.8% level is hit.
summarized in the next couple of months there might be an uptrend coming.
Tell me what you guys think, do you think I'm going to be right or wrong and why?
Kind regards,
Khaine
For the past couple of months I've been learning about FOREX , therefore I am not sure if the following event is going to occur, so don't pin yourself down on it.
Today I was playing around with the EUR/JPY charts. I started looking at the month, week and day charts and was testing out some Fibonacci retracement levels.
What I found out, and what you can see on the chart, is that there was a retracement from 0% to 61.8% (from 14-04-2015 till 04-06-2015 which took 51 days) and from 61.8% to -61.8% ( 04-06-2015 till 24-06-2016 which took 386 days).
After hitting the -61.8% mark you can see a trend reversal. Which tests the 61.8% Fibonacci level and then goes up again, which gives me an indication that it might retrace to the 161.8% level in the next couple of months.
I even did a little calculation and it might take between 8 and 10 months before (and if) the 161.8% level is hit.
summarized in the next couple of months there might be an uptrend coming.
Tell me what you guys think, do you think I'm going to be right or wrong and why?
Kind regards,
Khaine
Comment:
Still looking good ;)
Trade closed: target reached