EURJPY CASE STUDY: FIBONACCI RETRACEMENT+SUPPORT/RESISTANCE ZONE
The scenario for EURJPY on H1 timeframe could be as following:
1- Retracing from a support after a morning star pattern (bullish pattern) and CCI / %R being oversold suggesting a return to the normal zone, with a buy order being put after the new candle making a wick down and breaking the high of the current one. Targets are set according to Fibonacci lvevls;
2- If the price respects the down trend, we should expect a break of the support after the retracement;
3- Now the perfect scenario would be to wait until a retest of the support to take our sell order, with targets beimg put at major levels.
Put your stop losses according to your risk management plan.
If you have any questions I will be more than happy to answer them in the comments...
1- Retracing from a support after a morning star pattern (bullish pattern) and CCI / %R being oversold suggesting a return to the normal zone, with a buy order being put after the new candle making a wick down and breaking the high of the current one. Targets are set according to Fibonacci lvevls;
2- If the price respects the down trend, we should expect a break of the support after the retracement;
3- Now the perfect scenario would be to wait until a retest of the support to take our sell order, with targets beimg put at major levels.
Put your stop losses according to your risk management plan.
If you have any questions I will be more than happy to answer them in the comments...
Comment:
Buy order activated and hit TP3!!