JPN225 Finding Support in a Bullish Trend

FX:JPN225   Nikkei 225 Index
  JPN225 , not so good because price has lost momentum to hit either Fib 27.2 or Fib 138.2 before retracing. But this is normal as the high at Fib 100 has the power to force a retracement before price heads for the above two Fibs. This is the pattern that normally gives you your Double Top before a resumption. We have had a good retracement by that last long candle to the downside and price is currently finding some support on the low left by this long bearish candle. If this low holds its ground, then our STOP will be @ 23803, our TARGET will be at @ 24197, which is a Fib 161.8 level given a Fib 50.0 retracement support. Now the WAITING game starts. We need to WAIT for a candle that closes well clear of our counter trend line and buy the candle that follows this candle. This is all that is needed. WAITING. If price decides to go for a deeper retracement, which means heading towards Fib 38.2 or Fib 27.2, fingers crossed this will happen before we get the counter trend line break , saving us from getting burnt. I hope this helps. Happy trading at all times.
Trade active: Note that we now have a candle clear of our counter trend line and we are buying the open of the next candle. The trade is now in progress. There is a pending retracement after this candle we have bought as they try to test the back of the counter trend line. Do not fiddle with your trade. Simply sit back and relax, watching this beautiful game between bears and bulls being played. This is your only job. And if your team is winning, the Bulls in this case, just enjoy the game as you normally would, when your local football team is winning. Watch the space as we might have to take profit at Fib 138.2.


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