EURJPY has set up a perfect in trend engulfing long setup on the 4 hour time frame.
The engulfing candle formed on Dec 23rd at 8am (closed at 12pm noon CST) engulfed 6 previous candles.
The engulfing candle also closed above resistance of the previous highs.
Price rejected the 61.8% retracement level perfectly which confirms this setup.
Entry at 61.8% retracement...
we have a head and shoulders at daily frame
i'm looking for buy from 0.6450 after pullback to the neck line , the main target for this pattern it will be at ( 0.6660 )
It looks like buyers are crawling at the doorsteps of sellers after sellers are losing steam.
Scratch that, I think buyers are knocking aggressively.
This is because sellers have retraced only 50% of the "move up by buyers" and they are already on "leg 2" with "leg 2" showing weakness in strength. This gives opportunity for a buy trade although I can't tell when...
