I am trading on a small account, documenting my progress. This is not intended to be a signal!
Break of H4 Trend Line to test support at 124.000. Expeting a retest of lower trend line structre along with fib level 0.382 were we have our first take profit. Take profit 2 extended to our next fib level at 0.618 at 125.500.
Sell at CMP - 124.250
I will present this opportunity in a simple way and clear!
EUR JPY has been creating HH and LH , from the 3 week of the year. That been said, we simply are applying a ABCD.
Possible C 125.027, where the 61.8 % fib is located
and the possible D 126.372
I hope this that help you guys.
All the best
Currently have what looks like a retracement on the downtrend with EURJPY, up to the 50% zone. It is also sitting around a support / resistance at this level too, there is the potential for a head and shoulders pattern to complete, with indicators showing the bull power slowly running out. This could start the final leg of the right shoulder. I will be waiting for...
Currently rejecting 0.382 Fib level at 132.213 and I think this level is going to hold, potential short with an entry around 132.000 and if price holds out past daily trendline then this pair could continue to melt down to 130.400 area.