This could easily have failed - the market order placed at the end of the day yesterday on pound jpy because to me the price action looked smashed. I'll keep it another day despite the negative swap.
And since I see 78.6% showing up on the monthly pivots indicator I use which I posted earlier on this thread, as being recently under challenge and since I do not expect pound to do spectacularly well in the next hours before end of week, I will add limit orders at the 78.6% fib level 152.609 for the action coming up later which will be unable to watch: GDP and Mr. Carney's speech.
Here is information that has helped in the past with successful limits at 78.6% if it looks like 61.8% is seriously penetrated: it is a section copied from something I found, on FF:
"Key concept is being aware of turning zones 61 and especially 78 zone. Google Scott Carney 786 and you'll get interesting results. 78 fib is not even on Fib Meta tool default setting and many traders are unaware of its significance. The .786 Retracement is the square root of the 0.61. The 0.786 is the next critical area to examine after the 0.618 has been clearly violated. The 0.786 is a vital Fibonacci number because it is often the last chance before retesting the original starting point. Price action that does not reverse from the 0.786 usually will retest, and often break past the original starting point. Therefore 0.786 failures are significant because th estop loss limit will be clearly defined by the original starting point and relatively small compared to the potential reversal. The 0.786 retracement is fairly unknown in the industry, although I believe that more technicians are becoming aware of its significance.
In my opinion it is a crucial Fibonacci number, since it is one of the last harmonic ratios before retesting a trends prior high or low and it can provide a clear indication of the future direction based upon the price action at the number. Another reason the 0.786 is a valuable Fibonacci number is because it can often gauge potential opportunities, especially when the surrounding market noise (information) suggests that the set-up is to be avoided. I have observed many situations, where the information in the media is quite contrary to what the price action at the 0.786 is indicating. If a stock is trending strongly, the 0.786 projection frequently can serve as a key reversal point, despite such contrary information."
{image}
