EURJPY looks primed for a bounce... It is coming up to a confluence of levels on the 4hour chart (trend line, resistance and 61.8 fib level. Things could get interesting.
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DislikedHi Quant, to add the image, "edit" your post then scroll down to "manage attachments" browse for the image on your computer and add / upload itIgnored
DislikedEURJPY looks primed for a bounce... It is coming up to a confluence of levels on the 4hour chart (trend line, resistance and 61.8 fib level. Things could get interesting.Ignored
DislikedAttachment
Looking at a setup that I think was similar to the EURJPY of this morning. Seems to be bouncing off TL / downward sloping channel , 61.8 retrace ect. Stoch's. are going into over bought ( I dont put much weight on these , just a little extra conformation) Please critique this and let me know if I am on the right track.
Take CareIgnored
DislikedHi Micardo
I think i am a bit too late for an entry into the EJ (or i could put the SL - 80 pips behind the candle)
Is my chart ok ?
Confluence:
1. Trendline
2. Round Number
3. 61.8 fibIgnored
DislikedAttachment
Looking at a setup that I think was similar to the EURJPY of this morning. Seems to be bouncing off TL / downward sloping channel , 61.8 retrace ect. Stoch's. are going into over bought ( I dont put much weight on these , just a little extra conformation) Please critique this and let me know if I am on the right track.
Take CareIgnored
DislikedI'm also in USDJPY on a bounce from upper TL. Was in profit as you can see and it has retraced.Ignored
DislikedOuch! I got bitten on turnaround Tuesday. Was it a bank holiday; or was I barking up the wrong tree? http://cdn.forexfactory.com/images/icons/icon9.gifIgnored
DislikedHi Micardo
I think i am a bit too late for an entry into the EJ (or i could put the SL - 80 pips behind the candle)
Is my chart ok ?
Confluence:
1. Trendline
2. Round Number
3. 61.8 fibIgnored
DislikedHi Micardo. Interesting thread and I'm going to read it. Please excuse this correction which I noticed. Couldn't help it...
No it isn't. The fib should have been drawn from the swing high. Therefore, it's not a 61.8 level.Ignored
DislikedFibonacci is very subjective. Yes you can say that it is by 20 pips but in the grand scheme of things it is in the right area.
Remember that the forex market does not go through a centralised exchanged and therefor there is no one price. For that reason you really can't view levels as to the pip because different feeds will give you slightly different prices.
For me the most important thing is the price action, so I know that if I get price action in an "area" of the chart that holds some weight I am going to enter. It doesn't matter to me whether...Ignored