It is in 5 (or ABC) move down. Second impuls wave is also 5 wave move. And now it is in IV correction move. It revers from S/R and 61,8 Fibo level. Now it is 3hours horizontal move.
What is strategy for this. I'm waiting for signal on 5minute chart and than probably open position with SL just over this last consolidation.
Breaking 109.90 will be long signal and than i will search for long positions.
Here EUR/JPY can be in wave 4 of 5 wave down and its less probable - wave 4 is too big and broke a little top of wave 3. It can be true and non regular move down if price breake trend line of move up.
And I will put my money that its new move up. We are at top of wave (3) now it will be move down - and it should end somewhere near of Fibo grouping of (1) - (3) and (2) - (3) and trend line. Than it can be good trade for wave 5.
Price was not near trend line but it retrace from Fibo level. I really think it will go up so i tried first position. Now im waiting for retrace from another level (and near TL) than on second 5m signal and HL (higher low) i will re-open position. Of course i can be wrong and it can go down so no position in such situation.
20:50 Orders closed on +20pips. I dont know what can happen at night so i rather close them than risk SL. Move SL to BE will not be smart also i think - beacuse its high probability for me that price will go down to this consolidation area and close my order.
