EURJPY (1h) Double top, fibonacci, strong resistance - Short?
Price put in a double top, failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top, we have a strong monthly support and resistance area which could help us with this short.
I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release from this bearish trend.
If we break and close above 118.400 we could be looking at a bullish rotation, as hinted above. And then - we adjust our prognosis and entries accordingly.
Lets see if this elevator goes to our floor!
I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release from this bearish trend.
If we break and close above 118.400 we could be looking at a bullish rotation, as hinted above. And then - we adjust our prognosis and entries accordingly.
Lets see if this elevator goes to our floor!
Note
As I mentioned above - if we have a break and close above 118.400 this could turn into a bullish cycle. -> We now have a strong bullish candle that closed above which means that the probability for targets being hit are slim.But! - We have stop loss for a reason. No changes.
Trade closed: stop reached
Stop reached. Lets keep our eyes open for the next possibility.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.