EURJPY Fibonacci confluence at support level
Updated
Hey traders,
here on EURJPY we have a good trend opportunity. JPY piars are all trending very heavy lately and continue to make higher highs. Being that, i want to hop on trend everytime price gives me a chance.
In this chart we have two AB=CD patterns, three good fibonacci levels all lining up at previous support.
Sounds like a good opportunity to go long to me. But i want to enter in a good position so that i can have better risk to reward ratio. I've outlined a box where i'm looking for long opportunities like engulfing candles and double bottoms.
Stop would go under previous structure, target1 would be at 2:1 RR, target2 along with structure.
I'll let you know if i manage to get involved.
If you have comment or questions, fill the comment section below.
Otherwise, see you in the next chart!
here on EURJPY we have a good trend opportunity. JPY piars are all trending very heavy lately and continue to make higher highs. Being that, i want to hop on trend everytime price gives me a chance.
In this chart we have two AB=CD patterns, three good fibonacci levels all lining up at previous support.
Sounds like a good opportunity to go long to me. But i want to enter in a good position so that i can have better risk to reward ratio. I've outlined a box where i'm looking for long opportunities like engulfing candles and double bottoms.
Stop would go under previous structure, target1 would be at 2:1 RR, target2 along with structure.
I'll let you know if i manage to get involved.
If you have comment or questions, fill the comment section below.
Otherwise, see you in the next chart!
Note
Price now is sitting on the blue box. I'm waiting for a reason to go long.Note
Price created a nice shooting star candle (with a long wick lower). If the next candle will close above 122,304 that would be a buy signal for my rules. Stops 1 ATR below the low, first target at 1:1 RR, second with structure.Order cancelled
Support broken. No more interested in long opportunities. I'm happy to have waited for a buy signal insted of putting a limit order. First rule of trading: CUT YOUR LOSSES!
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.