Long

Where catch cheaper for scalp?

Updated

As i expect from market another wave down, the only way on this thin market is to trade in XEMJPY (as XEMCNY and exchange for it is not good at all for me), so we must recalculate levels from USD to JPY.

Note

61,8 Fibo retrace from ATH gave us 0.129cents level. For me it's important support. Spike can of course go much lower, but bounce from this area shoould hit previous huge levels as 0.5 or/and 0.38 Fibo.

Note

If in some way price will slide much lowe to let's say 0.7 Fibo, You should close trade after bounce from 0.7 to 0.618, in this case You dont earn but dont lose.

Note

For XEMJPY 61,8Fibo= 14,3JPY, so pending two orders should be set on this level with two targets 18.7JPY and for second long 23JPY

Note

I all will go good, You should also for part of Your earnings (20-30%) rebuy long after retrace from 23 to 18,7JPY if it will occur. This should be longterm investment.

Note

Another chance to play with this style will be when market produce another wave down to 78,2 Fibo from ATH 0,72cents, but it's to early to predict when it will occur, if ever:)

Note

correction 78,2 Fibo is @ 7,2cents

Note

ormin79

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.