Sell below 133.55. Stop loss at 133.96. Take profit at 131.90. Reason for the trading strategy (technically): Price is forming a very strong reversal pattern and we remain bearish below major resistance at 133.55 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance, Elliott wave theory) and we expect to see a strong drop from this level to wards 131.90 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,3,1) is seeing major resistance at 98% and we expect to see a corresponding drop from this level soon.
@chefprofits, You're right, I was not so clear... I'm wondering if the above analysis is now invalidated as the stop-loss value was reached.
Moreover I've found some other's analysis for the long direction, same pair. I'm a noob and just trying to understand and learn from other's :-)
chefprofits
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@fabrixpo, No worries, it could go either way man. I see it has to drop some after 200 PIP climb and then maybe go even higher but has to retrace some. This is just my idea.
zalobuhuk
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Do you use any moving averages in your analysis sir?
ticikab8303
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interesting idea on EURJPY... let's see if it works. I hope it does..!