Waiting on Eurjpy Short Entry

FX:EURJPY   Euro / Japanese Yen
652 9 15
This pair is showing considerable weakness. Many factors are contributing to the weakness and am watching price action to confirm the next leg lower. I have my entry set a little bit lower than current price, hoping to catch the break of a minor support line to confirm the bearish direction. Let me know what you think! :)
meaby next time
shouldn't your fib be the other way around?
LexieGirl MaiTrader
the "0" point of a fib always goes on the left side of the chart, the "1" levels goes on the right. That way your fib extensions project in the direction of the trend.
Dale_Ansel MaiTrader
No her fib level is fine. she measured the swing low to swing high. Her target around 131.84 hits the .382 retracement of that swing low/high.
Dale_Ansel Dale_Ansel
Dale_Ansel Dale_Ansel
My thoughts on this pair, for what its worth :) We have a double bottom where support held. Price has moved and broke the 15-EMA line
its been in an extended down trend with several cycles taking place. My guess would be that if price reaches up and breaks through the 50-SMA its going to
be a reversal and start a new up-trend. If that happens id be a buyer on the first retracement of the new trend, better yet when it
retraces and also hits a moving average or fib for support. Only time will tell!
LexieGirl Dale_Ansel
I agree with you A cross of the down trend indicates a reversal to me.
LexieGirl Dale_Ansel
support there. The buying is coming from the news that the greeks just made a bailout proposal that will likely be accepted by the troika, ending the standoff. not good for euro shorts.
Nice - I am looking to take a long within that bearish move using the 15 minute - but in the more "intermediate" term I agree with your analysis
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