fiboracle
Long

EURJPY 21 RRR long on daily

FX:EURJPY   Euro / Japanese Yen
Trading Methodology:

1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.

This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
Trade closed: stop reached
Nice idea on EURJPY. We have the same bullish bias too. We have identified a support level at 128.30 which is made up of 61.8% Fibonacci extension , 61.8% Fibonacci retracement and a horizontal swing low support. Should price countinue to rise from that level, there is a chance of it going to resistance level at 129.1, which is made up of 100% Fibonacci extension , 61.8% Fibonacci retracement and a horizontal swing high resistance.
Please take a look at our idea and let us know what you think!

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