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We are expecting some news this evening at... We should remain alert and be proactive with securing our capital and making sure we are protefted once we are in a risk-free position. 71.1 is also anothe rlevle of upper resistance where we could consider adding an additional short entry if we see the right price action. Bears have taken over looking at the 4-hr after the 4-hr doji candle (the first one that you ca see when we entered the trade) and I think this will help bring us down. My favorite zones of fib rejection the 61.8%-72% has been hit perfectly on the longterm weekly time frame on the downward trend.
Dec 02
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Now down to the 30-min timeframe, a perfect example of a head and shoulder can be seen which is a further confluence for this trade.
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I will be looking to enter from the .786 level. .618 Level already got taken out with no signs of slowing down. The .786 level will match all the other JPY pairs. Check EURJPY, CHFJPY. All doing same thing
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@vineeshdon, -16 pips of drawdown is not only normal in trading, but it's actually very irrelevant in the big picture, after a thousand trades 30 pip losses become another glass of water =)
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