Manu76
Long

618 trade possible

FX:USDJPY   U.S. Dollar/Japanese Yen
61 7 2
Waiting for a clear retest of the support.
Trade is invalid when support break

TP 110.276 (a little under 0.618)
SL 107.580
snapshot
If it break, I am looking for a 618 trade when it reaches 107.400. Looking for a double bottom or a clear bullish sign before entering. If it goes more down then 618 trade at the new low.
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snapshot
Double bottom. I think it might go up if the market close above my red line and holds.
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Manu76 Manu76
Although I think it can go up I keep in mind the high risk if it goes the opposite side. That's why I prefer to stay out because momentum is relative and I have too many doubts at this time for long.
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So, it was a good idea to wait. RSI looks well oversold but there's still some chance to go deeper. I'm still waitin for new lows which are clearly possible. Looking for previous low from 14/10/2015. Not sure where it will stop. Suggestions are welcome.
snapshot
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Manu76 Manu76
Correction: looking for the lows of 14/10/2014 !
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Manu76 Manu76
If I would enter short, I should wait for a correction. Then waiting for the break of the support. Then waiting for a little move up with a rejection of the resistance (the previous support). Anyway, I prefer to wait for a eventual 618 trade at a lower level. I expect a trade which will bring the market back to my previous red line (will be a strong resistance). If I am wrong a rally from here is still possible.
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