Difficult to know where to place FIBS . . . they are all valid until invalidated and for the moment mine start at 16th August LOW. However what I'm looking for is a target/valid area for USDJPY to think about stopping this correction and returning to a northward trajectory although for the moment I remain BEARISH. Historical business has been at BALANCE in the red ellipse which equates to the yellow block to the left. That area is a couple of hundred points or more I know but if you don't have a plan, you don't have a trade. In any event, BULLS will only begin to confirm control again when PRICE has broken out of the downward channel to the top side. RRICE is now flirting with the bottom channel (refer to my related idea below although I have now updated the channels to take in new information which doesn't show obviously).
I trust in MAs being like magnets either drawing PRICE ever closer and also repelling PRICE. In this chart I have attempted to extend a hypothetical trajectory for the 100SMA daily (blue). I am pretty sure that PRICE gets close to this marker, it will draw BUYERS in having fulfilled all the requirements of a genuine pull back and with uncertainty surrounding Trump and also Hard/Soft Brexit come March, it's not unreasonable to think that this suggested target is also within reach.
Today's 5 Day AvDaRa boundaries are just shy of 160 points taking PRICE to a 112.7 below and approximately 115 above (one will move during the day don't forget depending if it's a BULL or BEAR day)
Big news items to be wary of this week . . . Trump inauguration and May's Brexit speech.
I trust in MAs being like magnets either drawing PRICE ever closer and also repelling PRICE. In this chart I have attempted to extend a hypothetical trajectory for the 100SMA daily (blue). I am pretty sure that PRICE gets close to this marker, it will draw BUYERS in having fulfilled all the requirements of a genuine pull back and with uncertainty surrounding Trump and also Hard/Soft Brexit come March, it's not unreasonable to think that this suggested target is also within reach.
Today's 5 Day AvDaRa boundaries are just shy of 160 points taking PRICE to a 112.7 below and approximately 115 above (one will move during the day don't forget depending if it's a BULL or BEAR day)
Big news items to be wary of this week . . . Trump inauguration and May's Brexit speech.
Comment:
Blow up to 60M chart with 5 Day AvDaRa lower boundary target
Comment:
NB: US Dollar index (DXY) has just .900 points to the downside +/- to retest the 100 level. Interesting levels all around over the next few days :)
