I am expecting selling to continue down to 102.90 area (www.tradingview.com/v/izOKEbH6/) before buyers step in. Here are a few ideas for entries into the continued sell off.
Entry 1 Is a lows to lows fib. Markets put in a lot of rotation and value here last week and we could easily just head lower from here. Since this is a counter trend move to the major uptrend UJ is in, moving straight down to support makes a lot of sense to me. Entry area would be 104.22 area.
Entry 2 Is a highs to lows fib. There is a fairly large pocket of value in the 104.40 area supporting this idea. Plus the point of control from last week and Friday are way up in the 104.90 area. The 104.43 area is also a lower edge of value for last week so price could easily gravitate towards this area.
I would probably look to take the first short and see how prices react as we attempt to go lower. Trail the stop tight if it has trouble at the lows as it likely a lack of sellers looking to let buyers take us to the higher entry area as sellers seek better value to sell into.
Market Profile: gyazo.com/a83c35a24e...fb1fd93d088157d3bbc0
Entry 1 Is a lows to lows fib. Markets put in a lot of rotation and value here last week and we could easily just head lower from here. Since this is a counter trend move to the major uptrend UJ is in, moving straight down to support makes a lot of sense to me. Entry area would be 104.22 area.
Entry 2 Is a highs to lows fib. There is a fairly large pocket of value in the 104.40 area supporting this idea. Plus the point of control from last week and Friday are way up in the 104.90 area. The 104.43 area is also a lower edge of value for last week so price could easily gravitate towards this area.
I would probably look to take the first short and see how prices react as we attempt to go lower. Trail the stop tight if it has trouble at the lows as it likely a lack of sellers looking to let buyers take us to the higher entry area as sellers seek better value to sell into.
Market Profile: gyazo.com/a83c35a24e...fb1fd93d088157d3bbc0