I think the downtrend is exhausted for now and we will see a bounce up to the purple resistance levels.
AGAIN, I am just practicing trade set ups and tracking progress. Not taking a real trade and this is not advice
Major move down, followed by a pullback to key fib levels... I personally think its only a matter of time before the next wave down. targeting 1.618 of previous down trend, but I would pull early if need be.
Trade is invalid if we close a new lower low, but IMO we will retrace a bit here. will take profit at .618 level. I should probably wait a bit longer for a trend break. but again, this is a practice trade
I mean... either we retrace here or go down into the deep abyss. I will risk 50 pips saying we will retrace a bit. Targeting .5-.382 levels. Would close around there if I am opening a real trade.
AGAIN, JUST PRACTICING MY STRATEGY AND THINKING. Not taking a real trade.
Interesting looking breakout, into a retrace. We tapped the .5 level, and hovered around the .618 and .786.
I think we have a good chance of going long here.
AGAIN THIS IS JUST PRACTICE IN IDENTIFYING TRENDS. Not advice
Potential retrace of USDJPY if we cannot close a daily candle above 108.720. We have been bouncing below this level a lot lately, and it looks like the momentum is running out. Can see some Bear Hammers and Doji's.
Retrace levels to look out for are the .618, .5, and even possibly the .382.
Again, 108.72 is critical level, 108.610 seems to be the local...
This is my first post, so I don't expect much traction, BUT I am predicting we are going long to NEAR ATH LEVELS within the coming 2 months.
WE ARE SEEING VERY SIMILAR ACTION TO WHAT OCCURRED 2 YEARS AGO in JULY
On the Weekly:
-The breakout Weekly candle closed at around 5K to start the bull market
-We absolutely SMASHED through the Weekly Ichimoku Cloud in a...