Sell Stop pending as show. R:R 2.86. Price could fall further. 4H Overbought + Divergence between 4H RSI and Bid. Add in the channel breakout down and we're in the money quick.
Potential short position shown in chart. Watch for a break of both the trend support (red line) and 61.8% fib. If the trend support and fib line is broken I'll secure profit first at the 78.6% fib (bottom of blue shaded area) with a stop lost relocation near (just above) that support then continue to target the 100% fib intersecting with the main channel support...
Watch this pair for a channel breakout down around 128.72. At this point the channel support is intersecting with a long term down trend resistance in the area of my 38.2% fib resistance. A Channel breakout down here could set off a fast downward movement.
I'm setting up this sell stop order to catch EURUSD continuing its downard reaction to NFP results while avoiding a rebound. R:R 3.04
Watch for acceptance of the fib support for USDJPY. This approach to the fib support is coinciding nicely with RSI on both 1H and 4H indicating the pair is oversold. The result may be a quick burst up to the descending trend resistance shown on the chart.
NFP caused a dip but the pair is back on it's original path. I think a tight stop loss if very doable here as a break of the resistance shown in the graph would indicat a bullish breakout and invalidate the trade.
If Daily candle closes above 112.3963 (61.8 fib on Gan Box) then We'll want to start watching for a bullish wave pattern. If we get the above stated close and the next daily closes above the open of the current a long entry is advisable up to 114.00 area and higher.
Looks like a bullish wave pattern may have met resistance on NZDJPY around 78.1000. A sustained breach of 78.1 would invalidate this position. A sustained breach below trend support and 100% fib (top of red area) would confirm with confidence. If the Sell Stop is hit, 38.2% fib (Yellow/Green barrier) will be the strongest hold up against the TP at 50% fib.
Overbought on 4H and Divergence on 1H + a solid break low below fib and trend support offer a good shorting opportunity. r:r 4.3
Changing entry from Sell Stop to Sell Limit.
I'm beginning to think that this major channel resistance may be so strong that a break of the more minor channel support around the major channel's resistance (around 86.952) will send this pair tumbling like a rock. If we reach this resistance while maintaining the minor channel I will set up the short entry as shown with an R:R of 12.24 down to the 100% fib...
Order entered as shown. SL has been moved down to 1.87105 to protect profits
Sell Stop has been reached. R:R 3.12. I've gone with a small position due to some uncertainty I have in USD strength. I may move the TP lower from 61.8 to 78.6 and move SL lower if the downward move comes quickly.
With recent JPY weakness I'll watch this climb in the minor channel all the way to the major channel's resistance. With confirmed rejection at that level I may enter a Sell Stop position as shown.
A break of this minor channel support may bring us right down to the Larger Channel's support around the .97 area
The pair has seen strong resistance at the top of the channel. If this small upward trend breaks we could be headed down towards the bottom of the channel.
Good R:R (7.78) to short from the 23.6% fib down to my 61.8% fib support. This pair has a lot of relatively rapid oscillation and RSI shows overbought. Sell Stop as shown could payout quickly.