Entry at 161,8% Fibo of XA confirmed by old support.
TP 1 at 38,2% Fibo of AD confirmed by structure.
TP 2 at 61,8% Fibo of AD confirmed by structure.
SL a few pips below the candlestick formation.
Wait for a candlestick formation at point D
SL above X
- 38,2% (for those who want to TP really safe)
- 61,8% Fibo of AD
- 113% Fibo of AD (wave length equal to XA move + support)
- 161,8% Fibo confirmed by support
Short at point D (after occurrence of a candlestick reversal pattern) confirmed by AB=CD + strong resistance + 61,8% Fibo.
SL above the candlestick pattern and the resistance (keep some space).
TP 1 confirmed by previous support.
TP 2 at 78,6% Fibo confirmed by previous lesser support and a possible Cypher Pattern.
1 - Resistance + 38,2% Fibo + 127,2% Fibo extension of AB
2- Point D (completion of AB=CD) + point D at 161,8% Fibo of BC + MA 200 + lesser resistance
3 - Resistance + 61,8% Fibo + 261,8% Fibo of BC + 161,8% Fibo extension of CD (Alternate AB=CD)
Hope it helps :)
Entry point at 88,6% Fibo of XA leg
SL above X or at 113% Fibo of XA leg
TP 1 at 38,2% Fibo of AD confirmed by strong support
TP 2 at 61,8% Fibo of AD confirmed by lesser support
TP 3 between 78,6 and 88,6% Fibo of AD confirmed by lesser support
So last time I've published an idea for USDJPY short setup.
Of course it's still possible but here I'd like to show you guys a strong support where the prices may struggle or even reverse.
1. 50% Fibo
2. At this level MAs 50 and 200 are really close to each other (they often act as support/resistance)
3. Lesser round number (120.200)
4. Possible hidden...
Completion of the Gartley Pattern at 78,6% Fibo of XA leg confirmed by previous support and a trendline.
It's still better to wait for a candlestick formation.
SL below X point
TP 1 at 61,8% Fibo of AD confirmed by previous support/resistance level
TP 2 at strong resistance confirmed by a trendline
As you see the trend isn't really strong, we had some candlestick patterns earlier and now there're some at the resistance level.
The prices have formed a rising wedge which is another short signal.
A good idea might be placing a sell stop order somewhere at 0.973
SL above the resistance level and the candlestick patterns
TPs at old support levels
Enter short at current market price or at breakout somewhere at 120.2
Entry confirmed by previous strong support/resistance level (seen on D and H4 chart) and a candlestick formation
An ABCD Pattern is possible (complete at TP 2 area)
TPs confirmed by previous supports
SL above the candlestick formation