- Overall downtrend
- MA have crossed once again
- Strong resistance at 1511.52 but the price already re-tested there about 6 times on the daily chart and failed to break through that resistance
- Therefore i will trigger a short position just below the 61.8 (green) fib level
- overall downtrend
- Fibonacci indicates strong support at 1.10190. If price fails to re-test on a bearish bias then we can see a reversal.
- However, i will be bearish on this if price goes below 1.10190 and i will trigger sell limit at 1.10081
I know it isnt good to revenge trade. And the USD/JPY before this hit s/l. But even in my previous trade i had kept an orange line as a strong resistance. Now after hitting my s/l i will re-enter this trade as a short position once it touches the orange resistance line.