EURJPY Week review, Trading plan for a begining of the week
Indeterminate direction of price as no clear signs has been given by the last quarter's closure.
Last Quarter's close is below 5MA what gives a bit more power to bearish signals
We have a bearish chart pattern (Quarter)
Price is currently at 50% Fibonacci retracement area
in a relation to previous swing Down
Will look for a bearish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 133.75
Currently none of the major chart patterns appears on weekly chart
Price is currently at 61.8% Fibonacci retracement area (Filtered to weeklyy timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 133.75
On a 1D chart we have a bearish chart pattern
Price is currently at 61.8% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 133.75
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
Last Quarter's close is below 5MA what gives a bit more power to bearish signals
We have a bearish chart pattern (Quarter)
Price is currently at 50% Fibonacci retracement area
in a relation to previous swing Down
Will look for a bearish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 133.75
Currently none of the major chart patterns appears on weekly chart
Price is currently at 61.8% Fibonacci retracement area (Filtered to weeklyy timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 133.75
On a 1D chart we have a bearish chart pattern
Price is currently at 61.8% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to Previous swing UP
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 133.75
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.