MEX_Exchange
Long

EURJPY on major support, time to play a corrective bounce

FX:EURJPY   Euro / Japanese Yen
Buy above 131.77. Stop loss at 131.52. Take profit at 132.46.
Reason for the trading strategy (technically):
Price has dropped strongly from last week and is now testing major support at 131.77 ( Fibonacci extension , horizontal swing low support) and we expect to see a strong corrective bounce above this level to push price up to at least 132.46 resistance ( Fibonacci retracement , horizontal overlap resistance).
Stochastic (55,3,1) is seeing strong support above 2.1% where we expect a bounce from.

Comments

I really think very similar to you.. Thank you @MEX_Exchange
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thanx for the analysis..
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thank you good sir, keep up the good analysis...
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i like the accuracy of your analysis, very good!
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SL hit
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SL again soon, but i never trade this, lucky me.
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@boon86, Taking these trades via a limit (in this case a buy stop) is probably the best idea.
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Hi I noticed some of your chart use 34,3,1 and sometime 55,3,1 . When do we use either of it?
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what happened to all the likes??
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