TradingView
MEX_Exchange
Oct 30, 2017 2:45 AM

EURJPY on major support, time to play a corrective bounce Long

Euro Fx/Japanese YenFXCM

Description

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