- the black horizontal line is the yesterday's low. after the europe market starting to get active, it broke yesterday's low.
- i intend to trade this because i want to expect some retracement.
- furthermore, this pair just touch or trying to break the major support at 131.3 or so. usually the 1st time it touch and trying to break the support, it has the tendency to rebound and tough fight between the bull and the bear will exist.haha
- but then again, u have to be extra careful because when the europe market is open, the price action can be choppy.
- i don't want to target much. still feeling sleepy and i am satisfied with whatever profits i have collected earlier. so this will just be my dessert! :p
- above is a 15 min chart on gbp/jpy. at point no 1 after 3 consecutive bear candles, the market move sideways. ( u can see it clearly on the 5 min chart )
- this price action indicates that the bear is losing its momentum in which u could expect some retracement
- in addition to that, remember that we had a strong support at 131.30 which has been broken. please remember for this to become valid (support is broken), the market needs to test for few times. otherwise it will just be a false breaks.
- since my intention was just to make few pips, i need to some indicator in which in this case i used fibonacci. i pull fibo from yesterday's low to today's latest low. and i target for it to retrace by 5o% - about 30 pips.
- thank god, it hit my limit!
as i am writing this, the price is screaming all d way up! i could have made another 100 pips for this trade. so for the working people, i hope u have a pending order to buy at 131.30. 131.30 is a strong support (4 hour chart) and the market just reacting nicely!
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