Analysis:
I've seen EURJPY bounce off a significant reversal area on the daily .
It has created/in the process of creating a wave 1 of Wave 5
Hypothesis:
I am looking for a wave 2 pullback to the orange dotted line, where I have indicated by the blue arrow. (fib confluence area)
Price should bounce from this area and create its wave 3 of wave 5.
I plan to hold throughout the 5 waves of wave 3 and possibly beyond.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.
I've seen EURJPY bounce off a significant reversal area on the daily .
It has created/in the process of creating a wave 1 of Wave 5
Hypothesis:
I am looking for a wave 2 pullback to the orange dotted line, where I have indicated by the blue arrow. (fib confluence area)
Price should bounce from this area and create its wave 3 of wave 5.
I plan to hold throughout the 5 waves of wave 3 and possibly beyond.
Risk Management:
Take off half at 1:1, and move stops to Break even. Let rest ride to Target.