Hello traders,
I've been waiting patiently this day for some nice setup, and we have a winner.
USDJPY has been trending down in the descending channel for a long time. Once it broke through the strong W level, strong push phase started.
As you guys know, after every push phase, exhaustion must come, and that's when Fibo is handful. Price retraced to 0.61 fibo level with Shooting star formation, which indicates a strong trend reversal- which means, that price is turning in the bearish trend again. Which is great, because in downtrend we are interested in shorts only.
Thanks for hearing me out and have a great day.
J
I've been waiting patiently this day for some nice setup, and we have a winner.
USDJPY has been trending down in the descending channel for a long time. Once it broke through the strong W level, strong push phase started.
As you guys know, after every push phase, exhaustion must come, and that's when Fibo is handful. Price retraced to 0.61 fibo level with Shooting star formation, which indicates a strong trend reversal- which means, that price is turning in the bearish trend again. Which is great, because in downtrend we are interested in shorts only.
Thanks for hearing me out and have a great day.
J