How to profit from FX Markets by César B. Leiceaga, Independent Trader and FX technical analyst at DELTASTOCK
Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
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Euro bulls were unable to breach through the bearish trendline and 30 SMA on the 4 hour chart mentioned yesterday.
The bears seem to have taken control of the pair and 131,00 level is the next support area to look at.
EUR/JPY 4 hour chart:
César B.Leiceaga
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Perfect call ydy. Congratulations. I followed your strategy and took short in GBP/YEN which is working fine as well.
Now looking to short gbp/nok with a medium term perspective.
Thanks Carlos, I’m glad that you made money!
I think gbp/jpy will keep weakening… About gbp/nok I don’t follow this particular pair but 9,58 offers a tough resistance area and in my opinion could possible resume the downtrend from here.
Regards.
DEAR CESAR
EJ Retrace was deep but finally second leg drop of E leg of triangle started. my trade objective is 130.20.
i`d like to know how do you identify your obj. @131 in this bearish trend?
Best Regard
Dear A-Soltani,
It’s a short term support and a good place to close short positions. What i’m saying here is that the probabilities of reaching 131 are high. It’s a significant low made during yesterdays asian session opening… I do not base my objectives on elliot wave theory or any other techniques, simply support & resistance areas.
Best Regards.
Cesar,
I’ve been following your blog for a while and appreciate your analysis. It is simple, and simple is better.
At 7:35 am NY time eur/jpy has bounced a bit but the Dow futures are down 90 pts this morning and should pull the pair down toward your 131.00 target.
Thanks again.
Dear Jeremiah,
Thank you for your comment.Keeping it simple makes trading easier, thats my opinion.
I agree with your view, if selling pressure continues on equities, 131,00 on eur/jpy is a conservative target. We might attend a push lower to 130 level.
Best Regards!