EUR/JPY LONG SETTING UP

Jan 31, 2015

WITH MY STRATEGY I ONLY USE FIBS. I AM ALWAYS LOOKING AT THE LARGER TREND BECAUSE LONG TERM VOLUME PLAYERS ARE WHAT PUSH THE MARKET OUT OF A RANGE. I USE FIBS FOR TRENDS / COUNTER TRENDS TO SEE WHO WILL PARTICIPATE AND DEFEND THE 50% AND 61.8% LEVELS. ONCE THE 61.8% HAS BEEN BROKEN A SUBSTANTIAL AMOUNT YOU KNOW PARTICIPATION IS NOT THERE SO THE OPPOSING MOVE WILL PLAY.

EUR/JPY BROKE A SERIES OF LONGS RECENTLY SO I AM LOOKING TO SHORT WHEN PRICE CREATES A SWING HI TO LO AND ALLOWS ME TO ENTER AROUND THE 50% OR 61.8% LEVEL.