New Structure Lower Low on EUR/JPY

8 Tem 2019

EUR/JPY HAS BROKEN LAST SUPPORT/HIGHER LOW, NOW IT HAS MADE A NEW STRUCTURE LOW, WAITING ON PRICE TO PULLBACK TO ONE OF FIB RESISTANCE LEVELS, AND FROM THERE SEE BULLISH EXHAUSTION ON THE 4H, THEN DROP A TIMEFRAME TO THE 1H TO TIME MY ENTRY.

RSI ALSO APPROACHING OVERBOUGHT CONDITIONS, (7). TO DETERMINE MY TAKE PROFIT, I USE A FIB EXTENSION FROM HIGH TO LOW AND BACK TO HIGH, AND IF YOU LOOK LEFT, YOU'LL SEE THAT IT LINES UP WITH SUPPORT.