USD/JPY - H1 - 2618 Trade Explained
Having had a double top and now approaching a retracement back into the 61.8% Fib level, we can now look for reasons to short the USD.
Unlike patterns we can't just place BUY or SELL orders in advanced.
Once we have completed the rules of engagement below, we are looking for confluence within a certain area that all coincide.
This in the long term will give us a better success rate.
Rules Of Engagement 2618
- Double Top
- Break below Neckline / Support
- 0.618% Fibonacci retracement
- Stop loss above double top
- Target 1 at 38.2% Fibonacci
- Target 2 at 61.8% Fibonacci
Good luck.
Having had a double top and now approaching a retracement back into the 61.8% Fib level, we can now look for reasons to short the USD.
Unlike patterns we can't just place BUY or SELL orders in advanced.
Once we have completed the rules of engagement below, we are looking for confluence within a certain area that all coincide.
This in the long term will give us a better success rate.
Rules Of Engagement 2618
- Double Top
- Break below Neckline / Support
- 0.618% Fibonacci retracement
- Stop loss above double top
- Target 1 at 38.2% Fibonacci
- Target 2 at 61.8% Fibonacci
Good luck.