EUR/JPY Trend continuation is scoring following 7 points
1. Higher Highs & Higher Lows
2. Above 50 & 200 EMA
3. Horizontal Support (131.15)
4. RSI Convergence
5. Bullish Price Action (Doji Bar & Inside Bar)
6. No Level of Resistance in the way.
7. FIB Retracement support (0.382 - 0.50)
I placed an order on Monday evening after a low test bar on demo account. Admittedly, when I did the FIB RET, I drew it from the low of the 29th April rather than where you had drawn it, which meets the 0.382 level.
ReplyDeleteI drew the FIB RET from low of 8th May because Tom says that to determine a low or high point we must have at least three bars which we have in this case (6th, 7th & 8th May).
ReplyDeleteIf you don't take 8th of May low as low then technically you can't trade this opportunity because in that case this cycle would be the first cycle & we start trading (continuation trades) from second cycle onwards.