EURJPY (my counter trade setup)

21 feb 2016

the flow of line chart is going down and it continuously making LH and LL indicating a down trend. And I think it will extend to 1.272 fibs extension and Andrew pitchfork median line. if it reach this level then there is 80% of chance to retrace from that level and consolidate near median line. i put a pending order on price 123.91. if hit this target and bounce back then it will definitely goes to 38.6 or 61.8 fib retracement . i will hold this trade until haiken ashi change it color and cross 5 sma.