On the EUR/JPY
Fibonacci: Price seemed to retrace a bit to 124.791 (0.618) but I'm not sure if it will hit it if so, that would be my ideal short entry.
When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 124.784 which indicates a strong support.
Elliot Waves: I see the 4th wave has formed but it doesn't seem to be a valid Elliot Wave since the 4th wave has entered the territory of the 1st wave. This confirms to me that there may not be much more of a retracement.
I used M Pivots to try and predict the days range for Monday from 124.023 to 124.924.
Abandon Trade: There seems to be a pretty strong resistance at Fib 0.618 but I would give it until 0.382 level before I consider abandoning this setup.
Neutralize MACD: Because there was a recent big move, I would like to think that by the time the price opens a candle below the cloud the MACD will have neutralized.
Summary:
1. Watch for a candle to form below the cloud or price to retrace back to 124.791 before placing entry.
2. Set my SL at about 10 pips below or at the 0.382 Fib level.
3. Set my TP at about 1.618 Fib Level. This would give at least a Risk/Reward Ratio of about 2.7 with about 54 pip gain.
Fibonacci: Price seemed to retrace a bit to 124.791 (0.618) but I'm not sure if it will hit it if so, that would be my ideal short entry.
When I draw multiple Fibonacci from the recent swing high to multiple swing lows, there's an overlap at 124.784 which indicates a strong support.
Elliot Waves: I see the 4th wave has formed but it doesn't seem to be a valid Elliot Wave since the 4th wave has entered the territory of the 1st wave. This confirms to me that there may not be much more of a retracement.
I used M Pivots to try and predict the days range for Monday from 124.023 to 124.924.
Abandon Trade: There seems to be a pretty strong resistance at Fib 0.618 but I would give it until 0.382 level before I consider abandoning this setup.
Neutralize MACD: Because there was a recent big move, I would like to think that by the time the price opens a candle below the cloud the MACD will have neutralized.
Summary:
1. Watch for a candle to form below the cloud or price to retrace back to 124.791 before placing entry.
2. Set my SL at about 10 pips below or at the 0.382 Fib level.
3. Set my TP at about 1.618 Fib Level. This would give at least a Risk/Reward Ratio of about 2.7 with about 54 pip gain.