USDJPY

KI wrote: Chart of USDJPY daily, showing bull and bear fibbo. notice how the 23.6 on the bear fibbo gives the rise a target area rather than just a target point (261. on the bull fibbo. KI. clip2net.com/s/2vs70

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Morning gang. Have been trying to post a couple of charts on this but having problems this end (trying to fix it as i type with my hammer !!! LOL !!!)Anyway what i was trying to show was the bull trap on the 4 hour and the perfect rejection at the 261. I have gone short as of this morning looking for 45 points, then review. KI. (will post chart as and when the hammer effect takes place)

I would expect a sideways to down before the ultimate target of the cup and handle gets hit or attempted

Something odd going on with the site as its telling me, on any right clicks, 'This function is restricted' and so wont allow me to post a link nor a chart via 'insert'.
Anyway, according to the chart I cannot post this appears to have hit the 100% fib and so is probably due a pull-back.

Now this is a big picture....

screencast.com/t/KfNN48OLahfV



Could be time for a short?

Rossymc wrote:

KI wrote:

KI wrote: Chart of USDJPY daily, showing bull and bear fibbo. notice how the 23.6 on the bear fibbo gives the rise a target area rather than just a target point (261. on the bull fibbo. KI. clip2net.com/s/2vs70

OK so the target has been hit (as posted 6 days ago)So what do we do now ? Answer...Nothing, we sit and wait for consolidation or a bull trap before going short. KI.

Sorry no chart but on the 4hr...........

Inside bar.
Bull trap (fakey)
Confirmation now needed to short?

Regards RMc

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Not sure rossy, but are you asking me to explain ? KI.

KI wrote:

KI wrote: Chart of USDJPY daily, showing bull and bear fibbo. notice how the 23.6 on the bear fibbo gives the rise a target area rather than just a target point (261. on the bull fibbo. KI. clip2net.com/s/2vs70

OK so the target has been hit (as posted 6 days ago)So what do we do now ? Answer...Nothing, we sit and wait for consolidation or a bull trap before going short. KI.

Sorry no chart but on the 4hr...........

Inside bar.
Bull trap (fakey)
Confirmation now needed to short?

Regards RMc