EUR / JPY: Thursday 6th February 2014. 16:46hrs

EUR / JPY:

EJ is in a long term up trend.

Price has been driven lower by the recent sell off in the US stock market.

Price has found support at the 61.8% Fibonacci retracement level.

Chart below:

 

Price has to day broken up and out of the narrow consolidation range.

 

The moving averages have crossed to the upside.

 

I am looking for a long position when price pulls back with the main trend as detailed below.

 

Levels and Chart below:

 

1st Entry: 138.10 (0.5%)

2nd Entry: 137.90 (0.5%)

 

Averaged Entry: 138.00 (1%)

 

Stop Loss: 137.40

 

1st Target: 140.40 (5%)

2nd Target: 141.20 (PWH & 8%)

3rd Target: 145.50 (145.50 & 18.75%)

 

 

I will be moving the stop loss to break even to eliminate the risk, when the position breaks the swing high at 138.80.

 

I will update again when the position has been opened.

 

Have a great day.

 

Kind Regards
Scott Fitzgerald

Mad Dog Trader

Conservative, Repeatable,

High Probability, Trading Opportunities.