Let me know what do you think about my analysis down below !
Looking at the 4h timeframe ,
As you can see, we have seen a broken out of ranging market from EURJPY ,
it shows a big impulsive move to the upside , but what we need here is a price correction after an impulsive move ,
and now price is slowly retracing down back to the structure that has been broken or to the previous support ,
if we use a fibonacci retracement tool , from swing low to swing high ,
we can expect price reject to the 61.80% fibo before taking our long position .
Give it a like or comment if you like this idea .
Looking at the 4h timeframe ,
As you can see, we have seen a broken out of ranging market from EURJPY ,
it shows a big impulsive move to the upside , but what we need here is a price correction after an impulsive move ,
and now price is slowly retracing down back to the structure that has been broken or to the previous support ,
if we use a fibonacci retracement tool , from swing low to swing high ,
we can expect price reject to the 61.80% fibo before taking our long position .
Give it a like or comment if you like this idea .
