Friday, May 1, 2009

Fibonacci lines...another priceless indicator

I just finished placing a limit order to short 2 lots EUR/JPY @ 131.79. This pair had a nice move up recently, and now I feel we should see a significant retracement, due to the Doji star. Earlier I shorted this, but got out with a loss because I thought the trade was going to break the top of the Doji...which is significant Fibonacci resistance.

So now, I have chosen a safe price that I think should work.

No comments:

Post a Comment