I know i posted a long position recently on
GBPJPY
but i am now really reluctant because of the pin bars failing to close above 150.400 for several times. If you have read Fibonacci Trading by Carolyn Boreden you will know and understand this type of possible retracement. I am now short on this pair and closed my previous long position with a loss.
1) Running the retracements of A to B (.382, .50, .618, and .786)
2) Running the price extensions of C to D (1.272 and 1.618)
3) Running the price projection of B to C, projected from d (1.00)
GBPJPY
but i am now really reluctant because of the pin bars failing to close above 150.400 for several times. If you have read Fibonacci Trading by Carolyn Boreden you will know and understand this type of possible retracement. I am now short on this pair and closed my previous long position with a loss. 1) Running the retracements of A to B (.382, .50, .618, and .786)
2) Running the price extensions of C to D (1.272 and 1.618)
3) Running the price projection of B to C, projected from d (1.00)
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