EURJPY ANALYSIS IN THE 2 HOUR CHART
Elliot's wave 1 was finished. Propulsion wave 2 retraction averaged 0.5% Fibonacci. It is difficult to predict at that moment if wave 2 has already been completed or if it will correct a little more, therefore, it is necessary to follow up at the beginning of the session and see how the price will behave. Also, in addition to the fact that the last candle is a doji and figures like this at the 0.5% Fibo level generate uncertainty in the market.
If the 0.382% Fibo ratio elapses, wave 3 is practically confirmed and the price will target the targets shown on the chart (if you are entering early, consider not taking your eyes off the chart due to possible pitfalls).
If you lose the 0.5% Fibo ratio, it is likely that the price before going up will correct the value by 0.618% Fibo. I think it is unlikely to fall further than that considering wave size 1, but it is not impossible, so the ideal is to keep up with the price if this occurs.
In Elliot's theory, although unusual, waves 1 and 2 may be the same size, but the vast majority of wave 2 retracts by 0.5% and 0.618% of Fibo, therefore, are golden areas that must always be observed.
May we all have good trades!
Hugs and success.
+++++++++++++++++++++++++++++++++++++++++++
Legal notices.
1. This is not a financial advice or entry signal, just my opinion as I see the market. Use this study to find out if it is in line with your study. Always make decisions based on your analysis.
2. Open small batches and few operations, you are unlikely to get rich. Be long-lasting in the market. Greed will only make you lose money. What will make you rich is your daily job well done combined with honesty and love.
3. Don't lose your mental health, prefer to close the operation and lose a little, you don't win every time (and when we think we can always win we usually lose everything), that's why, ALWAYS use a Stop Loss according to your risk management.
4. Remember: you are solely responsible for your losses and losses, so make sure you only contribute what you are willing to lose and never invest any amount that could damage your livelihood.
If the 0.382% Fibo ratio elapses, wave 3 is practically confirmed and the price will target the targets shown on the chart (if you are entering early, consider not taking your eyes off the chart due to possible pitfalls).
If you lose the 0.5% Fibo ratio, it is likely that the price before going up will correct the value by 0.618% Fibo. I think it is unlikely to fall further than that considering wave size 1, but it is not impossible, so the ideal is to keep up with the price if this occurs.
In Elliot's theory, although unusual, waves 1 and 2 may be the same size, but the vast majority of wave 2 retracts by 0.5% and 0.618% of Fibo, therefore, are golden areas that must always be observed.
May we all have good trades!
Hugs and success.
+++++++++++++++++++++++++++++++++++++++++++
Legal notices.
1. This is not a financial advice or entry signal, just my opinion as I see the market. Use this study to find out if it is in line with your study. Always make decisions based on your analysis.
2. Open small batches and few operations, you are unlikely to get rich. Be long-lasting in the market. Greed will only make you lose money. What will make you rich is your daily job well done combined with honesty and love.
3. Don't lose your mental health, prefer to close the operation and lose a little, you don't win every time (and when we think we can always win we usually lose everything), that's why, ALWAYS use a Stop Loss according to your risk management.
4. Remember: you are solely responsible for your losses and losses, so make sure you only contribute what you are willing to lose and never invest any amount that could damage your livelihood.
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