Comparing Channel A (Aug sell off) and channel B (present)
Looking at Aug sell off and current sell off, the pattern of the technical chart of EURJPY is pretty similar.
Point 1: MAE (Moving average exponential) 20 cutting below MAE 50.
Point 2: ST STO K line rising above D line initially and then cutting back down viciously
Point 3: MACD remaining below its signal line and in negative zone
Point 1, Point 3 have occurred and now I am waiting for ST STO to cut below D line to have all 3 points occurring together. For some reason, 3 is a magical number in TA and if that occurs, can short some more. Reckon that could be a break below 160.
Downside target remains at 155-156 at the bottom of the current bear channel (B) and a full blooded sell can be initiated if 155-156 gives way, and could target 150-151.
(suggest to put trailing stop at 155-156 if reaches there and also OCO take profit at 150-151)
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