EUR/JPY

Previous fib retracement chart seems off, decided to draw up a new 1 (yellow line for new fib retracement)

New fib retracement shows a better picture. Set up Pivot also with time frame D1. At 7.00pm candle was nearing 0.236 line, RSI nearing oversold level, Sochastic below 20, MACD below 0, candle was nearing support line S1 too, seems like a very high chance to bounce up. Decided to wait for the next candle, and went into trade. Enter trade at 124.552, SL @124.00, TP @125.00. Took quite long time (for me) to hit my TP, nearly 21hrs of open trade. Win 44.8 pips.

Looking back, i shouldn't have enter into trade right after the red candle at 7.00pm. If the candle broke the resistance line at fib retracement 0.236, i'm doomed.. But all indicators show high possibility that it wont. However, there's still chances that it will go way below before bouncing up, so i think a safer way would b waiting for the 2nd candle, which is the candle at 8.00pm. If my SL is far enough, i think it's safe to enter trade at the 1st candle.

(On Side Note: JPY has been weakening until this point of time, so general trend should be bullish for EUR/JPY. The yen weakening is currently affected by Japan government vows to weaken its currency to promote growth in its economy)

EUR/JPY

Wasn't sure what to do in the 1st place, so i tried putting in fibonacci retracement into the chart..

manage to see a clearer picture of the candles movement. can be seen that price has been ranging between 0.500 and 0.382 of fib retracement line, starting on 03/03/2013. the previous supporting line i drew earlier still seems valid.

was looking at the chart on 05/03/2013, the support line seems strong... RSI below 50, MACD line below 0.00, Stochastic line is somewhere in the middle, so decided to go for long, since candle is on the support line, straight enter trade at 121.488, SL 121.00 below fib retracement line 0.382 (121.18). Target 0.500 Fib retracement, 121.956. 

Went to sleep after that...

Woke up the next morning, somehow the price did not reach my target, but still strong on the support line. Thinking to leave the position on, but saw a doji candle formed. i immediately close position on the next candle. Profit 24.8pips.

Looking back, i'm not sure if i made a wise decision, closed trade after doji. Price did fall after doji candle by around 20pips, but went up again to touch the 0.500 fib retracement. The support line i drew earlier might not be valid anymore, since price has broken below the support line,unable to match with the fib retracement. If the 0.500 fib retracement is broken, the support line may become resistance line.