I was not take this trade because I do not monitor the Forex chart whole day. It was Friday, November 8th 2013. EURJPY has made significant down trend in last few days. I spot this trade setup but it was too late. I just want to show how Fibonacci breakout could be profitable at that time.
See how I draw the fibonacci. I could not explain in words I hope the picture above can explain better. The key is to always spot the most recent support and resistant, the place where price bounce. This is the key!.
On the chart above, we can get 50 pips in just few hours before the market closed.
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