During the Asian session the US dollar showed weakening strength against the Euro and Yen and consequently the EURJPY cross was caught in two minds whether to track higher on the back of a bid EUR or lower with a sinking USDJPY.
Normally, trading in EURJPY cross my time frame will be 1. the opening of Tokyo market at 23:00 GMT to two hours later and 2. 39 minutes before the European market open at 5:30 GMT to about closing of London Market at 20:00 GMT.
For today, my first trade was at about 8:35 on the 5MTF chart (or 5:35 GMT). The low at about 130.13 of EURJPY was supported by a confluence of fibo numbers. There was a bulish harami cross pattern. I entered at 137.20 when prices cross the high of the gravestone doji with CCI 34 cross the 34 ema and confirming a divergence.
The indicators used was developed by John Carter at Tradethemarkets.com.
The dots at the bottom indicate whether or not the bollinger bands are in the keltner channels. If the bollinger band is inside the keltner, the the dot will be red. This is a quiet period. If the bollinger band is outside the keltner,l then the dot will be blue. This is a period of volatility. The bars are above or below the dots display the momentum.
