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themarketzone
Aug 4, 2015 1:14 PM

Short term bearish scenarios on $AUDJPY - Bearish harmonics 

Australian Dollar/Japanese YenFXCM

Description

In the chart you can see two harmonic scenarios for AUDJPY that could present short term bearish opportunity on this pair.
Earlier, before the RBA trade decision, I took a bullish trade that I sent to the Elite Zone members based on Aggressive C entry near 90.3. That trade is already up almost 150 pips and now I'm looking at possible short term pullback towards 91.
This is an Elite Zone setup example I just sent to the Elite Zone members and these are the kind of things we do during our trading week. Finding trade, monitor them and manage them.

In this AUDJJPY scenario the entry is somewhere between 91.6 and 91.8 as these levels are the PRZs of two harmonic patterns (AB=CD and Bat pattern.

If AUDJPY will rally towards 91.8-92, it will present a bearish setup, based on the Gartley with a better almost 2.5 Risk/Reward ration.
Comments
FlameBlazer
Great View! Thanks for this Gartey BEARISH HARMONICS
themarketzone
Thanks!
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