This pair is making a correction in the form of AB=CD Details on chart.
Comments
PriceActionTrading
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have to wait for confirmation though.
you do, afterall, have a EURJPY sell idea. It cant go down and up at the same time.
Im more for sell eurjpy at confirmed break of 134.00
FullTimeTrader
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That bias is valid, i prefer to enter as soon as possible, the AB=CD and the enfulfing candle are confirmations for me, this gives a better R/R ratio, if this setups fails will not harm my account
PriceActionTrading
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Yes.
So you are intending to enter long now until the 61.8% mark. Which had happened for eurusd and eurjpy.
euraud
FullTimeTrader
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Th 0.61 retracement is a good target, after that i can move SL to BE
PriceActionTrading
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Good luck mate. The lower low euraud is signaling me to initiate sell around the 61.8% - 100% region.
IvanLabrie
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Not strongly, maybe short term swings.
The EW count is conflicting in that regard.
EURNZD abd GBPNZD look potentially bullish in the longer term, but might take a while to materialize. Can spend a long time just moving sideways while EUR and GBP are breathing after the intense move up.
IvanLabrie
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That engulfing candle confirms this setup.
FullTimeTrader
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Yes, sometimes the candlestick patterns a usefull. According to EW this is an ABC correction
IvanLabrie
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Yes, a complex one, larger TF looks like a flat but might WXY.
Either way, it looks complete now.
Price is back at a strong level, but meeds to move higher to be able to accelerate:
you do, afterall, have a EURJPY sell idea. It cant go down and up at the same time.
Im more for sell eurjpy at confirmed break of 134.00