Price in EURJPY is moving in a corrective structure in a rising channel. At the point where is testing its median line, price has formed two bearish harmonic patterns, an ab=cd and a bearish bat pattern.
A nice way to trade this setup is to place two trades. The one should aim for profit target at 0.618 of the CD wave of the bat pattern and the other one at 1.27 of the XA. If price reaches our first target we place our stoploss at breakeven at the the second position.
A nice way to trade this setup is to place two trades. The one should aim for profit target at 0.618 of the CD wave of the bat pattern and the other one at 1.27 of the XA. If price reaches our first target we place our stoploss at breakeven at the the second position.
Trade closed: target reached:
1rst target reached
Move stoploss to breakeven at the second trade.
Move stoploss to breakeven at the second trade.
Trade closed manually:
I decided to close manually my second position with a little more than 4 to 1 profit to my initial risk.
