EURJPY: Short-Term Trend Is My Friend

FX:EURJPY   Euro / Japanese Yen
EURJPY             has recently retraced back into previous structure offering an excellent opportunity to put on a short order. Looking left the market has proven to respect this level in the past, therefore I would expect the same in the present as support turns into resistance. Price action is also on the right side of a short-term bearish trend with having made a recent new structure low and now putting in a deep outside return. A bat pattern completion was my reason for entry, but make sure you check the fibonacci level of you B leg as it may not meet your rules.
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beware the Cypher60'
sorry, the timeframe is 30'
the next potential move...
nice reaction from the market exactly where you spot the most probably reversal area, I love it makes you look like the boss :) it would be great if you indicate the stop loss and take profit levels ( I would learn alot from that ) :) keep it up Akil :) love your work. :)
Nice setup, clear comments as usual, hey good job ;)
+1 Reply
Hi Akil! What is your 1TP?
Akil_Stokes PRO Sebastian.Biel
I'm looking at a level right above the 38.3 fibonacci retracement taken from the A-D leg. SO it's dynamic as price action moves
Akil_Stokes PRO Akil_Stokes
I think 13915's 17's something like that if I remember correctly off the top of my head
joined @137.90
Nice setup, nice work. Just added you to my list to follow. This also syncs up with Elliot Wave, 'X' completed @ 137.8 area with Fib .618 confluence, 'a' wave downside target 134.39 area,
+1 Reply
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