EURJPY Short - A very good opportunity in the next few days
History repeats itself.
Let's see the bigger picture first. EURJPY is forming a monthly ABCD pattern (abcd in the above chart) with a C retracement of 0.618% fib.
In construction of the CD leg, price is making LH and LL showing 3 clear ABCD pattern in lower timeframe (eg. daily) (the colored ABCD). All pattern have in common the C retracement of 0.618%.
Joining all the 3 C we can draw a bearish Trend Line. I do believe a new ABCD pattern is forming (ABCD in the above chart) to finish the monthly pattern.
RSI is also near the same levels (around 60) to the previous C points.
My TP is placed in conjunction with the D target of the small ABCD, the d target of the monthly ABCD and a monthly resistance.
If you pay attention to PA in the next days you could have an exceptionally good R/R ratio.
I drawn a counter trend line that 'could' trigger your short position.
Good luck to everyone! :)
Let's see the bigger picture first. EURJPY is forming a monthly ABCD pattern (abcd in the above chart) with a C retracement of 0.618% fib.
In construction of the CD leg, price is making LH and LL showing 3 clear ABCD pattern in lower timeframe (eg. daily) (the colored ABCD). All pattern have in common the C retracement of 0.618%.
Joining all the 3 C we can draw a bearish Trend Line. I do believe a new ABCD pattern is forming (ABCD in the above chart) to finish the monthly pattern.
RSI is also near the same levels (around 60) to the previous C points.
My TP is placed in conjunction with the D target of the small ABCD, the d target of the monthly ABCD and a monthly resistance.
If you pay attention to PA in the next days you could have an exceptionally good R/R ratio.
I drawn a counter trend line that 'could' trigger your short position.
Good luck to everyone! :)
Trade closed: target reached:
After Brexit price touch -0.618% fib of the monthly ABCD pattern! And ours target too :)
Also USDJPY seems good too.