Prome
Short

EURJPY Short - A very good opportunity in the next few days

FX:EURJPY   Euro / Japanese Yen
221 4 11
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! :)
Comment: In this bullish momentum for JPY I'm looking for a retracement to short this pair.
Also USDJPY seems good too.
Trade closed: target reached: After Brexit price touch -0.618% fib of the monthly ABCD pattern! And ours target too :)
I hope you bailed near the lows.
Reply
Prome IvanLabrie
In those kind of scenario my first TP is usually the last D extension...actually reached! :D
+1 Reply
Awesome.
Reply
Totally agree! I published too ;)
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out