Prome
Short

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

FX:EURJPY   Euro / Japanese Yen
220 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 PRO 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
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