Could Bearish Harmonic Signal Big Short on EURJPY?
Price is currently stuck in a zone.
But what's exciting is the big bearish harmonic that has formed from price respecting the monthly SR at 126.053.
So is this a signal of the uptick ending or is it just a retracement for the continuation?
My suspicions is that this current bullish run is just a large flag formation until price is ready to continue down. But we'll have to wait and see what happens.
My sell TPs are:
124.787
*If price breaks 124.701 that will mean the harmonic is fully respected and will not be a retracement
124.207
123.796
123.416
Max swing trade TP 122.898
If the harmonic is just a retracement move, my buy TPs are:
126.503
126.659
But what's exciting is the big bearish harmonic that has formed from price respecting the monthly SR at 126.053.
So is this a signal of the uptick ending or is it just a retracement for the continuation?
My suspicions is that this current bullish run is just a large flag formation until price is ready to continue down. But we'll have to wait and see what happens.
My sell TPs are:
124.787
*If price breaks 124.701 that will mean the harmonic is fully respected and will not be a retracement
124.207
123.796
123.416
Max swing trade TP 122.898
If the harmonic is just a retracement move, my buy TPs are:
126.503
126.659
Trade active:
BULL TP1 126.503 HIT
Zone was respected since the middle peak of harmonic was also there. Kept bouncing on the support of zone at 125.405 before finally leaving and making it to first bullish TP.
Currently waiting for restest and continuation onto BULL TP2. Will adjust for more TPs once TP hit and respected as support.
Zone was respected since the middle peak of harmonic was also there. Kept bouncing on the support of zone at 125.405 before finally leaving and making it to first bullish TP.
Currently waiting for restest and continuation onto BULL TP2. Will adjust for more TPs once TP hit and respected as support.