FX:EURJPY   Euro Fx/Japanese Yen
171 17 8
2 years ago
After the previous daily time at mode expiration, price reacted starting a complex correction.
Price target had been exceeded, confirming it was time to exit the short.
Now after correcting and getting a new daily downtrend signal, we're close to that signal's target, but away from the time expiration (dashed red horizontal line is this daily target, vertical light green line is the confluence of the larger weekly downtrend time target and the last daily downtrend time target expiration date).
I expect the euro             to outperform the Pound, and this chart justifies this idea, since the GBPJPY             chart has ample room to fall, and a different timing and price action.

Rgmov doesn't show any new lows since March 13th, and suggests we might see a bounce soon.
CCI might show a new divergent low, in the form of the red dashed line daily target zone being reached, which I think is a potential reversal area, ideal for a short term long entry to ride the correction, to then fade the top of said corrective rally if price action indicates so.

If we reach the vertical green dashed line time target while above the dashed green line bearish target, we might see a stronger correction or reversal in this pair.
a year ago
Trade closed: target reached
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I'll update this one as we go. For now, we got a brief reversal. Let's see how far it goes before heading back down.
Might not last long.
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EURJPY might be a short now.
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Gap up open, and now gap filled.
Looks like a potential good short entry.
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snapshot


Watching this last target, if not reached in time, it's time to short gents.
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Seems like missed opportunity for me. Looking to buy @ 127.00? W1 slight bullish pin bar.
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IvanLabrie PRO PriceActionTrading
2 years ago
I'm not buying now, I'm using this bullish target as a short signal.
Once time expires, and price isn't reached, it'll suggest a bearish bias and a nice turn.
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PriceActionTrading IvanLabrie
2 years ago
Alright. I am looking to buy @ 127.00 with bullish price action. The W1 pin bar looks pretty tradable at the moment.
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IvanLabrie PRO PriceActionTrading
2 years ago
I watch weekly but don't take trading signals from it in general. Not without shorter term fine tuning.
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PriceActionTrading IvanLabrie
2 years ago
I see. I am not sure what to trade yet too. I do my homework on monday and start trading on tuesday generally. So i am not yet done with my correlation homework and stuff yet so i am only looking at EURJPY as an individual pair and saying long because of pin bar.
Good luck mate. all the best.
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IvanLabrie PRO PriceActionTrading
2 years ago
Thanks, same to you.
My correlation homework, says euraud tanks, and gold outperforms crude briefly.
So, nzd and aud might go up some more, which doesn't confirm my strong yen case 100% yet.
Time at mode targets in multiple yen pairs tell me to wait one more day.
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The move up is proving to be a trend reversal, might as well try to board the train before it's too late.
Watching for a long entry.
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IvanLabrie PRO IvanLabrie
2 years ago
Let's wait to see what the reaction is when meeting my horizontal resistance above.
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PriceActionTrading IvanLabrie
2 years ago
Preferred entry @ 131.00?
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IvanLabrie PRO PriceActionTrading
2 years ago
Let's wait for the BOJ...They will show us the way today.
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Correction target almost hit.
This chart pretty much matches eurusd.
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Target hit...

Now what?

My take: If above it, potentially in the presence of a large scale reversal gentlemen.
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Wave 1,2,3,4 complete, apparently.
Placed a limit buy at 133.849.
Might be the start of a strong uptrend...If price crosses above the mode above, we can expect it to cruise higher and higher for an extended period.
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