IvanLabrie
Short

EURJPY: Potential position trade setting up

FX:EURJPY   Euro Fx/Japanese Yen
296 21 11
We have an interesting scenario here, with the possibility of Nikkei topping, and the Euro             on the verge of being devaluated by the ECB's monetary policy .
The setup offers a great risk/reward ratio, so I wouldn't hesitate to take it.
Target is the AB=CD completion from the top to the current sideways range, but it will probably offer plenty of shorter term opportunities to scale in and book partial profits along the way.
Good luck!
Trade closed: stop reached: Profitable short.
depends on how fast it drop :-)
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IvanLabrie PRO jangseohee
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Working like a charm...short term target in the chart, time and price.
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bearish twin tower under 8ema, short
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IvanLabrie PRO jangseohee
I placed a sell stop under the lowest low in the last 5 bars.
Got the first order running.
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Moving as forecasted.
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our "Jasper" friend suggested long using the great "Gartley
no wonder i am never taken in the Gartley stuff
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IvanLabrie PRO jangseohee
Harmonic patterns are not that reliable I think.
Self fulfilled prophecies do work from time to time, but when the market wants to move, it'll leave the short term trader in the dust.
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jangseohee jangseohee
had a good run for this shorts :-)
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the only show spoiler is shown in the arrow!
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Covered first batch, then re entered on the spike and covered half, now BE stop.
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i don understand Harmonic at all :-)
have you seen me using even 1 time ? :-)
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IvanLabrie PRO jangseohee
I use some fibs here and there...50% retracement. That's all, and the ratios for Elliott Wave analysis but it's just a nice way to align everything...the core is time at mode for me.
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If we cross the black line down, we won't see a retracement, if we don't, we can retrace to the next red line, or move sideways for a while before continuing down. I'll update with a continuation setup in the daily once I see it.
Target remains in force:
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IvanLabrie PRO IvanLabrie
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I'll place this order now, missed that spike.
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price hit my megaphone target, and overrun the big neck line a little bit
bullish divergence bounce it back big time, but megaphone resistance could still in play
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jangseohee jangseohee
momentarily broke back up the lower megaphone line after IHS
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Cancelled pendings, waiting for news.
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Weekly offers little clues...when your multi-week short target is reached in one week, there is a high probability reversal chance, and that's what's going on right now.

Daily shows a strong bullish reaction, we need to wait to continue shorting this pair, or chance stance if the weekly mode is retested above.

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As long as price is above 128.834, we can expect to hit the dark red square.
There'd be an uptrend timer running if today stays above the highest low level, so I'll wait until that expires or is invalidated by either not reaching the target on time or crossing down below 128.834 to short this pair again.
RgMov shows there's resistance ahead, and room before reaching a new 2 month high (which would change the bias to bullish).
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Selling any small rally here, keeping a tight stop and 1% risk.
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