EURJPY: Potential AB=CD Pattern Completion

FX:EURJPY   Euro / Japanese Yen
Happy Friday traders! Here on the hourly time frame the EURJPY             is providing us with a goo example of what could end up being an AB=CD pattern. This was one of the first simple patterns that I learned to trade, and I also learned the hard way that trying to take every single one would land me in the poor house.

Although i don't trade it on it's own, I routinely use it as part of my analysis when looking for areas of potential reversal and/or projecting future extensions.

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Akil, there is a stunningly apparent reversal pattern that you may have already noticed and it is mathematical. I can show you a chart. But I think that maybe you might not like it? From your replies here, you may not be into Measured Moves or simply do this: use this formula A-B/2 and then add that result to the B Price point, and the reversal is very close to the C price point. The D price point is the FIB over-shoot, around the 123.6 or 161.8 (I do not have a calculator with me). This is my first visit here. I use these reversal patterns and AB=CD in my setups, so I really like your chart here.
+1 Reply
Thank you Don. I certainly use measured moves in my analysis however probably a little differently then what you're referring to seeing how math isn't my strong suit. I appreciate the comment and sharing a strategy here on tradingview that has found you success. Hopefully others read it as well.
Wouldn't this be a breakdown of elliot wave 5 also?
+1 Reply
I'm sure it could be to some. That's the thing about wave counts, if you ask 10 people that same question you're very likely to get 10 different answers. So i would trust what you see.
What are the areas that you typically look for profits in an ABCD formation?
+1 Reply
Akil_Stokes ShaharyarZafar
I like to use structure for my profit taking, a secondary option would be fibonacci
Awesome! I've been stalking this for a bit. Already in the GBP Bat. Good luck!
+1 Reply
Akil_Stokes traderdose
Nice! I'm in as well. Hopefully it works out for us
+1 Reply
Akil_Stokes SinanTontas
I used structure to gauge both my stops & targets
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