EURJPY: Potential AB=CD Pattern Completion

FX:EURJPY   Euro Fx/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?
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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?
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Akil_Stokes PRO 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
Nice! I'm in as well. Hopefully it works out for us
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Akil_Stokes PRO SinanTontas
I used structure to gauge both my stops & targets
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