Bullish cypher in the making on EJ. I follow strict rules when trading this pattern, i.e. AB = 38.2% retracement, BC = 1.27% extension of XA and CD = 78.6% retrace of XC - this particular pattern, market is reversing at every fib point on a dime, touching the fib points and following the pattern. low risk strategy as you stand to gain at least 400 pips with targets at 132.500 mark.
Enjoy ;)
Comments
Khan
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After some bearish signals, EJ shot up today (27/11) which I believe is a futile attempt by the bulls to keep this moving. Honestly not surprised to see the market go up to the 1.618 level now which again has strong resistance - another short entry over here by me - the more it goes up, the more the reward is if you space out your entries
Khan
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Since peak has risen to 137.597, the target of 78.6% retracement has risen as well to 132.651 which is still some pretty good reward. This pair has hit its high and will now fall rapidly within this week. Keep an eye out for any news affecting this adversely.