iSummer
Long

Smaller ABCD within a bigger ABCD

FX:USDJPY   U.S. Dollar / Japanese Yen
327 views
15
327 0
My favorite kind of pattern, a smaller pattern within a bigger pattern of the same type. Linked is a bigger ABCD pattern on an 60min timeframe (link below).

Pretty simple:
Entry at D at 111.564,
Take Profit 1 at 111.757,
Take Profit 2 at 111.909.

I like this while waiting for GDP and Trump's speech, seems less risky than the longer time frame trade because of those two fundamental factors.

Happy trading.
Comment: THere is a theoretical 60% chance of the CD leg to extend to 1.27 or 1.618. Be careful with your entry since, although there are a lot of support levels close to D, the downward momentum has been strong and UJ does ten to make extensions of the CD leg when trending strongly.
Order cancelled: Pattern invalidaded. Still looking at that 240min pattern.
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