Impulse Retracement after downward breakout from pennant atleast upto 0.618 retracement.
Long positions onwards from 0.618 of impulse leg with a break from channel upwards.
I wanted to join the trend long ago, but, coulnd't find any opportunity that fits into my trade plan.
This one presents a different story, we got a potential great looking bat forming just at the previous structure level, also we got a AB=CD pattern completing in the same area as the 1.618 ext from C-B leg.
Great looking RR if we enter just @0.886 retracement,...
Here on the USDJPY we have a cluster of technical indications that the market wants to go up a little before continuing the downward momentum that we have had recently. This is a counter trend trading opportunity so i do not anticipate a complete reversal at this zone but only a brief retracement back up into the most previous resistance level. Hope you found this...
