EURJPY Short into a long position
This for me is a wonderful setup. It has several technicals lining up on the short side.
That being the 127 even, a place where a lot of support/resistance came in. If you drop to the lower timeframes you will see the AB=CD pattern (orange line) better which also includes some Fibonacci confluence, all at the 127 level.
Price action was also already beginning to form a bat pattern, which -if price action does go down at the 127 level- will complete at 123.53. That level also lines up with my trendline and as you can see has also had a lot of action. (grey arrows).
That's why if price-action rises to the 127 level I will short into the completion of the bat pattern with 2 positions, this will provide a great risk/reward. If price-action goes straight down from here I will just trade the bat pattern completion, but that will probably be somewhere next week.
I hope you like my analysis and don't forget to do your own. Trading is risky, be prepared.
That being the 127 even, a place where a lot of support/resistance came in. If you drop to the lower timeframes you will see the AB=CD pattern (orange line) better which also includes some Fibonacci confluence, all at the 127 level.
Price action was also already beginning to form a bat pattern, which -if price action does go down at the 127 level- will complete at 123.53. That level also lines up with my trendline and as you can see has also had a lot of action. (grey arrows).
That's why if price-action rises to the 127 level I will short into the completion of the bat pattern with 2 positions, this will provide a great risk/reward. If price-action goes straight down from here I will just trade the bat pattern completion, but that will probably be somewhere next week.
I hope you like my analysis and don't forget to do your own. Trading is risky, be prepared.
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