EJ is in a nice spot right now for pattern traders. Currently what we have is two patterns available to trade. The one shown is a bearish butterfly. the BC Leg Projection of 1618 and XA 127 retrace line up perfectly. wait for the pattern to test the PRZ before entry.
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HAS TAKEN A BIT TO GET TO HERE. WE WANT TO SEE ONE MORE STRONG PUSH TO WICK THROUGH THE PRZ ( LAST RED LINE IS THE TOP END OF THE PRZ) SOME POSSIBLE CONSOLIDATION AND THEN A REVERSAL PATTERN AND SELL IT! A STAR PATTERN WOULD ALSO BE A GOOD SIGNAL TO SELL AS WELL.
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WATCH LIST!!!! YESTERDAY EJ FILLED THE PRZ! NOW NOTE THAT PRICE NOT ROCKET TO THE TOP OF THE PRZ, RATHER IT WAS A STEADY MARCH. SO WITH THAT IN MIND WERE LOOKING FOR A DOUBLE TOP TO FORM. AN IDEAL SITUATION IS FOR A SHORTER 2ND LEG WITH THE TOP OF THE SECOND SECOND LEG FORMING AROUND 120.92X WAIT FOR THE SECOND LEG TO ISSUE THE ENGULFING CANDLE PATTERN TO CONFIRM THE ENTRY AND RIDE THE WAVE!
SL- 121.38X
TP1- 119.87X ***BREAK EVEN POINT OR TRAIL STOP***
TP2- 119.31X
BUTTERFLY PATTERN WILL THEN BE EXHAUSTED. ;)
SL- 121.38X
TP1- 119.87X ***BREAK EVEN POINT OR TRAIL STOP***
TP2- 119.31X
BUTTERFLY PATTERN WILL THEN BE EXHAUSTED. ;)
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ENTERING THE TRADE!!! WE HAD OUR PRZ COMPLETED. WE HAD A DIP AND PRICE CAME TO OUR RESISTANCE WE WERE LOOKING FOR. WE HAD OUR BEARISH CANDLE.
HONESTLY IT AN AGGRESSIVE ENTRY. SO A SAFER TRADER COULD WAIT ONE MORE HOUR.
HONESTLY IT AN AGGRESSIVE ENTRY. SO A SAFER TRADER COULD WAIT ONE MORE HOUR.
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