Hi guys, we have a short/sell opportunity here in the EURJPY with a directional bias of being bearish. Price break below close below of the lower trendline (of the basic pattern, triangle/pennant) will trigger my short/sell order. Stops could be based on ATR (15) multiply it by two or could be place just above the previous high as we have a bias that there could be a potential bullish bat or gartley setup and maybe a opportunity for us to go LONG depending on future price/market action once the pattern is complete. Or I could just go aggressively Sell/Short the market and stops just above the bullish pattern POR. Because any price that will touch or break the Bat/Gartley POR will invalidate the bullish setup giving us a lesser chance that the pattern could complete as price could possibly go down.
Targets could go with a good 1:1 down to a bullish pattern completion and another long opportunity depending on future market behaviour. Trade with care and good luck!
Targets could go with a good 1:1 down to a bullish pattern completion and another long opportunity depending on future market behaviour. Trade with care and good luck!
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Take note of a formation of bearish divergence is already visible.