EURJPY Long: Bullish Bat PRZ Confluent with S/R
Updated
EURJPY has entered the PRZ of a bullish bat that is confluent with various other S/R elements. On the D1 time frame, a pitchfork aligns with with the .50 retracement of a larger XA leg. This area is confluent with the 1.786 projection of BC and and the completion of an alternate AB=CD pattern. There's a secondary structure low below this level to add support. Target is placed at the .382 retracement of CD which coincides precisely with the new pivot for this week. I am taking a conservative profit target at the .382 retracement of CD because a daily support trendline will likely act as resistance on the way back up. SL is placed below S/R.Confluence in the PRZ:
- Bullish bat pattern completion
- Pitchfork support
- .5XA (D1)
- Previous structure low
- 1.786BC projection
- 1.272AB=CD
- Unhit weekly pivot above price
D1 Trendline, .5XA and Pitchfork Support:
Thank you for your support and motivation!
Trade closed: stop reached
SL has been reachedTrade active
I have re-entered this trade based on bullish price action. New R/R account for previous loss: 1.74. Target set at .5CD/Daily Pivottradingview.com/chart/S0M623zJ/
Note
Trade closed: stop reached
SL Reached
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