EURJPY: BULLISH HARMONIC BAT AND ABCD PATTERNS ON DAILY !!!
Updated
Hello Traders,
After getting stopped out on the previous long trade based on the bullish crab and ABCD measured move, we just got a completion of another two bullish patterns on the daily chart in
EURJPY. First of all we have the harmonic bullish bat pattern which recently got completed right at 88.6% and 127.2% Fib ratio confluence zone. By using Fib extensions on previous harmonic moves, I was able to get a PRZ (potential reversal zone). This PRZ is located at 2015's lows, thus the stop has to be placed far enough to account for deeper movement of price action towards these lows, as well as accounting for the average true range (ATR) of this pair on the daily chart, which is roughly around 100 pips. Thus our stop placement level is 110 pips away from the 2015 lows.
Next we have the bullish harmonic ABCD pattern completing right close to the 127.2% Fib extension level. This pattern is also about to be completed within the PRZ, marked on the chart above. This stops loss and target levels will remain the same for both of the bullish harmonic patterns. Do note the MACD bullish divergence, which adds into our overall bullish view on this pair.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter-0.04% as well: moneymaking2016
After getting stopped out on the previous long trade based on the bullish crab and ABCD measured move, we just got a completion of another two bullish patterns on the daily chart in
EURJPY. First of all we have the harmonic bullish bat pattern which recently got completed right at 88.6% and 127.2% Fib ratio confluence zone. By using Fib extensions on previous harmonic moves, I was able to get a PRZ (potential reversal zone). This PRZ is located at 2015's lows, thus the stop has to be placed far enough to account for deeper movement of price action towards these lows, as well as accounting for the average true range (ATR) of this pair on the daily chart, which is roughly around 100 pips. Thus our stop placement level is 110 pips away from the 2015 lows. Next we have the bullish harmonic ABCD pattern completing right close to the 127.2% Fib extension level. This pattern is also about to be completed within the PRZ, marked on the chart above. This stops loss and target levels will remain the same for both of the bullish harmonic patterns. Do note the MACD bullish divergence, which adds into our overall bullish view on this pair.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter-0.04% as well: moneymaking2016
Note
UPDATE #1: Finally moving out of the consolidation zone. Look to trail stop, since expecting strong fall in EURUSD (thanks to Ivan advice, best friend of mine & terrific trader). Will keep everyone up to date.Note
UPDATE #2: Still in the long trade, trail stop is just under the red pin bar formed.Note
UPDATE #3: Potential double bottom forming on the daily chart :)
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