EURJPY - Bat pattern coming in at 119.60

Hey guys, I am also watching EURJPY next week.

Pattern Identification

Bat pattern completes around 119.60.

Euro seems to be still strong and this pattern could bring EURJPY back higher.

Execution Idea

I will be setting an alert to watch the charts when price hits 119.60.

There MUST be a reaction at this level before the bulls will come in to buy this.

A huge candlestick breakdown of this zone will send EURJPY much much lower where my bias will turn bearish.

If price reacts around 119.60, the SL and TP will be 119.10 and 120.70 respectively due to the rules of the pattern.

Good luck and good trading all!

Yorum:

Finally got time to update while on a road trip in malaysia.

This example is great for learning purpose.

A few pointers here for successful harmonic trading. .

1. The PRZ must always be fully tested before we make a decision whether to take a trade.

2. Do not ever use a pending order as it is too risky and will often result in losses.

3. If you refer to this example on EURJPY, it completed the bat pattern beautifully. However, I was looking out for that nice pinbar rejection to go long. It did not happen and it bashed below the PRZ.

As written in my analysis, a failed PRZ will turn my bias towards shorting eurjpy on any pullback to previous support.

Keep a lookout and I will keep you guys posted when I decide to go short.

Yorum:

EURJPY updates for next week.