AB=CD pattern for long on USDJPY
So we finally broke or indecision triangle and seem to have something more of a trend downwards on usdjpy.
For next week he have big two big events for the USD: GDP number and Trump's speech. In my opinion, depending on those two numbers we might get a bounce up sooner or just accelerate towards D.
I see some strong support before getting to D because it would require going lower than the previous low of the year, which has proven to be a strong support. Once at D, I find all the more reasons for the bounce since there are a lot of Fibonacci levels in that zone.
Entry around 111408 depending on price action.
Take profit 1 at 111.905.
Take profit 2 at 112.295.
Might take a couple of days to complete.
For next week he have big two big events for the USD: GDP number and Trump's speech. In my opinion, depending on those two numbers we might get a bounce up sooner or just accelerate towards D.
I see some strong support before getting to D because it would require going lower than the previous low of the year, which has proven to be a strong support. Once at D, I find all the more reasons for the bounce since there are a lot of Fibonacci levels in that zone.
Entry around 111408 depending on price action.
Take profit 1 at 111.905.
Take profit 2 at 112.295.
Might take a couple of days to complete.
Commentaire:
I think I found a smaller trade in a smaller time frame, with same entry point and therefore less risk.
Ordre annulé:
Although it did go long, the pattern didn't complete.
