Short

EUR/JPY Sell on Butterfly and completion of Garthley pattern

Updated

EUR/JPY have completed 5 wave in Elliot wave sequence and it is currently in ABC waves. A wave has been established and so has B. With termination of B wave I'm expecting a move towards C to 127.2% of XA move. Also I have noticed that pair is moving in Butterfly formation. With completion of Wave B it was a completion of point D in butterfly formation as well. Trade is Sell towards C and due to Termination of D move in Butterfly pattern. Stop loss is above point D (B in ABC) and Take profit at 127.2% XA move or 1:4 Risk to Reward.

Note

Tight stop loss. It should have been above X. I'm still selling and in position.

dushko22

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