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Eurshort

EURJPY (1h) Double top, fibonacci, strong resistance - Short?Price put in a double top, failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top, we have a strong monthly support and resistance area which could help us with this short. I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release from this bearish trend. If we break and close above 118.400 we could be looking at a bullish rotation, as hinted above. And then - we adjust our prognosis and entries accordingly. Lets see if this elevator goes to our floor!
Short
by timmynorin
1
EURJPY Patterns forming 15min/60min1. Bearish bat formation which turned out a winner, but not before putting up a fight. I entered this one since we also had a previously tested support and resistance area. 2. If the marked decides to push the price down we could see a complete bat formation. Although Im not too happy about the bullish trendline being violated, which itself is a bearish signal. Not an optimal scenario for a bullish bat. However, patterns are patterns. Its up to you and your plan to decide whether or not to take this one. 3. Lovely, both bearish cypher and gartley completing at (almost) exact same level. We also have bearish trendline as resistance previous structure as resistance. Alternative. Price action violates C-leg of #2 bat before plumming down, which leaves neither #3 completion or #2 completion. Since #1 won I'm happy either way, but lets prepare ourselves just in case the race is on!
by timmynorin