EURJPY Technical Analysis May 17/2019

EURJPY can be possibly forming a bearish Gartley pattern. A Gartley pattern is a continuation of trend market pattern. This market pattern must form within a trending cycle and should never be traded if it forms at the beginning of a new trend cycle. The Gartley market pattern needs 5 points to form. Points X, A, B, C  and D. The X-A leg is the initial move higher or lower. The A-B leg terminates at the 0.618% Fib. retracement of the X-A leg. The B-C leg terminates inside the 0.382% to 0.886% Fib. retracement of the A-B leg. The C-D leg terminates at the 0.786% Fib. retracement of the X-A leg. The point D 0.786% Fib. retracement level is where the trade entry is triggered. In the EURJPY 1 hour chart below, there is a possible bearish Gartley pattern forming (blue). Price has yet to hit the blue XA 0.786% Fib. retracement level so traders will need to wait to see if the pair makes another push higher in the coming trading sessions. If looking to SELL EURJPY traders should be patient and wait for price to make a minimum move higher to the blue XA 0.786% Fib. retracement level. Waiting for price to move to the minimum XA 0.786% Fib. retracement SELL level will offer a better risk/reward trade setup. Stops should be placed above the point X of the blue bearish pattern. Above the point X invalidates the bearish pattern. As long as price stays below point X watch for EURJPY to make newer lows below point A where targets will be waiting to get hit. If price moves below the blue point C before hitting the 0.786% level then the pattern is invalidated and trade setup should be cancelled. Only time will tell what EURJPY will do but at least now you are aware of the level where the pair can possibly sell off from.

EURJPY 1 Hour Chart 5.17.2019

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

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EURJPY Technical Analysis March 5/2019

EURJPY SELL/SHORT Trade : Elliott Wave count for EURJPY shows wave ((a)) completed starting from the March 1/2019 highs and has since corrected higher to terminate possibly the wave ((b)) at the March 5/2019 high. Using Market Patterns together with a working Elliott Wave count allows traders to get more confirmation on which side to trade. In the chart below, there was a clear bearish Market Pattern (purple Head and Shoulders Bearish pattern) that had triggered SELLS on the break below the Neck Line which has pushed EURJPY lower. A possible Elliott Wave bearish Zig Zag 5-3-5 pattern, starting from the March 1/2019 high, can be forming so wavers should watch to see another 5 waves lower on the current wave ((c)) lower. There is still a possibility of an Elliott Wave expanded flat pattern where price can push higher above the March 5/2019 high but for now as long the March 1/2019 high holds the wave count remains valid for EURJPY to continue lower. We remain bearish EURJPY expecting to hit targets at lower prices.

EURJPY 15 Minute Chart 3.5.2019 

EURJPY : Watch for orange bearish pattern to trigger SELLS at the BC 0.50 Fib. retracement level (126.65 area) where wave (ii) of wave ((c)) can possibly terminate and reverse lower. Stop Loss should be placed at the high of point B (orange pattern) or the high of wave ((b)).

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

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EURJPY Technical Analysis February 18/2019

EURJPY SELL/SHORT Trade Setup : EURJPY is forming a bearish Head and Shoulders market breakout pattern. Price at the moment seems to be respecting the 50 Moving Average which can signal for more downside. Traders should watch for a break below the green SELL breakout trend line. A good break below this level can send EURJPY lower and possibly extend below the February 15/2019 lows. If looking to SELL EURJPY look to SELL on a good break below the green SELL entry trend line with Stop Loss at the high of the Head of the H&S market pattern and watching for price to hit the target levels as shown in the chart below. Only time will tell what the pair will do but as for now traders should continue to watch the possible breakout lower and continue to watch if the bearish H&S pattern triggers entry. Trade what you see and squeeze the trigger if and when you see EURJPY start to move lower. Trade safe.

EURJPY 15 Minute Chart 2.18.2019 (SELL on break below 124.99 with stops at 125.29)

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX  or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 76 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos  and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

Try Elliottwave-Forecast for 14 days FREE !!!   Just click here –> 14 day FREE trial