The video below is a short capture from the London Live Session held on June 6th . Daud presented EUR JPY Elliott Wave count and explained the trading strategy.
EUR JPY Trading strategy
As our members know, we were keep saying that EURJPY is having incomplete bullish swings sequences in the cycle from the 06/24 low. It has been the clearest structure among JPY pairs at that time. Because of bullish swings sequences we advised our members to avoid selling the pair and keep buying the dips in 3,7,11 swings. As Daud explained in the video, we were waiting for pull back to potentially make a double three correction towards toward 122.49-121.85 area before buying the pair.
The day after,on June 7th we got proposed leg lower but without reaching entry zone. We switch our short term count and labeled the pull back as Elliott Wave Flat structure ( count is presented in the video). The pair resume sideways for a next few days and eventually gave us another leg down as expected, reaching our entry zone : 122.49-121.85. EURJPY found buyers there, and as a result made nice rally making new high on June 27th. As of right now trades are approximately 650 pips in profit and risk free.
Keep in mind market is dynamic. If you’re interested in the future path of EURJPY or in any of the other 50+ instruments we cover, join us now. You can find Elliott Wave analysis in the membership area of EWF. If not a member yet, Sign Up for Free Trial now
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