EURJPY Long: Bullish Bat PRZ Confluent with S/R

26. Okt. 2015

EURJPY has entered the PRZ of a bullish bat that is confluent with various other S/R elements. On the D1 time frame, a pitchfork aligns with with the .50 retracement of a larger XA leg. This area is confluent with the 1.786 projection of BC and and the completion of an alternate AB=CD pattern. There's a secondary structure low below this level to add support. Target is placed at the .382 retracement of CD which coincides precisely with the new pivot for this week. I am taking a conservative profit target at the .382 retracement of CD because a daily support trendline will likely act as resistance on the way back up. SL is placed below S/R.

Confluence in the PRZ:

• Bullish bat pattern completion
  
• Pitchfork support
  
• .5XA (D1)
  
• Previous structure low
  
• 1.786BC projection
  
• 1.272AB=CD
  
• Unhit weekly pivot above price
  

D1 Trendline, .5XA and Pitchfork Support:


Thank you for your support and motivation!

26. Okt. 2015

Trade geschlossen: Stop wurde erreicht

SL has been reached

26. Okt. 2015

Trade ist aktiv

I have re-entered this trade based on bullish price action. New R/R account for previous loss: 1.74. Target set at .5CD/Daily Pivot
tradingview.com/chart/S0M623zJ/

26. Okt. 2015

Anmerkung

27. Okt. 2015

Trade geschlossen: Stop wurde erreicht

SL Reached