OANDA:USDJPY   US-Dollar / Japanischer Yen
Wow this is huge! Today we have USD/JPY on the 1h chart with a perfect bearish 5-0 pattern, I'm absolutely loving the look of this setup already!

The measurements for a valid 5-0 pattern are detailed below.
B: 1.13 - 1.618
C: 1.618 - 2.24
D: 0.50

I consider this pattern to be perfect as both B and C points come in a 1.618.

I'll be trading this pattern in a different way than normal, due to the dollar gaining strength this week I'll be going long from C to D before going short.

A valid inverted head and shoulders pattern has formed on the 15m chart which would be an excellent entry point (chart shown below).

To add to the bearish 5-0 , price has formed a valid reciprocal AB=CD pattern which completes at the D point (chart shown below).

I hope you all have an excellent week.

Here's to your success!
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If you consider the DXY you would see why this setup was never going to come about and a trend continuation was really the call imo
LewisGlasgow TomWhitbread
@TomWhitbread, posted analysis for DXY after seeing this setup, but it was mainly due to JPY strength.
STOP LOSS HIT... nice trade :)
LewisGlasgow michaeljohn.e.cruz
@michaeljohn.e.cruz, it was a potential setup but JPY is too strong at the moment, didn't take the trade.
Hey Lew, do you think its reasonable to long UJ here at 111.600-700. Thanks
+1 Antworten
@Petaryot, hey man :) it seems to be a strong support level, although I did not take the original position this would be a good entry point.
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