EUR/ JPY Bearish ABCD

Here on the Euro/ JPY (EUR/ JPY) we have a bearish ABCD Pattern. PA came a few dozen pips from the SL and threw a moderate wick and now PA is showing sell. What i want to see is today to close as an engulfing candle, Monday throw a wick in the 129.74X range and close as either as a bull or bear candle and if its a bear candle enter the trade on Tuesday or if its a bull then I want to see the bears come back in Tuesday and enter on Wednesday! I know a lot of traders hate Scott Carneys Harmonic method and I'm not sure why as its a fibo approach of finding support and resistance. Any trader that has been doing this long enough knows there is no system better than the other, its the psychology of the trader that makes the system work. I digress, anyway thats the plan for right now as always take 1/2 profit on the 382 of the pattern and then move stops to BE or slightly above BE to account for Swap Fees and let the trade do as it wishes. #riskfreeorbust

PS the automated pattern software is picking up a smaller Crab Pattern, however at this time its still pending.

Note

Okay, so it seems like today, unless any ground breaking news comes out we will have an indecision candle for the day. So, the play is to wait for tomorrow, and we if we have a moderate bearish candle, then Tuesday night or Wednesday morning is the entry.

The Charting Pattern software finally picked up the Pending Crab Pattern. The ABCD pattern is the larger one, but the crab pattern is nothing to snub your nose up to.

We have a very narrow margin of error with nice R/R ratio.

Note

Same play as GJ we had our re-test today of the level. So, now we wait and see what happens tomorrow. Tomorrow we want an moderate bearish Engulfing Candle, nothing more than 70-100 pips. anything more is chasing the trade and anything less is being too zealous.

Note

So, with yesterdays spinning top candle if today closes as is I will enter either tonight, or tomorrow morning. depending on how much PA moves today. at the current moment the RR is at 2.67 with risking 200 pips with the possible gain of 500+ pips. after entry i would not be surprised if PA makes another push higher to the 129.XXX level again, but we are following the game plan. :)

ARegularGuy

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