The recent EUR/JPY Bull trend appears to be changing structure.
- 117.240 must now be surpassed to further define that changing structure.
- 116.547 range will be our AB leg.
- 117.034 range could then become the BC leg.
-116.415 range is the CD leg then we resume upwards.
*these study's are flexible so updates will come as the day plays out, for now 117.240 is our goal
*this is not a recommendation to trade, I'm simply a student of the market and trying to spot this particular pattern today, the fib levels will be our teacher
Note
Thanks to Tom Hall for a useful Gartley study guideline that can be seen here:
I adjusted two levels for a more appropriate BC and CD general placeholders
The actual measurements range but its good to know those general ranges when planing entry/exit points and stop, if AB plays out
Trade active
sold short above my target last night to be safe
but limit buy filled @ 116.535 and we just made great progress to chase BC leg
Note
jumped out up 40pips, sunday is too volatile and winnings are winningsTrade active
very insteresting day indeedtodays movements just slammed this study into overdrive if the fib levels hold
see chart for notes
Note
Note
for fun I wanted to share that I use multiple setups to confirm daily flipsthis is quite rare indeed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.