EURJPY Daily Chart w/Bat Pattern
This is just a outlook for the EURJPY over the next couple of months. I'm more of a swing/day trader and focus mainly on the 5/15/60min charts. However, I do zoom out to the Daily everyday & the Weekly & Monthly once a week. It's good to see where the underlying trend is so you know which side you want to be more aggressive on at KEY levels.
Right now, BIGGER picture, EURJPY is in a Downtrend. However, we are currently recovering off multi-year lows in the form of a complex pullback. So when I'm swing trading down on the 60min chart we are in a Bullish uptrend as we Retrace on the Daily time frame... Follow me? It's important to keep that in mind.
With all that in mind... I'm looking to buy pullbacks down on the Lower Time Frames (5/15/60min charts) until we get up to the Kill Zone where my bias will shift to neutral/Bearish (I will explain that in moment) since we will be at an important decision point in the Market. By that I mean; will the bears take back control and push the market back down in trend? Or will the Bulls fight for control and reverse this long downtrend? You can think of the Kill Zone as the Bull/Bear Zone. By default we do have to give edge to the Bears inside that zone because we are in a downtrend, so that's why my bias will be neutral-to-bearish.
More Technical's - There's a Bear Bat that forms inside the Kill Zone. An ABCD Pattern completes right at the bottom of the Kill Zone.
Happy Trading!
Kenny Pate
Right now, BIGGER picture, EURJPY is in a Downtrend. However, we are currently recovering off multi-year lows in the form of a complex pullback. So when I'm swing trading down on the 60min chart we are in a Bullish uptrend as we Retrace on the Daily time frame... Follow me? It's important to keep that in mind.
With all that in mind... I'm looking to buy pullbacks down on the Lower Time Frames (5/15/60min charts) until we get up to the Kill Zone where my bias will shift to neutral/Bearish (I will explain that in moment) since we will be at an important decision point in the Market. By that I mean; will the bears take back control and push the market back down in trend? Or will the Bulls fight for control and reverse this long downtrend? You can think of the Kill Zone as the Bull/Bear Zone. By default we do have to give edge to the Bears inside that zone because we are in a downtrend, so that's why my bias will be neutral-to-bearish.
More Technical's - There's a Bear Bat that forms inside the Kill Zone. An ABCD Pattern completes right at the bottom of the Kill Zone.
Happy Trading!
Kenny Pate
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