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EURJPY potential Long 5th Wave MoveUsing our Elliott Wave Indicator Suite for the TradingView Platform we have identified a potential Long 5th Wave Forex Trading Opportunity for EURJPY on the Hourly time frame . The 5th wave move in an elliottwave sequence is the highest probability move. The wave 4 pull back has found support in the Green zone of our probability pullback zones, which represents an 85% probability that our automated 5th wave target zone, in blue on the chart, will be hit. Further more the profit taking pull back is at major support with a Technical Double Bottom forming overnight. We see yellow dots formed in the overbought zone on our special False Breakout Stochastic indicator, which signals strong Bullish momentum. When, during a wave 4 pullback, the stochastic pulls back against these false break out dots and crosses in the oversold zone, there is a high probability the stocks price action will resume the overall bullish trend . We also measure the wave 4 behaviour with our Elliottwave oscillator, which has pulled back within our pre-determined zone. So overall we have identified, using our Elliott Wave Indicator suite for TradingView, a high probability long trading opportunity for EURJPY , !Hr Time Frame with the following entry strategy: We use our 6/4 MA High for initial starting point for long entries and take into consideration and recent pivots during the 4th wave pullback. Long entry through 122.517 Stop Loss $122.177 Target $123 Giving a Risk to Reward of 1:1.4 We have European Data this morning which could be the catalyst we need to move us into this forex trade.
Long
by xBratSoftwareSolutions
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