Euro seems to be still strong and this pattern could bring EURJPY back higher. Execution Idea
I will be setting an alert to watch the charts when price hits 119.60.
There MUST be a reaction at this level before the bulls will come in to buy this.
A huge candlestick breakdown of this zone will send EURJPY much much lower where my bias will turn bearish.
If price reacts around 119.60, the SL and TP will be 119.10 and 120.70 respectively due to the rules of the pattern.
Good luck and good trading all!
Comment
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Finally got time to update while on a road trip in malaysia.
This example is great for learning purpose.
A few pointers here for successful harmonic trading. .
1. The PRZ must always be fully tested before we make a decision whether to take a trade.
2. Do not ever use a pending order as it is too risky and will often result in losses.
3. If you refer to this example on EURJPY, it completed the bat pattern beautifully. However, I was looking out for that nice pinbar rejection to go long. It did not happen and it bashed below the PRZ.
As written in my analysis, a failed PRZ will turn my bias towards shorting eurjpy on any pullback to previous support.
Keep a lookout and I will keep you guys posted when I decide to go short.
Hi Terry, I just bumped into your youtube film and I found it very precise and easily understandable. I'm not familiar with harmonic pattern. May I ask if you assume the price is going to D, can I short here with the target to D? Thank you very much.
Shiila
TerryHarmonicTrading
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@shiila, we only take action at point D. Trying to predict price movement at point C is not reliable and I will advise against it. Thanks for the follow, will continue sharing great content with everyone here.
sekharnaidu
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Terry pls see this screen shot prntscr.com/eaxzw8... u said ur prz is at 119.60 . but my prz is at XA(88.6)+BC(1.618)+1.618AB=CD WHICH is 119.555+119.532+119.474 is my pattrn correct price didnt even entered prz zone am i right
@sekharnaidu, it depends on the platform you use. on mt4 if u are using fib expansion, map to C. On tradingview using fib based extension, map it to A.
sekharnaidu
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@TerryHarmonicTrading, So does this mean FIB EXPANSION n FIB EXTENSION are same tools... i generally map to C only by seeing FF got confused im using mt4. n i want to know why is the difference came between trading view and mt4 i.e map to A in trading view map to C in mt4
TerryHarmonicTrading
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@sekharnaidu, no it's not. Trend based fib extension tool on tradingview = fib expansion tool on mt4.
Shiila