Using our trading software 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. This 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 forming overnight.
We see yellow dots formed in the overbought zone on our special False Breakout indicator. This signals strong momentum. When, during a wave 4 pullback, the 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 .
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 Indicator suite for TradingView, a high probability long trading opportunity for EURJPY , 1Hr 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 during the 4th wave pullback.
Long entry through 122.517
Stop Loss $122.177
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.
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