EURJPY potential Long 5th Wave Move by tradethefifthcom on TradingView.com

Using our Elliott Wave  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 Double Bottom forming overnight.

We see yellow dots formed in the overbought zone on our special False Breakout Stochastic indicator. This 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 , 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 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.

Find out more about our Trading Indicators for the TradingView Platform >>>HERE<<<