EURJPY Potential Long 5th Wave Move

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<<<