EURJPY 20 min chart as of Friday.
ABCD shown. C formed a good distance from A and thus provided decent R:R for considering a C to D trade. MPLs scream to be washed and so it happens here and now pretty much destroys the C to D idea although it's not completely done until price breaks above C. If one were trading C to D no loss was necessary as at least a break-even trade was possible. With this wash/rinse of the MPL it seems price is likely to fail to reach the ML. It looked possible to enter at the retest of the MPL but another opportunity may exits to get long. On the other side a short is not out of the realm of possibilities but PA at this time seems to favor a buy of the MPL retest. We'll see.
ABCD shown. C formed a good distance from A and thus provided decent R:R for considering a C to D trade. MPLs scream to be washed and so it happens here and now pretty much destroys the C to D idea although it's not completely done until price breaks above C. If one were trading C to D no loss was necessary as at least a break-even trade was possible. With this wash/rinse of the MPL it seems price is likely to fail to reach the ML. It looked possible to enter at the retest of the MPL but another opportunity may exits to get long. On the other side a short is not out of the realm of possibilities but PA at this time seems to favor a buy of the MPL retest. We'll see.
Freedom is not free