EURJPY: Potential AB=CD Pattern Completion

16 set 2016

Happy Friday traders! Here on the hourly time frame the EURJPY is providing us with a goo example of what could end up being an AB=CD pattern. This was one of the first simple patterns that I learned to trade, and I also learned the hard way that trying to take every single one would land me in the poor house.

Although i don't trade it on it's own, I routinely use it as part of my analysis when looking for areas of potential reversal and/or projecting future extensions.