Updated: Nov 9, 2019
Then Anand had mentioned in the comment on Oct 3 that the butterfly will become a technical tool to determine next target. It happened and 50% of butterfly (1.10626) precisely was hit last Friday.
Next target is 61.8% of the butterfly that is 1.1106 ( ± 5.0 pips).
EUR/USD has just made gartley pattern on H1 time-frame. The thrusty candle made by dint of positive news about deal between EU and UK, has already validated gartley. Upward move started and I bought at 35% retracement of the thrust.
Other technical factors: RSI crossed above 50. EMAs crossover is also gonna take place in a couple of hours.
Risk: If the thrust is erased, setup will fail.
EUR/JPY: JPY pairs have recently been gaining as global tensions like US-China trade war and Brexit etc. are easing.
JPY is a safe haven currency that gains during global tensions, USD/JPY has gained significantly and made same candle too while EUR/USD has made thrusty candle.
It means that buying EUR/JPY will give us more pips. Note that I analyze EUR/USD as well as USD/JPY to analyze EUR/JPY because the two are more popular pairs than EUR/JPY.
RSI crossover and EMAs crossover have taken place.
Now the question is how to set target in EUR/JPY.
There are two ways, either set TP at ABCD100 shown at D1 or close manually if EUR/USD already hits target.
Risk: setup fails if the thrust gets erased.