Looking at a potential bearish Advanced Gartley Formation setting up here on the EURJPY. LOOKING LEFT at the predicted "D" completion price you'll also notice that this level has recently been respected as both previous structure support and resistance.
The "A" leg of the Gartley Formation also represents a break and close below previous structure support which will help with our longer term analysis for those looking to take extended targets.
I know a lot of you have taken advantage of this weeks offer, so we'll be reviewing this in a few hours as we start our trading week. See you there!
great set-up! Is the pattern still valid for you today? I am asking because C blipped past the 88.6 fib of AB. Cheers Pat
Akil_Stokes
⋅
Hey Pat, yes it's still a valid potential setup for me
PHL
⋅
cool, thanks for the feedback! i guess you got filled as well. I saw a bearish bat forming before that gartley was creatred so I took it as a bat instead of the gartley with a bit better RR :). Fingers crossed!
Akil_Stokes
⋅
Best of luck!
We_The_North
⋅
Hey Akil, was just curious about something. It looks as if your trade closed before taking 2nd targets at 61.8. Was there a technical reason for that or personal? Or do you still have it active on your own personal account?
Akil_Stokes
⋅
Tradingview doesn't have a target 1,2,3,etc option, but in this particular trade I was stopped out for BE on the second half of my position
We_The_North
⋅
Oh ok gotcha.. Thanks
eightpac
⋅
Target hit for me on this and the bearish cypher on the GBPJPY. Always feels good to see a set up coming and having a game plan in play, especially when you have full-time job and can't be in front if the charts all day!
Akil_Stokes
⋅
Well done, I've banked a few on both as well. That's what i love about trading, your money can make money while you're doing something else. Great trades
burgicmarko
⋅
Great setup. On 1hr chart there is a double top with bearish divergence.