EURJPY: Bullish Gartley on the 4H

FX:EURJPY   Euro / Japanese Yen
There are several EURO news events this morning (pmi´s and retail sales). Depending on whether they are favorable or unfavorable as a whole, we could have an opportunity to trade out of those news events with the reversal of an advanced price pattern that is nearing its completion on the 4H timeframe. Price is already testing the potential reversal zone and this set up qualifies as a “trade candidate” and goes on my watch list.

When defining the potential reversal zone (PRZ) for a Gartley pattern , we look at the projection of three harmonic levels. I: the 786 retracement of XA, II: an AB = CD pattern and III: a BC expansion converging in the same area (in this case 1272 BC ). This defines a tight zone, about 26 pips wide, represented by the orange lines in the chart. Should price action reverse convincingly, I would enter long. SL goes 10 pips behind the next support level . TP1 = 382 retracement of AD and TP2 = 618 retracement of AD.

There are 220 pips to be made (if this pair follows the script) and the trade has a reward – risk ratio of 2.0!
You don´t need to be a weatherman to know which way the wind blows - B. Dylan
Some People are just not worth talking to :)
Just a sad mad person, having a losing streak and needing a place to unload :-D

Good Analysis Jasper, im with you in this way up. Looks good.
Chart of me coming aswell.
Lets see what i got.
+1 Reply
aceofswords Fib.The.Gentleman
Clearly he is an attention seeker, with very low self esteem and "daddy issues"
+2 Reply
JazzForex aceofswords
Lol @ "daddy issues". Thanks Ace!
+2 Reply
EmmyTrades aceofswords
Haha yes
+1 Reply
JazzForex Fib.The.Gentleman
Yes, I guess so. Thanks for responding Fibb! I always like seeing your contributions and charts.
megaphone bottom maybe
just my wild guess
+1 Reply
JazzForex jangseohee
Thank you for responding. The megaphone, is that similar to the expanding triangle pattern? I know of this pattern, but its not in my playbook.
+1 Reply
jangseohee JazzForex
just sharing, no need for you to adopt :-)
+1 Reply
You are a dim witted fool aren't you Danny boy. If you want me to cool it you can PM me and be nice since you're the big boy in these parts. But you hate me for my insolence. It's just a matter of time before one of us outlives the other :)
-7 Reply
DanV HexVex
Not necessary. I will let you rest. Will ban you for spamming and needlessly causing confrontation. Hopefully it will allow you time to review and become better readjusted. Thank you.
+4 Reply
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