There is a bearish Gartley pattern that has just completed on EURJPY.
The PRZ is at a confluence of the 78.6% retrace of XA, the AB=CD movement level, and 141.4% BC Inversion level.
This is also an area of high resistance as noted by the volume profile tool (Point of control shown as red line going across screen). Additionally, the PRZ is between the 0.5 and 0.618 fib retrace.
- Targets are in green at the 0.382 and 0.618 fib retrace of the AD leg (Prices are displayed).
- The stop loss level is 113% extension of XA (shown in red).
Remember to take 50% profit when price reaches first target, then move stop loss to break-even.
Thanks for taking the time to read this analysis. If you found this useful, please hit that like button!
The PRZ is at a confluence of the 78.6% retrace of XA, the AB=CD movement level, and 141.4% BC Inversion level.
This is also an area of high resistance as noted by the volume profile tool (Point of control shown as red line going across screen). Additionally, the PRZ is between the 0.5 and 0.618 fib retrace.
- Targets are in green at the 0.382 and 0.618 fib retrace of the AD leg (Prices are displayed).
- The stop loss level is 113% extension of XA (shown in red).
Remember to take 50% profit when price reaches first target, then move stop loss to break-even.
Thanks for taking the time to read this analysis. If you found this useful, please hit that like button!
Trade active:
This pattern is following through perfectly so far with +200 pips!! Price has almost reached target 1 where I'll be looking to take some profit
Comment:
Target 1 has been reached! I closed half of this trade to take some profit and moved my stop loss a few pips below break-even. Let's see if we can reach Target 2!
Trade closed: target reached:
Both targets have been reached and price is still dropping! This gartley worked out perfectly!