Hi All, here we have a potential long opportunity - Bullish Gartley Pattern
B leg missing the 78.6% and Retracing a minimum to 61.8% to our C leg making this a valid Gartley Pattern
If A Leg is Violated then this Pattern will be invalid
High reversal Zone would be the Green Line in my predictions
Based off a 127.2 Fib Extension from A to B which in a Gartley it is between the 78.6% Retrace - Perfect AB=CD move and the 127.2 Ext - the reason I choose these lower level is to reduce Risk
If the price rolls over an misses my entry then I just move on - some may take the 78.6% for entry or choose the halfway point.
In this case we also have the 88.6% lining up close to the 127.2 and very close to the even handle 119.000 and a 127.2 Fibonacci Inversion lining up in that area.
As always guys Kill zone is in the green for entries, stops and targets are marked Red and Blue
If we can break past the B leg then we should be in with an opportunity
Daily Chart has been very Bullish on USDJPY - with the recent structure showing a possible Change in Trend - we will either consolidate sideways for some time and possible break to the downside which is pretty much beyond our stop level.
Also if you look left before the big drop on this pair you can see some very good signs of support right around our 88.6% level and hopefully this is what we need to bounce of so we can bank some profits.
Good Luck and Happy Trading
B leg missing the 78.6% and Retracing a minimum to 61.8% to our C leg making this a valid Gartley Pattern
If A Leg is Violated then this Pattern will be invalid
High reversal Zone would be the Green Line in my predictions
Based off a 127.2 Fib Extension from A to B which in a Gartley it is between the 78.6% Retrace - Perfect AB=CD move and the 127.2 Ext - the reason I choose these lower level is to reduce Risk
If the price rolls over an misses my entry then I just move on - some may take the 78.6% for entry or choose the halfway point.
In this case we also have the 88.6% lining up close to the 127.2 and very close to the even handle 119.000 and a 127.2 Fibonacci Inversion lining up in that area.
As always guys Kill zone is in the green for entries, stops and targets are marked Red and Blue
If we can break past the B leg then we should be in with an opportunity
Daily Chart has been very Bullish on USDJPY - with the recent structure showing a possible Change in Trend - we will either consolidate sideways for some time and possible break to the downside which is pretty much beyond our stop level.
Also if you look left before the big drop on this pair you can see some very good signs of support right around our 88.6% level and hopefully this is what we need to bounce of so we can bank some profits.
Good Luck and Happy Trading