TomHall

USD/JPY - Gartley Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
1260 2 26
USD/JPY             - Gartley Pattern .

On today's USD/JPY             1hr chart we have a potential long and short opportunity which will all depend on your trading plan and style.
It is possible to get short at the C leg of the Gartley Pattern at 120.284 which also coincides with the top of the bearish trend line .
A more conservative approach would be to await price to complete at the D leg of the Gartley Pattern at 119.342 before getting long.
I feel both the aggressive and conservative approach are plausible, but always trade your plan.

Although price seems to be respecting the C leg trend line resistance area at 120.256, I will be awaiting more confirmation before taking any action.

Potential targets for the Gartley Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg structure support .

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Target 1 attained, stop loss has now been moved to break even awaiting target 2
+1 Reply
nice trade Tom; target 2 hit aswell!
Reply
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