Art_of_Trading
Short

USDJPY: Valig Gartley

FX:USDJPY   U.S. Dollar / Japanese Yen
On FX:USDJPY             , the price is bullish last few hours. Buyers are in control of the price. Its going close to structure high at 123.239, which is a resistance level . It acted as support, but after break out it became the new resistance level . It is more likely that buyers will take their profits close to that level and sell orders will be placed there too. Both cases, the price drop will be expected.
Moreover, the valid gartley pattern increase the probability of this set-up.. X leg starts at the resistance level . The market has finished last D leg and it gives a signal to go short.
T1 - 38.2 %
T2 - 61.8%
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Comment: Enter the trade
Comment: T1 is Hit, T2 not yet. Half profit take. Patience is the key.
But it hit the SL before :(
Reply
Art_of_Trading pyramids_Forex
You may put tight SL. It didnt hit mine. SL should be placed above X leg, which is level 123.239. Then you give some room for movement to avoid spikes; you mat use ATR for measuring it or do it by yourself, if you have experience.
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