dule85
Short

USDJPY 30min Bearish Gartley Pattern

FX:USDJPY   U.S. Dollar / Japanese Yen
A potential short opportunity at the completion of a bearish gartley pattern.

To have a valid gartley pattern I look for a 0.618 fibonacci retracement of the XA leg which is the point B.
Then I need at least a 0.618 fibonacci retracement from the AB leg but not beyond point A. This gives me the point C.
At last I look for entry at the 1.272 fibonacci extension of the AB leg.

I enter with 2 positions. Stops need to be above the X point. My target 1 is at the 0.382 fibonacci retracement from A
to D. Target 2 is at the 0.618 retracement from A to D.
I like it - completed as designed!
Reply
dule85 leszekstanislaw
yeah, if every trade would go so easy .... :)
Reply
Profit from target 2 is also in the bank :)
Reply
Target 1 got hit easily. Move stops to break even and let's see if target 2 gets hit.....
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