TradingView
dule85
May 31, 2015 3:20 PM

USDJPY 30min Bearish Gartley Pattern Short

U.S. Dollar/Japanese YenFXCM

Description

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.
Comments
leszekstanislaw
I like it - completed as designed!
dule85
yeah, if every trade would go so easy .... :)
dule85
Profit from target 2 is also in the bank :)
dule85
Target 1 got hit easily. Move stops to break even and let's see if target 2 gets hit.....
More