Reasons for my analysis:
1) Close to ideal Gartley harmonic pattern as shown on chart, current price reversed at exactly Gartley's ideal D point.
2) All JPY group currency pairs correlating with JPY weakness (fresh) (including USDJPY;AUDJPY;EURJPY;GBPJPY;CADJPY)
3) Strong buying force (Demand Zone showed a big bullish candle)
4) Double bottom W shape with V formation
Here is how I would take this trade:
Spot 79.88 level (Fibonacci 0.618 retracement), entry with price action
Stop Loss (SL) around or below 78.7. The reason I don't like SL at 79.12 is because some time (not always) the volatility may spike you out before it goes into your favour. So I have left some room for my factor of safety.
Target around 81.8
I will post Gartley Harmonic Pattern on a separate education post.
You may also spot AUDJPY I think its also a potential good pair to trade
Good Luck
Steven
1) Close to ideal Gartley harmonic pattern as shown on chart, current price reversed at exactly Gartley's ideal D point.
2) All JPY group currency pairs correlating with JPY weakness (fresh) (including USDJPY;AUDJPY;EURJPY;GBPJPY;CADJPY)
3) Strong buying force (Demand Zone showed a big bullish candle)
4) Double bottom W shape with V formation
Here is how I would take this trade:
Spot 79.88 level (Fibonacci 0.618 retracement), entry with price action
Stop Loss (SL) around or below 78.7. The reason I don't like SL at 79.12 is because some time (not always) the volatility may spike you out before it goes into your favour. So I have left some room for my factor of safety.
Target around 81.8
I will post Gartley Harmonic Pattern on a separate education post.
You may also spot AUDJPY I think its also a potential good pair to trade
Good Luck
Steven
Trade active
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.