Euro / Japanese YenShort
$EURJPY GARTLEY SETUP INTO PREVIOUS STRUCTURE
EURJPY seems to either be returning into it's consolidation zone (marked by blue lines) or is about to break out after a quick retest of resistance turned support (top descending blue line). If it is a break out, it will be a nice setup into a Gartley which will leave us with a quick way to make some pips.
Entry in the red box. Somewhere around 138.500 looks good (psychological level helps).
Target 1 at 137.500 (0.382 AD retracement).
Target 2 at 136.800 (0.618 AD retracement).
Both targets are supported by previous structure and profits should be taken before the structure is hit to prevent a bounce back and loss of profit.
Stop loss is at 139.400. This is just above X (which would invalidate the pattern) and slightly above previous structure to avoid getting stopped out too early.
Good luck and happy trading :)
Entry in the red box. Somewhere around 138.500 looks good (psychological level helps).
Target 1 at 137.500 (0.382 AD retracement).
Target 2 at 136.800 (0.618 AD retracement).
Both targets are supported by previous structure and profits should be taken before the structure is hit to prevent a bounce back and loss of profit.
Stop loss is at 139.400. This is just above X (which would invalidate the pattern) and slightly above previous structure to avoid getting stopped out too early.
Good luck and happy trading :)
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.