A perfect Bearish Gartley is setting up on the USDJPY. Price turned at 0.618 XA @ 107.5
If the retracement continues, which is very unlikely, it may extend till 0.786 XA @ 108.363. Then it is a Butterfly.
Now, in a Gartley,
AB retraces to 0.618 - Perfect Gartley.
AB retraces to 0.707, 0.786 - Still a Gartley but not perfect.
BC projects till 1.618 @ D signaling completion at 108.695.
How to Trade:
Case 1: I'm a day trader, don't care about Gartleys. More interested in Fibonacci retracements and projections. (Risk Tolerant)
Trade 1: Leg BC
Open short at 106.5 to 105.6 - 90 pips
Stoploss @ 107.6
Trade 2: Leg CD
Watch price action:
If the price reverses at 0.618 open buys at 106.
If the price reverses at 0.707 open buys at 0.618
If the price reverses at 0.786 open buys at 0.707
TP @ 108.36 - Pips - 250 on average
Trade 3:
Check PRZ and Price action.
Completion of AB = CD
BC projection @ 1.618
XA retracement till 0.786
Another 200 pips confirmed.
Case 2: I love Harmonic patterns and the Mathematics involved in randomness. (Risk-Averse)
Execute Trade 2 and Trade 3
Profit potential - 300 - 400 pips
Wait - about a week.
Case 3: Lifes too complicated and I hate taking risks.(Rookie)
Follow this idea. Will update trading positions in real-time.
If the retracement continues, which is very unlikely, it may extend till 0.786 XA @ 108.363. Then it is a Butterfly.
Now, in a Gartley,
AB retraces to 0.618 - Perfect Gartley.
AB retraces to 0.707, 0.786 - Still a Gartley but not perfect.
BC projects till 1.618 @ D signaling completion at 108.695.
How to Trade:
Case 1: I'm a day trader, don't care about Gartleys. More interested in Fibonacci retracements and projections. (Risk Tolerant)
Trade 1: Leg BC
Open short at 106.5 to 105.6 - 90 pips
Stoploss @ 107.6
Trade 2: Leg CD
Watch price action:
If the price reverses at 0.618 open buys at 106.
If the price reverses at 0.707 open buys at 0.618
If the price reverses at 0.786 open buys at 0.707
TP @ 108.36 - Pips - 250 on average
Trade 3:
Check PRZ and Price action.
Completion of AB = CD
BC projection @ 1.618
XA retracement till 0.786
Another 200 pips confirmed.
Case 2: I love Harmonic patterns and the Mathematics involved in randomness. (Risk-Averse)
Execute Trade 2 and Trade 3
Profit potential - 300 - 400 pips
Wait - about a week.
Case 3: Lifes too complicated and I hate taking risks.(Rookie)
Follow this idea. Will update trading positions in real-time.
