$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 :)
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