USDJPY has been on an uptrend. There is a bearish Gartley with D completion at 112.574 (78.6 of XA). The bearish bias is based on a bearish engulfing candlestick on D1. Likewise, there is a possible break of the trendline support on H4 for additional confirmation. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. The stop loss has the same number of pips as TP1 by default. The trade details are as follows:
Trade Setup: Bearish Gartley
Price Entry 112.574
SL 115.609 | SL pips 303.5
TP1 109.539 | TP1 pips 303.5
TP2 107.664 | TP2 pips 491.0
TP3 104.629 | TP3 pips 794.5
RRR1 1.00 | RRR2 1.62 | RRR3 2.62
Trade Setup: Bearish Gartley
Price Entry 112.574
SL 115.609 | SL pips 303.5
TP1 109.539 | TP1 pips 303.5
TP2 107.664 | TP2 pips 491.0
TP3 104.629 | TP3 pips 794.5
RRR1 1.00 | RRR2 1.62 | RRR3 2.62
Ordine annullato:
This setup is invalidated as price did not retrace to point D. (July 27)