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
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.