USDJPY is still holding its current downtrend on the 60min chart. Until this trend reverses I will continue to sell all rallies.
Currently we have a Gartley, ABCD Pattern, and Fib Inversion all lining up in that "Sell Zone" (Purple box).
This gives us a CTS score of 8. If the RSI goes Overbought and/or we get Divergence on it, then we could have a score of 9 or 10.
Entry - I will use the Gartley Pattern to enter this trade aggressively.
Stops - 1 ATR above last Swing High
Target #1 - Retest of Previous Structure Lows
Target #2 - 1.27% Fib Extension of the last down leg
Currently we have a Gartley, ABCD Pattern, and Fib Inversion all lining up in that "Sell Zone" (Purple box).
This gives us a CTS score of 8. If the RSI goes Overbought and/or we get Divergence on it, then we could have a score of 9 or 10.
Entry - I will use the Gartley Pattern to enter this trade aggressively.
Stops - 1 ATR above last Swing High
Target #1 - Retest of Previous Structure Lows
Target #2 - 1.27% Fib Extension of the last down leg
Trade closed: stop reached
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Related publications
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.