A bullish Gartley pattern is currently forming on the EUR/JPY 1hr
Chart below. The trade has solid price symmetry, but it is too early to
judge its time symmetry. For proper time symmetry, we would like the
CD leg to drop with approximately the same slope as the AB leg. This
trade would be invalidated if it
rises to 108.47 before
entering.
The pattern suggests buying the EUR/JPY if it falls to 107.51 (Point D).
Point D is located at the convergence of the following points:
38.2% Fibonacci retracement of XA.
127.2% Fibonacci extension of BC.
ABCD pattern.
To recap, the pattern suggests buying the EUR/JPY at 107.51 with our stop
placed at 107.31. Our initial profit target is 107.80 (38.2% of CD).
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| 1hr Chart - Bullish Gartley; buy at 107.51. |
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