USDJPY Gartley - Bearish - Daily

A perfect Bearish Gartley is setting up on the USDJPY. Price turned at 0.618 XA @ 107.5

If the retracement continues, which is very unlikely, it may extend till 0.786 XA @ 108.363. Then it is a Butterfly.

Now, in a Gartley,

AB retraces to 0.618 - Perfect Gartley.

AB retraces to 0.707, 0.786 - Still a Gartley but not perfect.

BC projects till 1.618 @ D signaling completion at 108.695.

How to Trade:

Case 1: I'm a day trader, don't care about Gartleys. More interested in Fibonacci retracements and projections. (Risk Tolerant)

Trade 1: Leg BC

Open short at 106.5 to 105.6 - 90 pips
Stoploss @ 107.6

Trade 2: Leg CD

Watch price action:
If the price reverses at 0.618 open buys at 106.
If the price reverses at 0.707 open buys at 0.618
If the price reverses at 0.786 open buys at 0.707

TP @ 108.36 - Pips - 250 on average

Trade 3:
Check PRZ and Price action.
Completion of AB = CD
BC projection @ 1.618
XA retracement till 0.786

Another 200 pips confirmed.

Case 2: I love Harmonic patterns and the Mathematics involved in randomness. (Risk-Averse)

Execute Trade 2 and Trade 3
Profit potential - 300 - 400 pips
Wait - about a week.


Case 3: Lifes too complicated and I hate taking risks.(Rookie)

Follow this idea. Will update trading positions in real-time.