USDJPY is currently in an overall downtrend (based on 4H market structure) , however, the market is teasing me with this perfect bullish Gartley harmonic setup.
*** 61.8 - 38.2 - 88.6 ***
Price is currently at a lower low, so although it will definitely pull back at some point, it could just put in another lower high and continue bearish. That being said, Taking this buy I will watch how price reacts near the previous structure low point B, and within my reversal zone (the "killzone" as they say) for an exit and possible short entry.
BUY entry reasons : 4H bullish engulfing candle at D completion of Gartley & Stochastic RSI oversold
SL will be below point X, TP based on harmonic structure given at least 1:1 risk to reward
*** 61.8 - 38.2 - 88.6 ***
Price is currently at a lower low, so although it will definitely pull back at some point, it could just put in another lower high and continue bearish. That being said, Taking this buy I will watch how price reacts near the previous structure low point B, and within my reversal zone (the "killzone" as they say) for an exit and possible short entry.
BUY entry reasons : 4H bullish engulfing candle at D completion of Gartley & Stochastic RSI oversold
SL will be below point X, TP based on harmonic structure given at least 1:1 risk to reward
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Price moved up and hit my first TP at 112.773 for approx 54 pips. Immediately after that it started to reverse at the bottom of my reversal zone and is currently back near my initial buy entry. Still watching this one.