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Intraday Analysis - USD/JPY short term Gartley Pattern |
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Technical Archives |
Written by FX Solutions |
Jul 26 10 20:45 GMT
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Intraday Analysis - USD/JPY short term Gartley Pattern
Technical analysis can be applied throughout all time periods. Typically, the posts you see on Facebook focus primarily on Swing or Trend trading. The time frames that James and I use range from Daily charts to 1 hour charts. For day trading setups, sometimes I will provide analysis on 15 minute charts.
Today's 15 minute chart identifies a potential bullish Gartley pattern on the USD/JPY. If price action can fall to the 86.58 area, traders could see a brief bullish rally to the 87.08 level. It should be noted that if we do not see weakness in the USD/JPY by the end of the night, this pattern will be invalid. Also if triggered, a breach of the 86.32 could negate this pattern and drive further weakness for the dollar. The following outline the legs of the pattern:
X to A confirms point B with a 61.8% retracement
A to B confirms point C with a 61.8% retracement
B to C targets point D with a 141.8% expansion level
X to A targets point D with a 78.6% retracement
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About the AuthorFX Solutions
IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law.
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
