CAD/JPY Potential Long Opportunity: Jan 29, 2018
Emre Tutucu | Jan 29, 2018 01:35AM ET
CHART TIMEFRAME: H4
TREND ON THE CHART TIME-FRAME: Bearish
FACTS AND PATTERNS: Bullish Gartley
CURRENT PRICE: 88.16
POSSIBLE “PREDICTED” PRICE ACTION: Bullish Gartley formation completed; 87.78 is the Fibonacci retracements of 88.60%; price tested 88.84 but not touched the Fibo 88.60% at 87.78; it will test 88.33 (Fibo 76.80%); if it makes closing above 88.33, the targets will be 88.80 and 89.30; it may reverse from 88.40 and retest 87.78; this will be our area of entry.
ACCURACY: 98%
CADJPY TRADE IDEA: (MIDTERM )
TRADE: Long
AREA OF ENTRY: 87.78
STOP LOSS: 87.50
TAKE PROFIT 1: 88.80
TAKE PROFIT 2: 89.30
NOTE: H4 closings below 87.78 would invalidate the setup.
If the price breaks and close above 88.33, you can try LONG with stop loss 88.10 with the same targets.
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