Short CADJPY: Gartley + Wolfe + TL + Pivot

17 nov. 2015

CADJPY has completed a bearish Gartley pattern and has thus far respected its resistance in the potential reversal zone. The Gartley PRZ falls in the sell zone of a bearish Wolfe wave which produces a confluent target with the harmonic pattern. To add to bearish bias, an unhit monthly pivot sits below price. SL is set above Gartley 'X' point with targets at .382CD, .618CD, and the unhit pivot for the month of November.

Confluence in the PRZ:

• Bearish Gartley pattern completion
  
• AB=CD (Gartley)
  
• 1.5BC projection (Gartley)
  
• Bearish Wolfe wave setup complete
  
• Trendline resistance confluent with Gartley PRZ
  
• Unhit monthly pivot below price
  

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18 nov. 2015

Note

T1 Achieved: +30 Pips