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Canadian Dollar / Japanese Yen
Short

CADJPY Short: Gartley + Pitchfork + Wolfe Wave to Pivots

By glennmercer
Updated
CADJPY is nearing the completion of a bearish Gartley pattern. The Gartley PRZ is confluent with pitchfork support. A completed bearish Wolfe Wave adds to the bearish bias. RSI and MACD are showing bearish divergence moving into the PRZ. SL is placed above point X of the Gartley pattern and a cluster of pivots lies below price, providing a nice target.

Confluence in the PRZ:
  • Bearish Gartley pattern completion
  • 1.272BC projection
  • AB=CD pattern completion
  • Pitchfork resistance
  • Bearish RSI divergence
  • Bearish MACD divergence
  • Unhit weekly and monthly pivot clustered below price
  • Bearish Wolfe Wave complete


Pitchfork Resistance (D1 TF):
snapshot

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Trade closed: stop reached
Closed position for a loss of 17 pips
AB=CDBearish GartleyCADJPYconfluenceGartleyglennmercerHarmonic PatternsMoving Average Convergence / Divergence (MACD)macdivergencemissedpivotmissedpivotspivotPivot PointsPRZRelative Strength Index (RSI)rsi_divergencersidivergenceunhitpivotsWolfe Waveww
glennmercer
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