CADJPY Short: Gartley + Pitchfork + Wolfe Wave to Pivots

3 Nov 2015

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):


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3 Nov 2015

Trading ditutup: stop tercapai

Closed position for a loss of 17 pips