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AUD/JPY to Resume Downtrend at 74.43?

Last updated 10/5/2011 2:47 PM EST (GMT -5) 0 Comments - Add your comment

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Bradley W. Gareiss

Technical Analyst, GFT

A bearish Gartley pattern is forming on the AUD/JPY 1hr Chart below. The pattern has sold price symmetry, and it also has excellent time symmetry. The trade would also enter near the bearish trend line on the 4hr Chart.  The trade idea will be invalidated if the pair drops to 73.12 before reaching the entry.

We are looking to sell the AUD/JPY at 74.43 (Point D).  Point D is located at the convergence of the following points:

To recap, we are looking to sell the AUD/JPY at 74.43 with our stop placed at 74.77.  Our initial profit target is 73.91 (38.2% of CD).

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  • 4hr Chart - Trade would enter near bearish trend line.
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  • 1hr Chart - Bearish Gartley; sell at 74.43.

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