Short-Term CHF/JPY Buy Emerging...

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Last Updated: 10 min ago

We have a potential short-term CHF/JPY buying opportunity at .87.74 based on an emerging 30min bullish Gartley pattern projected to complete (point D) based on the following Fibonacci/pattern convergence:

  • 78.6% of XA
  • 161.8% OF BC
  • AB=CD
  • The key will be for prices to dip to our projected entry at 87.74 without first closing above the 78.6% of AB near 89.60 which negates pattern structure invalidating this particular setup. Additionally, any gaps and/or wide-ranging candles (2-3x's average) prior to the projected entry (even if the high at point C holds) may invalidate this trade as they are signs that a continuation move may be in progress.

    The initial profit target of 88.24 (T1) represents 38.2% of the projected CD leg at which point stops will be moved to break even, and the final target of 88.64 (T2) sits below 61.8% of CD. Stop-loss placement on this one is a little tricky, but for the time being will be placed a few pips below the 161.8% BC extension at 87.54 making for a solid risk/reward.

    Potential strategy: Buy if prices dip to 87.74 with stop-loss at 87.54 targeting 88.24 (T1, stop to break even), 88.64 (T2).

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    TRADE RECOMMENDATIONS

    • Trades to Watch
    • Trades in Progress
    currency recommendation
    EUR/GBP
    Medium term



    Buy Buy at .8930
    Stop at 0.8893
    Target 1 at 0.8985
    Target 2 at 0.9027
    GBP/USD
    Medium term



    Buy Buy at 1.6118
    Stop at 1.5982
    Target 1 at 1.6322
    Target 2 at 1.6474
    GBP/AUD
    Medium term



    Buy Buy at 1.7555
    Stop at 1.741
    Target 1 at 1.7786
    Target 2 at 1.796
    There are currently no trades in progress.

    QUOTEBOARD

    • Key Quotes
    • Currencies
    • Markets
    •  
    • current
    • high
    • low
     
    • EUR/USD
    • down
    • 1.4612
    • 1.4775
    • 1.4585
    EUR/USD
    5 min chart
    • GBP/USD
    • up
    • 1.6260
    • 1.6338
    • 1.6195
    GBP/USD
    5 min chart
    • USD/JPY
    • down
    • 89.10
    • 89.80
    • 88.24
    USD/JPY
    5 min chart
    • OIL
    • up
    • 77.46
    • 77.46
    • 77.46
    CLZ9
    5 min chart
    • GOLD
    • down
    • 1114.5
    • 1141.7
    • 1108.6
    .GOLD
    5 min chart
    • US Stocks
    • up
    • 10485
    • 10485
    • 10400
    .US30
    5 min chart
    • UK Stocks
    • up
    • 5265.5
    • 5313.8
    • 5231.6
    .UK100
    5 min chart
    • DEM Stocks
    • up
    • 5758.5
    • 5793.0
    • 5696.5
    .DE30
    5 min chart
    • JP Stocks
    • down
    • 10097
    • 10144
    • 9911
    .JP225
    5 min chart
    •  
    • current
    • high
    • low
     
    • EUR/USD
    • down
    • 1.4612
    • 1.4775
    • 1.4585
    5 min chart
    • GBP/USD
    • up
    • 1.6260
    • 1.6338
    • 1.6195
    • USD/JPY
    • down
    • 89.10
    • 89.80
    • 88.24
    • USD/CHF
    • up
    • 1.0344
    • 1.0367
    • 1.0234
    • USD/CAD
    • up
    • 1.0599
    • 1.0622
    • 1.0483
    • AUD/USD
    • down
    • 0.9125
    • 0.9195
    • 0.9089
    • NZD/USD
    • up
    • 0.7250
    • 0.7291
    • 0.7221
    • USD/MXN
    • down
    • 12.8721
    • 12.9504
    • 12.8195
    • EUR/JPY
    • down
    • 130.21
    • 131.59
    • 129.97
    • GBP/JPY
    • up
    • 144.89
    • 145.64
    • 143.61
    •  
    • current
    • high
    • low
     
    • OIL
    • up
    • 77.46
    • 77.46
    • 77.46
    5 min chart
    • GOLD
    • down
    • 1114.5
    • 1141.7
    • 1108.6
    5 min chart
    • SILVER
    • down
    • 17.146
    • 17.593
    • 16.879
    5 min chart
    • US500
    • up
    • 1108.2
    • 1110.3
    • 1101.2
    5 min chart
    • UK Stocks
    • up
    • 5265.5
    • 5313.8
    • 5231.6
    5 min chart
    • DEM Stocks
    • up
    • 5758.5
    • 5793.0
    • 5696.5
    5 min chart
    • JP Stocks
    • down
    • 10097
    • 10144
    • 9911
    5 min chart
    • AU Stocks
    • down
    • 4644.0
    • 4669.0
    • 4616.5
    5 min chart
    • Bund
    • down
    • 123.19
    • 123.23
    • 122.80
    5 min chart
    Data source: GFT

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