Bearish 'W' Pattern sell trade set-up on GBP/JPY
GBP/JPY sell
Bearish 'W' Pattern on the Daily T/F. Was waiting for deceleration to take place, this has now happened (around and beyond the 0.618%, measured from the daily T/F). Waited for shift of structure (SOS) on the 15M, this too has now happened. Then waiting for a pull back, with limit order set beyond the 50% fib level (measured off the 15M T/F). Trade now live. Excellent risk to reward. Trail SL beyond last swing low as they develop on the 4H T/F. TP set at -127 Fib EX on the daily T/F. SL should be set beyond last swing high on the daily T/F with a buffer of between 8-25 pips depending on personal preference.
**Demo only not to be taken on a live account**
Disclaimer:
Financial trading carries a very high degree of risk of loss of capital. Always seek professional, independent financial advice, before trading with real money. This trade idea is intended for educational, purposes only, and is not financial advice. And as such, must only be traded on a Demo account, or not at all. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed, above. You are responsible for your own trading and investment decisions.
Bearish 'W' Pattern on the Daily T/F. Was waiting for deceleration to take place, this has now happened (around and beyond the 0.618%, measured from the daily T/F). Waited for shift of structure (SOS) on the 15M, this too has now happened. Then waiting for a pull back, with limit order set beyond the 50% fib level (measured off the 15M T/F). Trade now live. Excellent risk to reward. Trail SL beyond last swing low as they develop on the 4H T/F. TP set at -127 Fib EX on the daily T/F. SL should be set beyond last swing high on the daily T/F with a buffer of between 8-25 pips depending on personal preference.
**Demo only not to be taken on a live account**
Disclaimer:
Financial trading carries a very high degree of risk of loss of capital. Always seek professional, independent financial advice, before trading with real money. This trade idea is intended for educational, purposes only, and is not financial advice. And as such, must only be traded on a Demo account, or not at all. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed, above. You are responsible for your own trading and investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.