1HR Gartley Pattern Setup: GBPJPY for Profit
Looking to short GJ for about 150 pips and risking about 25 pips for the small risk big reward.
BC leg had a deep pullback closer to the 88.6% level which is why I am waiting to take this trade at the 1.618% fib ext level (top of the green box), setting a SL at 26 pips, and looking to capture a minimum of 50 pips and a maximum of 127 pips. If you want to be aggressive, then you can take it at the 78.6% level (149.650) and set SL at the 4HR resistance line, which is 150.228.
Anything can happen. This is no guaranteed profit. I'm not a financial advisor. I'm still a student of the game and trade what I see, not what I think. I trail my take profits to minimize risk, so when price hits my TP1 I'll move my SL to entry price for it to be a no risk trade; so on and so forth. Be patient and let the market come to you.
ENTRY PRICE: 149.968
SL: 150.228
TP1: 149.481
TP2: 149.180
TP3: 148.692
BC leg had a deep pullback closer to the 88.6% level which is why I am waiting to take this trade at the 1.618% fib ext level (top of the green box), setting a SL at 26 pips, and looking to capture a minimum of 50 pips and a maximum of 127 pips. If you want to be aggressive, then you can take it at the 78.6% level (149.650) and set SL at the 4HR resistance line, which is 150.228.
Anything can happen. This is no guaranteed profit. I'm not a financial advisor. I'm still a student of the game and trade what I see, not what I think. I trail my take profits to minimize risk, so when price hits my TP1 I'll move my SL to entry price for it to be a no risk trade; so on and so forth. Be patient and let the market come to you.
ENTRY PRICE: 149.968
SL: 150.228
TP1: 149.481
TP2: 149.180
TP3: 148.692
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.