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
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