gbpjpy short opportunity

FX:GBPJPY   British Pound / Japanese Yen
Hey, traders. Took this Gartley in anticipation of the downtrend to continue. Risk to reward is 1 to 5. Good, isn't it?
Click like, follow and drop some comments. Check my other ideas.
im disagree on this one.
Great setup !
Yeap, thank you)
That doted line at 163,684 is that structure or entry level?
That doted line is the price itself
I Alexander. Nice find.. I Thought the gartley needs to have 618 retracement on the AB leg. Could you clarify please
Yeah, you talk about Tradeempowered rules. You are right in this part. But I don't trade them. My gartley is closer to the original Gartley. Gartley himself didn't apply any ratios to his pattern but told about "one third" and "two thirds" retracemens. That correspond to 0,382 and 0,618. You can find the ratios I use in "Trade what you see" book by Larry Pasavento. He is considered to be the first one who applied fibonacci ratios to W-type or M-type patterns.
Also I use Gartley only as a technique for entry. My analisys is a trend identification. You will never find me trading counter trend or consolidation periods.
That's why my ratios are not that very specific. B point is 38,2- not touch 78,6. C point is 38,2 - not exceed A point. D point is 78,6. That's it. No bats, no sharks, no crabs, nothing else. Only this pattern which I call gartley.
SaeedRehman Alexander_Nikitin
Thanks for the explanation. It looks like the price is going in your direction
Watch this video to have better understanding of my strategy.
SaeedRehman Alexander_Nikitin
I will check the video out on my lunch break. And there was me thinking your patterns are bats - just like your avatar.
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