GBPJPY - Bearish Shark Completion (14092016) Short

British Pound/Japanese YenFXCM

Description

⋅ Sep 14, 2016 8:08 AM

Hey guys, a great pity to miss my long on EURJPY posted yesterday.

Today, I am watching for GBPJPY to hit 137 for a potential short.

SL will go around 137.60 and TP will be right back at 135.

This is based on a shark pattern which completes at XC 100.

Will look out for

1. Divergence at entry zone on the rsi
2. Reversal candlestick
3. Long hammer candlestick

to confirm my entry.

Personally, I find better success by doing market entries rather than pending orders for harmonic trading.

Use these filters that I use, I can guarantee you a higher hit rate.

Great trading all!

Comment

⋅ Sep 15, 2016 1:40 AM

Still awaiting short at 137.

Comments

ezajaan032

⋅ Sep 15, 2016 1:28 AM

@TERRY, I agree.market order.though I dont know harmonic pattern but I prefer to use market entry rather than pending order.. especially for GJ. thanks for sharing though.I m in short position now. Tuesday low or at TL.watch price action closely.tq

TerryHarmonicTrading

⋅ Sep 15, 2016 1:30 AM

@ezajaan032, thanks for the comment, appreciate it. All the best for your trade. I am still waiting for my short to be triggered though. :)

ezajaan032

⋅ Sep 15, 2016 1:32 AM

where about? 138.4? ok.. I was expecting yesterday to reach that area,but gbp was so fortunate.. nvm, we wait for today. me goin to long when I close this entry somewhere btw 134.9-135.25...

TerryHarmonicTrading

⋅ Sep 15, 2016 2:26 AM

135.2 is a nice level. If i am short, I will TP around that level too. Initial PRZ of this pattern is at 137, if there is no reversal signs there, I will wait for 138.8 which is a bigger shark completion on H4.

joe2trade

⋅ Sep 14, 2016 10:38 AM

Thanks

GoldHunter

⋅ Sep 14, 2016 8:10 AM

Thank u!