GBPJPY 1H, two potential Gartley formations setting up.

There's two potential Gartley formations setting up on the GBPJPY 1H chart. The bearish one completes up at 129.17, while the bullish one completes down at 127.19. However, with the bullish Gartley you might want to wait for a lower entry as is may not have a 1:1 Risk:Reward depending on your stop loss rules (I use a 1.13 Fibonacci extension from A-X for my stops). Also, although this is 1 hour chart the GBPJPY has a large ATR, so be sure to check it's within your maximum risk limit.


Good luck, happy trading

Remi.

Trade active:

Long at 127.191

Trade closed: target reached:

Closed half of my position, as my first target has been hit. Stops now moved to break even, with my second target up at the 618 retracement.