FX:GBPJPY   British Pound / Japanese Yen
a unified gartley is completed. Price went deeper into the sell zone which give a better risk to reward ratio. But the priceaction is still bullish . Wait for some signs of weakness (long up tails, bodies become smaller, bearish candles appear) to execute short.
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Has your testing shown an amount of consolidation that would decrease the probability of a trade? In his pattern, there has been a significant amount of consolidation in the sell zone.
voodoogodman voodoogodman
@voodoogodman, if you decide to test a time limit, I Might suggest 10 bars.
@voodoogodman, the more it consolidates the lower is the probability of reversal. consolidations by themselves are continuation patterns.
Another good call! TY
@SusanKellert, thank you
Was the entry invalidated as the price closed below the sell zone on friday?
@wolfy5000,how can the entry be invalidated? if you entered then you entered, if not then not
wolfy5000 Alexander_Nikitin
@Alexander_Nikitin, what i was meant to ask was. Would your trading rules suggest that the probability should be higher if the daily candle closed within the sell zone. I entered within the sell zone so am in profit but am trying to gain a bit of understanding of whether i was foolish or misguided in doing so?
@wolfy5000, Probability of win depends on your execution method, your stoploss placement, your targets placement and your trade management. Of course, you made a mistake when opened the trade because you didn't have a backtested trading plan for these patterns. My rules say: "If you made a mistake then close your trade immediately."
+1 Reply

Pattern is completed but price already at low's
at least 0.3 - 0.5 fall could happen
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