Trade Plan (Pending): I am selling GBP/JPY at 190.84
Round 2 for GBPJPY selloff
JPY Basket - the main driver for this trade plan is the Japanese yen. Although we have seen a correction to the downside, we will form a bullish Gartley pattern at 6450. With the long-term analysis now bullish, this is regarded as a good level to get long.
GBP/JPY - the intraday chart highlights the completion of a bearish Gartley formation at 190.84.
The four-hour chart highlights the cross moving higher within the BC leg of a Crab formation. This pattern will complete at 186.22 Bespoke support is located at 186.45 and 186.25.
Selling at 190.84 (intraday Gartley), targeting 186.46 (bespoke), with a stop loss of 191.60 (above the swing high), offers a risk-reward factor of 5.76R (swing trade)
I am selling GBP/JPY at 190.84
SL: 191.60
TP1: 186.46
Risk/Reward Ratio of 5.76R
JPY Basket - the main driver for this trade plan is the Japanese yen. Although we have seen a correction to the downside, we will form a bullish Gartley pattern at 6450. With the long-term analysis now bullish, this is regarded as a good level to get long.
GBP/JPY - the intraday chart highlights the completion of a bearish Gartley formation at 190.84.
The four-hour chart highlights the cross moving higher within the BC leg of a Crab formation. This pattern will complete at 186.22 Bespoke support is located at 186.45 and 186.25.
Selling at 190.84 (intraday Gartley), targeting 186.46 (bespoke), with a stop loss of 191.60 (above the swing high), offers a risk-reward factor of 5.76R (swing trade)
I am selling GBP/JPY at 190.84
SL: 191.60
TP1: 186.46
Risk/Reward Ratio of 5.76R
Comment:
I have moved stop loss to entry. We could see another spike higher