michele_laino

GBP/JPY - Engulfing Short Pattern

Short
michele_laino Updated   
OANDA:GBPJPY   British Pound / Japanese Yen
The 60 min chart revealed an Engulfing pattern, that is a strong reversal pattern.
This pattern followed by a black candlestick not yet finished.
Furthermore, the engulfing pattern is at 61,8% retracement Fibonacci level.
I think this will be a good short trade because I forecast that price will go down.
First take profit should be at 123,6% Fibo, next at 138,2%.
Stop loss can be put at 138,84 price level.
Comment:
In the H4 time frame we have a nice shooting star, this is another bearish signal for us.
So, at this time we have two bearish patterns from two differents time frame.
Trade closed: target reached:
Good Morning, i traded with three entry (risk total 2% my capital).
First two take profit taken, the last TP is on 137,16.
I put my SL at 137,72 (0% FIBO).
If price will go up, I'll take half profit from my last trade.
Trade closed: stop reached:
Last trade reached the stop that I had moved before.
All three trade in profit.
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