GBPJPY 60min Bearish TCT

FX:GBPJPY   British Pound/Japanese Yen
9 months ago
GBPJPY             is in a downtrend. I'm looking to sell Rallies on this pair.

Price has made it back to my "Reversal Zone" and now has Double Topped with Bearish RSI Divergence. We also have a an ABCD pattern completing right at the Double Top.

I just sold at the Double Top and looking for a retest of Previous Lows.

Stops - 1 ATR above Double Top

Target #1 - Retest of Previous Lows (Structure)

Target #2 - Retest of Previous Lows (Structure)
9 months ago
Comment: Target #1 Acquired
9 months ago
Comment: Holding for Target #2 with stops @ Breakeven
9 months ago
Comment: Stops rolled to 164.430. Trailing Stops 1 ATR above the last swing high on the 1hr. Protect those profits!
9 months ago
Trade closed: target reached
9 months ago
How did you choose A, B and C for AB=CD pattern?
PateSkpate FXPartisan
9 months ago
ABCD Pattern is basically 2 equal moves and 1 pullback (at least a 38.2% retracement). Always start from either the low or high point. So in this case you go from swing low to swing high, then you get the retracement, then we get the equal move up. It's hard to describe typing.. It's much easier for me to explain while showing on a chart. Hope that helps :)
+1 Reply
9 months ago
BEAUTIFUL, that's the only way to describe this.
PateSkpate StarProsper
9 months ago
haha! Thanks buddy! It's always nice when a plan comes together
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