GBPJPY 60min Bearish TCT

FX:GBPJPY   British Pound/Japanese Yen
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)
Comment: Target #1 Acquired
Comment: Holding for Target #2 with stops @ Breakeven
Comment: Stops rolled to 164.430. Trailing Stops 1 ATR above the last swing high on the 1hr. Protect those profits!
Trade closed: target reached
How did you choose A, B and C for AB=CD pattern?
PateSkpate FXPartisan
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
BEAUTIFUL, that's the only way to describe this.
PateSkpate StarProsper
haha! Thanks buddy! It's always nice when a plan comes together
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