Akil_Stokes
Short

GBPJPY: Bear Gartley Formation (Follow Up On Last Week's Video)

FX:GBPJPY   British Pound / Japanese Yen
Following up on the video that I shared with you guys last week, making a few predictions on the GBPJPY             . We are now approaching a retest of the "B" leg for this potential Advanced Gartley Formation. (By the way well done 2618 traders!)

If you remember I was looking for a trend continuation opportunity & this advanced pattern formation would be a perfect entry point as it approaches our previous minor level of structure.

Best of luck with your trading this week!

Last week's trading video on the GBPJPY             https://www.youtube.com/watch?v=lJhwOPSvlcc
Trade active
Trade closed: target reached: 1st positions hit targets for +84 Heck of a start to our week considering EURJPY & GBPUSD both rolled over as well!
Comment: If you have questions about this trade setup, I'll be live on Periscope today at 12:30 est. Username @akilstokesRTM or you can watch live at http://www.periscope.tv/akilstokesrtm
WATCH MY LATEST TRADING VIDEO
https://www.youtube.com/akilstokes


Well failed gartley can possibly make a butterfly not crab. For crab the B point retracement needs to be less than 0.618. clearly mentioned in harmonic trading by scott carney.
+1 Reply
Akil_Stokes PRO SaifurRahman
Nice! I'm not a Butterfly or a Crab pattern trader, so i fully admit that I'm not the one to be giving advice on those particular pattern formations. For butterflies to be valid I require a "B" retracement of a 78.6 which would invalidate the gartley formation before it's even formed which is why i don't think of a butterfly as a failed gartley, but I know we're also somewhat unique in our specific ratio requirements for these advanced formations
Reply
SaifurRahman PRO Akil_Stokes
HI Akil . Thanks for your point of view. you are right there are different ratio requirements that traders follow. Some trader does not require precise 0.618 B point retracement as gartley and consider any retracement between .618 & .786 as gartley.
+1 Reply
Akil_Stokes PRO SaifurRahman
Agreed
Reply
Interesting perspective on another currency pair USD/CAD and US Dollar Index:http://www.clivemaund.com/article.php?art_id=3773&PHPSESSID=4d9ed8c7c100f8eaaaca9fde4fbdc9d4
Reply
Nice trade Akil, I was wondering if you entered at 154.93... where was your stop and takeprofit. I see it made a roughly 60 pip move against you. How close did it come to your stop and what was the R:R on this trade? Again,,, way to go..
+1 Reply
my stops were a little more than an ATR above the X leg & my initial profit target was at the 38.2 fibonacci retracement
Reply
Jimdandy Akil_Stokes
I assume you use the 14ATR of the HOURLY chart. Unless you use a 7ATR like the 7RSI?
+1 Reply
I use a 7 Period ATR
Reply
Sorry forgot to say thank you for the kind comment as well
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out