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
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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 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
SaifurRahman 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 SaifurRahman
Interesting perspective on another currency pair USD/CAD and US Dollar Index:http://www.clivemaund.com/article.php?art_id=3773&PHPSESSID=4d9ed8c7c100f8eaaaca9fde4fbdc9d4
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
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
Sorry forgot to say thank you for the kind comment as well
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