glennmercer
Short

GBPJPY Short: 5-0 Pattern to Missed Pivots

FX:GBPJPY   British Pound/Japanese Yen
Hey Traders! GBPJPY             has entered the potential reversal zone for point E on a 5-0 pattern. The short at the 0.500 fib retracement remains valid unless price drops lower than 1.345 without entering the short area. Any entry into the short area from these levels will warrant a short and the pattern will be triggered and active. SL is placed above point B with target at the lowest missed pivot , confluent with the missed weekly pivot from last week.

Happy Trading!
GM
Trade active: Time to short!
Comment:
snapshot


AB=CD complete, confluent with completion of bearish 5-0 pattern
Comment:
snapshot

Beautiful resistance at 50% fib
Trade closed: target reached: 370+ Pips! The 5-0 is a must-learn for any TA trader
Trade closed: target reached: Final target reached at the weekend gap for a total of 615 pips! Only withstood a drawdown of 21 pips on this one for a total R/R of 29:1 soup to nuts. Happy trading everybody!

snapshot
not agree ..trendlinbe broken ..possible pullback
Reply
glennmercer PRO RajveerSingh
Hi Rajveer, thanks for sharing. This is a short term pattern (less than 1 week). Are you long or short? What is your hold time?
+1 Reply
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