EverythingForex

CLOSED TRADE: USDJPY: STRONG SELL Retest 125 + Gartley -11 pips

FX:USDJPY   U.S. Dollar/Japanese Yen
233 2 3
This trade was closed as prices have invalidated the Gartley and also have broken through the 125 level. Loss was -11 pips. Oh, well. Can't be right all the time! ;-).
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may I ask, why do you put a such tiny stop for a long -term short position like you mentioned ? Now it looks like fake out... I think with weak nikkei and weak us, price can't go much higher
Reply
Stops are personal. Everyone needs to place trades (Stops, entries and profit targets) according to their own trading plan and risk tolerance. When I post on here, if the trade is based on a pattern, then I will post according to the rules of harmonic patterns. One of them being that if prices exceed point X (my definition of "exceed" is close beyond) on class 1 patterns (non-extension patterns), then that pattern is invalid.

But even though THIS trade was invalidated, I am in SHORT on this pair via another trade/pattern I posted about: a bearish crab. Hope you got in on that one. Good luck and thanks for the question.
UPDATE #1:USDJPY: Pre-NFP Analysis - NFP Move : Bearish Crab
+1 Reply
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