Here we see a Bearish Gartley pattern completed on the Usd Jpy chart.
As all of my trades , you will notice that the pattern has completed suggesting a reversal, in the Positive deviation range, which means that we can assume that the market is going to reverse back down into negative deviation. Some people would consider this price action or channel trading , I just look for the best opportunity to get in using harmonics.
Now if you have been following me, you know that i trade all harmonics the same way and if you haven't been following me, well i am about to share with you those entries and exits.
My entry will be at point B, this way we have a guarantee that the market has reversed and started to trend opposing the previous trend. it also allows us to pick up a 2:1 risk reward ratio, meaning we only have to get half of our trades correct to be profitable.
My stop loss will be at Point X because a retracement beyond point X would be a break in structure suggesting that the pattern is void.
And lastly , my take profit, or limit, is placed at the 1.618 extension of the BC leg. I place my take profit here on all harmonics because i am still trading more of a price action trade, and I am banking on making the most available profit per trade. I am considering changing my strategy for my Limit to be at point A , just because i have had some problems with consistency lately(still profiting %10 a week) I just feel like i could do better.
Please let me know what you think about the modification to my strategy, and help me find a good place to put my stop, as for now, follow , like and comment those suggestions.
Good Trading
As all of my trades , you will notice that the pattern has completed suggesting a reversal, in the Positive deviation range, which means that we can assume that the market is going to reverse back down into negative deviation. Some people would consider this price action or channel trading , I just look for the best opportunity to get in using harmonics.
Now if you have been following me, you know that i trade all harmonics the same way and if you haven't been following me, well i am about to share with you those entries and exits.
My entry will be at point B, this way we have a guarantee that the market has reversed and started to trend opposing the previous trend. it also allows us to pick up a 2:1 risk reward ratio, meaning we only have to get half of our trades correct to be profitable.
My stop loss will be at Point X because a retracement beyond point X would be a break in structure suggesting that the pattern is void.
And lastly , my take profit, or limit, is placed at the 1.618 extension of the BC leg. I place my take profit here on all harmonics because i am still trading more of a price action trade, and I am banking on making the most available profit per trade. I am considering changing my strategy for my Limit to be at point A , just because i have had some problems with consistency lately(still profiting %10 a week) I just feel like i could do better.
Please let me know what you think about the modification to my strategy, and help me find a good place to put my stop, as for now, follow , like and comment those suggestions.
Good Trading