As of this post, prices are re-testing the 125.000 level for a third time and currently is being rejected again forming a rejection spike. This rejection also forms a double-top.Also, a Gartley pattern has been filled.
In a previous post, I had already posted a SELL trade on this pair based on a cypher completion (see Related Ideas: "TRADE: USDJPY: Completed bearish cypher (+495 pips possbile)"). This would be another chance to get in on that trade as well.
Although I am posting the TP1 +TP2 for this trade, I am personally holding my SHORT positions for the long -term and will not take profits off this Gartley.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Patterns are simply not enough to base a trade. Understanding how the pattern shifts momentum and exhausts price legs is far more important. You can learn more with us at tradevulture.com
EverythingForex
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First, thanks for your opinion. But it is just that...an OPINION. By writing your comment on my thread, I must assume that you think I trade only based on patterns then you have not been following my posts. Do I agree with you? Simple put. No. If a trader were to only trade patterns and use sound money management strategies, they will do very well. Patterns have a PROVEN historical record of +55% (I'm being conservative) winning percentage. With sound money management, you really only need 30-40% winning percentage to make money.
And just as you say patterns alone are not enough to trade successfully with to which I disagree, just understanding momentum and exhaustion alone are also not enough.
Thanks for the comment and good luck to you!
P.S. and next time you want to hawk your own subscription site, do it on your own thread!
EverythingForex
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This trade has been CLOSED as prices have invalidated this Gartley. TRADE RESULT: -11 pips.
donaldsaw
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All good and Thanks for the pep talk. I totally get emotional + trading = no £££$$$. Did you manage to have a look at my chart? I have revised and am now seeing a flat down which mirrors what you're seeing.
EverythingForex
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Yeah, looks good to me. A 3-3-5 flat fits well. Now let's hope we're catching the 5 wave wave C right at the top!
donaldsaw
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I totally agree with you and the emotional side is something I am working on as I'm a relatively new trader so excuse my previous emotional messages.
EverythingForex
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No, man! I wasn't criticizing you for being emotional, bro! Just saying in general terms that emotions and trading don't mix. Apologies for that.
donaldsaw
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USD is still being relentless and keeps pushing towards the 125.00 mark which is bloody annoying indeed. With that said, I still believe UJ is going to head down for a wave C down. Any thoughts on this guys?
EverythingForex
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Chop. Chop. Chop. Annoying? Yep. But what does that tell you? Corrective wave, anybody? It's pretty much happening across the board. Anyway, it doesn't matter to me what it's doing right now. My trading plan tells me it's heading down and if it doesn't, my stops are in. Frankly, once I put my trade in according to my trading plan, I don't really pay that much attention to it. It's all mechanical from that point out. Cannot EVER let your emotions trade for you.
The_Cannalyst
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hey ho..thx like every day :_) I am on the other side :-) I am waitíng for the break of your mentioned resist :-)