GBP/JPY - Engulfing Short Pattern
The 60 min chart revealed an Engulfing pattern, that is a strong reversal pattern.
This pattern followed by a black candlestick not yet finished.
Furthermore, the engulfing pattern is at 61,8% retracement Fibonacci level.
I think this will be a good short trade because I forecast that price will go down.
First take profit should be at 123,6% Fibo, next at 138,2%.
Stop loss can be put at 138,84 price level.
This pattern followed by a black candlestick not yet finished.
Furthermore, the engulfing pattern is at 61,8% retracement Fibonacci level.
I think this will be a good short trade because I forecast that price will go down.
First take profit should be at 123,6% Fibo, next at 138,2%.
Stop loss can be put at 138,84 price level.
Note
In the H4 time frame we have a nice shooting star, this is another bearish signal for us.So, at this time we have two bearish patterns from two differents time frame.
Trade closed: target reached
Good Morning, i traded with three entry (risk total 2% my capital).First two take profit taken, the last TP is on 137,16.
I put my SL at 137,72 (0% FIBO).
If price will go up, I'll take half profit from my last trade.
Trade closed: stop reached
Last trade reached the stop that I had moved before.All three trade in profit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.