GBPJPY Short: 5-0 Pattern to Missed Pivots

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:

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

Comment:

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!