GBP/JPY Butterfly Pattern - Weekly Chart

GBP/JPY Bearish Gartley has turned into a Bearish Butterfly.  1.272AB = CD,  projects point D to be 156.43.  1.618AB = CD,  projects point D to be 158.83.  We are in between these points right now.  If price exceeds 158.83, I would close the trade.  Otherwise, be patient.  Happy Trading.

GBP/JPY Gartley Pattern - Weekly Chart

Bearish Gartley Pattern has formed on Weekly chart of GBP/JPY.  This may turn into a Butterfly pattern but is worth trading at this point.  Stop-loss is set above 156.71, which is point X in the pattern.  I use the average daily range of the pair I am trading to help determine how far away to place my stop-loss.  Some charting packages call this ATR (Average True Range).  You can leave it on the default setting.  The value usually doesn't change significantly.  ATR(14) = 152 pips and ATR(100) = 177 pips.  See chart.  Happy Trading.  : )