GBPJPY analysis - rising three method???

chart 15 min - 11.11 am Malaysia

Went long at 137.98; stop loss at 137.44 (54 pips risk)
  1. a variance of rising three method; or should I called it "rising five method"? :))
  2. another inside bar set up....
Should yesterday's high is broken, my target projection will be 141.16 (fib 132.8) and 142.42 (fib 161.8). Let's see how market play it out... B-)
11.52 pm - +45 [-o<
SL rest at +1
12.30 pm - decided to close at +50
a bearish doji has appeared on the 15 min chart
take a short rest..


  • hi gj trader,

    really useful blog, just wanted to ask whether you think chart patterns such as head and shoulders etc, are just as reliable in the long term and short term when they emerge.

    thanks very much

  • As usual, chart patterns in the larger timeframes are more reliable than those in the smaller timeframes.

    Patterns in the large timeframe should provide us the next price direction.

    Meanwhile, we should use chart patterns in the smaller timeframes to look for entry in conjunction of the direction of the larger timeframes.

    Hope this helps....

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