GBPAUD 30 Bullish GARTLEY PATTERN @ 1.9550
Updated
Hi guys,
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bullish GARTLEY pattern @ 1.9550 stop loss will be placed below the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 50 pips x 2 = 100 pips
Reward #1: 70 pips. R:R = 1:1.4
Reward #2: 115 pips. R:R = 1:2.3
Plan your trade... Trade your plan.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bullish GARTLEY pattern @ 1.9550 stop loss will be placed below the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 50 pips x 2 = 100 pips
Reward #1: 70 pips. R:R = 1:1.4
Reward #2: 115 pips. R:R = 1:2.3
Plan your trade... Trade your plan.
Order cancelled
Ahhh it came 5 pips from being filled and it was a winning trade. But no to worry, on to the next one!
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