Our analysis on GBPUSD .
We have a Gartley formation soon to be completed on this counter trend trade.
Based on historical price movements there is a downtrend in price with lower highs and lower lows
The structure point of 1.2700 seems a solid price reversal point, but seems to have been broken. We will need to monitor price action in this zone before confirming whether it is a false breakout.
As of now, await a reversal sign on this gartley . If a bullish candle does appear we have good reason to go long one last time before price heads down again
TP targets: Only enter if bullish candle appears. Monitor your own trade, as this is likely to form a butterfly if the gartley fails
Learn the trades here!
patreon.com/indigotradinggroup
Good luck
We have a Gartley formation soon to be completed on this counter trend trade.
Based on historical price movements there is a downtrend in price with lower highs and lower lows
The structure point of 1.2700 seems a solid price reversal point, but seems to have been broken. We will need to monitor price action in this zone before confirming whether it is a false breakout.
As of now, await a reversal sign on this gartley . If a bullish candle does appear we have good reason to go long one last time before price heads down again
TP targets: Only enter if bullish candle appears. Monitor your own trade, as this is likely to form a butterfly if the gartley fails
Learn the trades here!
patreon.com/indigotradinggroup
Good luck
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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.
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.