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British Pound / U.S. Dollar

GBP/USD Gartley Pattern

By FXVampire
Updated
Almost text book Gartley Pattern setup. I will wait for monday to possibly create a lower high and maybe an M in London. I will be setting a pending order at the .618 retracement and set an 80 pip stop loss. I will not be taking a huge position in case I am wrong. I do not want to lose all my capital. I will roll my stops IF the market begins to fall in my favor, I will eventually move stops to break even. I will set my TP a little bit before the full D extension in order to not get tricked out. We shall see what the week brings, but I will not be entering this trade until I see a .618 retracement.

Best of Luck

-The Market Vampire
Trade active
Pending order was triggered with a large Candle to the up side cconfirming a double top set up. I added a bigger position for 18 pips, profited $89.5. Took profits on that, but I kept my smaller position going, I want it to complete the Gartley pattern as originally planned. I will continue adding bigger positions IF I see a perfect opportunity to do so.
Comment
Officially Rolled Stops to Break even. This is now a Risk Free Trade.
Comment
Risk Free trade. Stopped out.
extensionFibonacciFibonacci RetracementGartleypending_orderxabcd
FXVampire

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