Aug 19, 2011

EURGBP H1 Bullish Gartley Pattern - 18 Aug 2011

18 Aug 2011

Bullish Gartley Pattern On EURGBP Hourly Chart.

This pattern is validate by 61.8% retracement of XA at B point and 61.8% retacement of AB at C point.

-0.786XA @0.8693
-AB=CD @0.8675
-1.618BC @0.8670

Convergence of all important fib retracement/projection at 0.8670-0.8690 provide a nice opportunity to go long on this pair. We also have demand zone at 0.8660-0.8680 which is in confluence with the PRZ. I will be looking to long this pair once price action finish testing all prz level. This setup at least should provide 1:4 risk reward ratio.

Trade Details :
Entry : 0.8670
SL    : 0.8650 (20 pips)
Target 1 : 0.8749 (79 pips)
Target 2 : 0.8801 (131 pips)

23 Aug 2011
Possibly emerging bat pattern. In the meantime we can trade this as BAMM. I had add my long position with a target on the completion of the bearish bat pattern at 0.8810.

Entry : 0.8729
SL     : 0.8690


David said...

Is there a hard rule for taking profit? I never understand that when harmonic trading...


admin said...

What do you mean by hard rule ? Normally my target was at 0.382AD and 0.618AD.

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