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.
PRZ:
-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