GBP/USD Bullish Gartley Pattern
Despite some speculation that GBP/USD will crash lower on
Monday, from a technical perspective those rumours might
turn out to be false; thus, never speculate on rumours.
Price made a very significant bullish reversal Friday
afternoon at the 1.3355 level. The reason why this level is
significant is due to the fact that it was the close of the
candle that broke above the 200SMA precisely one week
before. The 200SMA now serves as support and runs
alongside the main support line. Note also that the 10,
50 and 100SMA are all above the 200SMA indicating
bullish pressure.
Usually I always enter a harmonic pattern when price
closes above or below the 10SMA. In this case the 10SMA
was near point C, this typically indicates that price will resume a bullish trend.
Trade long (RvR ratio 3:1)
Entry: Close above 1.3418
S/L: 1.3380
T/P 1: 1.3473
T/P 2: 1.3532
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
Monday, from a technical perspective those rumours might
turn out to be false; thus, never speculate on rumours.
Price made a very significant bullish reversal Friday
afternoon at the 1.3355 level. The reason why this level is
significant is due to the fact that it was the close of the
candle that broke above the 200SMA precisely one week
before. The 200SMA now serves as support and runs
alongside the main support line. Note also that the 10,
50 and 100SMA are all above the 200SMA indicating
bullish pressure.
Usually I always enter a harmonic pattern when price
closes above or below the 10SMA. In this case the 10SMA
was near point C, this typically indicates that price will resume a bullish trend.
Trade long (RvR ratio 3:1)
Entry: Close above 1.3418
S/L: 1.3380
T/P 1: 1.3473
T/P 2: 1.3532
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
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