2018May17 EURGBP H1 Bullish Gartley + Trend Reversal


Trading Ideas


2018May17 EURGBP H1 Bullish Gartley + Trend Reversal
Euro Fx/British Pound FX:EURGBP

There is a bullish Gartley for EURGBP which is in confluence with a double bottom . A candlestick broke and closed above the resistance of the downtrending diagonal channel. For a more favorable entry and stop loss, I am placing a buy limit at 0.87281 which is the 61.8 Fibonacci retracement of the swing low of the right leg to the swing high which successfully broke the neckline of the double bottom . Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement of leg AD and point A. The stop loss has the same number of pips as TP1 by default and is below point D. Early during this trading day there was a massive selling of the currency pair but 0.87130 was notably well defended. I plan to manually cancel this pending order if price goes to TP1 prior to getting triggered.

Trade Setup: Bulish Gartley + Trend Reversal
Price Entry 0.87281
SL 0.86938 | SL pips 34.3
TP1 0.87624 | TP1 pips 34.3
TP2 0.87928 | TP2 pips 64.7
TP3 0.88422 | TP3 pips 114.1
RRR1 1.00 | RRR2 1.89 | RRR3 3.33

Continue reading...