GBPUSD - Bat pattern completion at 1.24

British Pound/U.S. DollarFXCM

Beschreibung

⋅ 19. Febr. 2017 07:59

Hey guys, welcome to my weekly update once again.

This week I will talk about the pound.

Pattern identification

Bat pattern completes at 1.24.

This a bullish bat pattern where the bias is to buy low around the XA 88.6 fib retracement.

Execution Idea

This is a type 2 execution, where the PRZ is tested the 2nd time round.

With further weakness on the USD, I will not be surprised if GBPUSD goes up next week.

Based on the pattern, SL should go below the X level around 1.2370.

Profit target will be the B point of the pattern around 1.2470.

Feel free to drop me any questions!

Good luck and good trading!

Order storniert

⋅ 22. Febr. 2017 08:37

What a pity to miss my entry by 2 pips on Monday morning.

This setup move exactly as I wanted.

We have a breakout of the bigger triangle, guess gbpusd will be heading much higher from here on.

Kommentare

UnknownUnicorn478105

⋅ 26. Febr. 2017 14:17

Hey Terry, regarding trade execution and management :

1. Do you have several TP levels or just one, and do you leave your SL at that level during the entire trade or will you move it to BE at some point?

2. Are you using channels (and Support and Resistance) often for a stronger confirmation in addition to the patterns themselves?

Thanks a lot :)

harryexe

⋅ 19. Febr. 2017 15:23

yea, hasn't it already completed and moved

TerryHarmonicTrading

⋅ 20. Febr. 2017 01:34

@harryexe, there are a few types of execution on harmonic patterns. We have an initial test and a type 2 entry which is basically a retest of the zone. For this trade, I am executing off a type 2.

Saydur

⋅ 19. Febr. 2017 13:47

HI terry, This Trade already Executed ??

TerryHarmonicTrading

⋅ 20. Febr. 2017 01:33

@shahriars, not yet shahriars. One more retest at 1.24 with a pinbar candlestick. I will go long then.

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