GBP/USD: 2 possible long entries
2 possible long entries:
1) Long entry at 0.618 retracement of last up move (CD of possible AB=CD) to complete a 3 drives pattern...
2) Long entry at Quasimodo support.
SL below Quasimodo support for both.
WATCH OUT: Back to Quasimodo means we break the 'up' trendline and could mean the downtrend will resume, therefor for the highest entry one could consider having a tighter SL, namely below the 'up' trendline...
Target can be either the 1.27 ext. of the last up move, which is close to the completion point of a possible new AB=CD and thus 3-drives pattern and a possible bat (at 1.41 ext.) OR where price reaches the 'down' trendline (which is the safer option)... Examples are on chart.
Possible Gartley drawn in the background in green...
1) Long entry at 0.618 retracement of last up move (CD of possible AB=CD) to complete a 3 drives pattern...
2) Long entry at Quasimodo support.
SL below Quasimodo support for both.
WATCH OUT: Back to Quasimodo means we break the 'up' trendline and could mean the downtrend will resume, therefor for the highest entry one could consider having a tighter SL, namely below the 'up' trendline...
Target can be either the 1.27 ext. of the last up move, which is close to the completion point of a possible new AB=CD and thus 3-drives pattern and a possible bat (at 1.41 ext.) OR where price reaches the 'down' trendline (which is the safer option)... Examples are on chart.
Possible Gartley drawn in the background in green...
Kommentera:
Possibly missed my entry earlier..., let's see...
If so possible buy on break of recent downtrend...
