TomHall
Long

EUR.GBP - BULLISH BAT & CYPHER SETUPS - .8497 & .8488

FX:EURGBP   Euro Fx/British Pound
On the EUR.GBP 1hr chart we 2 potential trade opportunity's at the D leg completion of a Bullish Cypher & Bat setup.

Bullish Cypher Setup ( Grey ) - D leg completion .8497
Target 1 - .8523
Target 2 - .8540

Bullish Bat Setup ( Blue ) - D leg completion .8488
Target 1 - .8518
Target 2 - .8536

Bullish Bat Setup: Stop loss would be placed below X leg structure support .
Bullish Cypher Setup: Stop loss would be placed below X leg structure support .
Comment: EUR.GBP - Bullish Cypher at .8497 now complete.
Comment: EUR.GBP - Bullish Bat at .8488 now complete.
Comment: 5 EASY STEPS TO TRADE THE GARTLEY PATTERN

5 EASY STEPS TO TRADE THE GARTLEY PATTERN
Trade closed: target reached
Comment: Short opportunity at the retest of .8480 strong resistance.
Long opportunity at the break and close above .8480
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Wow!!! But it's risky, Tom! Because EURGBP has very strong negative correlation with GBPCAD and strong negative corr. with USDJPY and today GBPCAD as well as USDJPY are very, very bullish :) But it can be changed of cource! Have a nice day!!!
Reply
TomHall TOP MarkSterensohn
@MarkSterensohn, There are a number of factors i neglect when taking positions, one is correlation to other pairs for multiple reasons.
We will have to see how price reacts at the D leg.
+3 Reply
i entered
+1 Reply
TomHall TOP OrniinKhun
@OrniinKhun, I hope it all goes well.
+1 Reply
I'm in, Tom !
+1 Reply
TomHall TOP MarkSterensohn
@MarkSterensohn, Best of luck mate.
+1 Reply
Entered at 0.851015 :-| (note to self, next time use a limit order).

Well, it is my first trade. :-D
+1 Reply
@Xanoxt, Lesson learnt for your next trade :-)
+1 Reply
Xanoxt TomHall
@TomHall, yup!

My first trading day went as follows:

Incorectly entered and incorrectly set the stop loss, so I've lost some (if the stop loss thing didn't happen, would have made a straight profit),
but afterwards, re-enentered correctly and recovered most of the loss. And while I lost some of my learning fund (which is less than 5% of my total trading funds, as per money management), I consider this a success!

This is probably useless info, but I'll share anway:

1st entry @ 0.851015, and exit @ 0.84786
2nd entry @ 0.848965 and exit @ 0.852435, due to the technical break at the broker I use.

Leave and learn, thanks for your pattern lessons, they are quite informative!
Reply
on it mate!
+1 Reply
@Alkalbi, Let's see how it plays out, have a great day.
+1 Reply
shaitan! how it works?
+1 Reply
TomHall TOP Skullboy
@Skullboy, I don't understand sorry.
Reply
more intersting, thanks!
Reply
TomHall TOP Walentine
@Walentine, Thank you.
Reply
trade is still valid, right?
Reply
TomHall TOP Walentine
@Walentine, It is yes.
Reply
Walentine TomHall
@TomHall, thanks!
Reply
TomHall TOP Walentine
@Walentine, My pleasure.
Reply
Perfect. Thank you TomHall
+1 Reply
Tom, can you explain please concerning the take profit: 38% of what? Of the original C-D? Or of the C to the actual bottom (in this case 0.8466)?
Reply
well done, but quick question, as the price at D is below X, is that supposed be trade closed or SL? Or need to wait for the price come back to D and enter?
Reply
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