GBPAUD - Bullish Gartley with excellent RR ratio

FX:GBPAUD   British Pound / Australian Dollar
342 10
Maybe a tad late on publishing this one as the pattern has already completed and we already saw some upwards price action, But ... we could see a double bottom formation here giving us another change to enter this long trade with a very good Risk/Reward ratio. Something to keep an eye on if it fits your trading rules.

If it does not go back into the Potential Reversal Zone I stay away from it as it would mess up the RR.

Comments welcome. Good luck and may the pips be with you !
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My take, there's no kind of support until it gets to 1.9166.
Wouldn't dare going long this pair, on a daily basis.
+1 Reply
Nico.Muselle IvanLabrie
Thanks for your comment. At the daily level indeed there is no support at this level, but that does not mean that we cannot have a small correction before further downwards continuation. And, the general trend on this pair is still bullish. However, I do not think that on the daily we've had enough retracement to continue the upward trend, so I expect some more downside as well (mid-term) to around the level you specified.
+1 Reply
IvanLabrie Nico.Muselle
Indeed...let me take profits ;) Then we can both long.
Nico.Muselle IvanLabrie
Hehe, that's a deal ! :)
* Update : as predicted the lows were tested again and there is no clear sign of reversal yet so no trade was entered for now. Will keep you updated if conditions would change.
Hi Nico, this doesn't really fit into a cypher pattern right?

But i do agree that this trade setup is presenting a nice RR :)
+1 Reply
You are absolutely right, I stand corrected. The pattern is correct, the naming is not. Of course it is a (Deep) Gartley pattern. Thanks !
I corrected the title, early in the morning here, guess I need another cup of coffee :D
+1 Reply
KarYong Nico.Muselle
hahaha cool! afternoon here for me :)
+1 Reply
Coffee topped up, hope it will keep me from making such stupid mistakes further on during the day :D
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