Koryphaeen
Long

GBPAUD Gartley pattern at market

FX:GBPAUD   British Pound / Australian Dollar
128 7 3
This is a very nice Gartley pattern that completed already, so it is at market buy right now. The R/R ratio is well balanced, since usually this pair is not easy to ride because of the large risk that must be taken in pips. But now I think it's worth it... ROE on the chart.
I'am looking to buy in the longterm at 2.12764, what do you think?
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Koryphaeen PRO griffin1989
Hello, how did you find that the 2.12764 would be a good support level to buy into the trade for longer term? Look at the chart that follows, that is a daily one, and I am identifying a descending triangle, which is bearish in nature, and your level you mention would be a brake of the triangle support, which could lead to further downside movement and not upside as you hope for. This is only my perspective on this issue, but I do not know if this fits your trading plan. And if it's fitting then you should know how to get involved. But in my opinion, if price action will catch the level you mention, further downside movement can be awaited.
snapshot
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Koryphaeen PRO Koryphaeen
If you would like to go long anyway, I suggest the 2.14 area for getting long. This would mean approx. the support level of the triangle and the SL can be set below this level. This way the R/R ration would be very attractive. But once this level broken, I would go short after confirmation of bearish momentum.
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griffin1989 Koryphaeen
GBPAUD seems to be in a corrective phase.
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griffin1989 Koryphaeen
i think the 2.12764 would be great for buying, lets wait and see how it goes
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Koryphaeen PRO griffin1989
So, right about now it would be the time for you to get long on the long term? If it fits your trading plan and strategy, good luck!
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griffin1989 Koryphaeen
cool man
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