GBPAUD - let your profits run - Stop & Reverse

FX:GBPAUD   British Pound / Australian Dollar
If you entered a short based on the Gartley (I missed the entry as I was sleeping), you should be well in profits now, TP1 reached and well on it's way to TP2.

According to my trading plan I normally put TP2 at the 0.618 retracement of BD but in this case I would let it run till the 0.786 and attempt a Stop & Reverse to take benefit of the Cypher pattern that is forming now. Once the .618 is reached, move your stops from break even to the .382 extension to protect your profit and see where this retracement takes you.

Let me know if you have any questions and may the pips be with you !
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Well done Nico
Update, since GA decided not to respect the Cypher pattern, we have a new Gartley Pattern in our visor.
Hey Nico! I don't trade this pair as its not in my portfolio but I always watch your publications since they are high quality. Two questions come to mind: (1) you state that for TP2 you normally use "the 0.618 retracement of BD" I suppose that was a typo and you mean the 0.618 retracement of AD? (2) I am sure there are people who are not familiar with the stop and reverse technique (SAR), maybe its an idea to dedicate a future publication to explaining that in detail? Keep up the good work!
+1 Reply
Is there a 3 drive pattern on daily? Can you check sir?
Nico.Muselle rimohossen.saifa
There definitely is ... we're retracing now from the 3rd drive
Nico.Muselle Nico.Muselle
rimohossen.saifa Nico.Muselle
What do you think? should we sell this?
Nico.Muselle rimohossen.saifa
Personally I do not trade off the daily chart ... I only use it to determine trend, a retracement into 1.93s is very well possible though according to this chart.
thanks Nicomuslle
Nico.Muselle manijeh.kazemi.33
You're welcome :)
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