Patrick_Tremblay
Long

Gartley pattern forming on GBPCAD

FX:GBPCAD   British Pound / Canadian Dollar
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A pretty good Gartley pattern is forming with an entry at 1.8273 with the first target at 38fib (1.8349) and the second at 63fib(1.8420). Great risk ratio with around 2:1. Stoploss below X at 1.8202.
Nice one !!
Can you explain how did you calculate your stop?
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I normally put my stop around X with the spread of my broker. I have an average spread of 4 pips on GBPCAD so 1.8206 - 0.0004. The pattern is invalidated if it go beyond X so that gives me a little bit of space to put my stop.
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Ahmed-J Patrick_Tremblay
It's true the pattern is invalidated if it goes beyond X. However you still should give it some room bigger than the spread. Personally, I put my stop beyond X by the ATR of the entry candle.
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