fxmillions
Long

GBPUSD approaching a possible PRZ for a short?

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             is showing some weakness to move further up. But I still see a possible retest to the trendline support possibly completing a Gartley pattern . For me the price to watch is 1.57000 which has been tested several times and rejected in the recent past.
So short term, I believe there is yet another upward move left. What do you guys think?
Rookie PRO
a year ago
This weeks trades are about the data and I do have a GBP long bias.
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fxmillions Rookie
a year ago
Thanks for the confidence booster :)
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Rookie PRO fxmillions
a year ago
As with a fully loaded data week things will be volatile so I'm not going to be shy to take even small profits and re-enter positions if need be.
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fxmillions Rookie
a year ago
Sounds like a solid strategy. Its in a range bound market anyway. So its not wise to hold onto positions unless price breaks out of the range with momentum. With so much data coming out, false breakouts are on the cards too. Lets see what the market has in its mind.
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buckleforex
a year ago
This looks very potential FX. Thanks for the share.
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fxmillions buckleforex
a year ago
You are welcome. Glad it helps.
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petermp25
a year ago
This move might work out however it is not a Gartley. Gartley's must reach a minimum 61.8%. It cannot be a Bat either as it JUST manages to close above the 50%
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fxmillions petermp25
a year ago
Yes, you are right. But I take a close above the 50% just as valid because its already into the 61.8% zone. Besides ratios and harmonics are never pitch perfect, they are just a guide to possible price movement patterns.
Thanks for pointing it out though :)
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petermp25 fxmillions
a year ago
Fair enough fair enough. Whatever works for you then
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fxmillions petermp25
a year ago
Cool. I am never that guy who looks only for perfect patterns. May be in the future I might want to be a perfectionist in the world of harmonics. But for the moment, let's hope not. :)
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petermp25 fxmillions
a year ago
Well I mean obviously I don't expect all my ratios to be perfect, but for the Gartley B point I do need a minimum 61.8 without touching the 78.6, close can be anywhere though. To each their own!
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fxmillions petermp25
a year ago
Point taken. Thanks again for the heads up.
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