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captain_smollett
Sep 1, 2016 10:13 PM

GBPUSD. Possible Crab pattern 

British Pound/U.S. DollarFXCM

Description

Possible Crab pattern on GBPUSD pair. Daily candle close below 1.3000 level would invalidate the pattern

Longs

Expect an entry point around 1.3125 on NPF volatility.
SL: 1.3025
TP1: 1.3340
TP2: 1.3678

Shorts

Entry point: 1.3675
SL: 1.13775
TP1: 1.3368
TP2: 1.3176

Comment

Pattern still valid but I expect GBPUSD make one more leg down next week, targeting 1.3120.

Therefore, 1.3120 is my entry point for Longs

Comment

Entering long position before the Services stats. First target: 1.3450. SL: 1.32

Possible Gartley and Crab patterns

Trade active

Finally! It has started to move in our direction, C point for Gartley to be confirmed. Daily close above 1.3452 will invalidate the alternative scenario Gartley pattern

Comment

Moving stops to breakeven before the Services PMI report

Trade closed manually

Closed at 1.3420
Comments
captain_smollett
Also, eventual Gartley:

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