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GBPUSD - 2H - Gartley after Breakout in Breakoutdirection

Long

British Pound / U.S. Dollar (FX:GBPUSD)

FX:GBPUSD British Pound / U.S. Dollar

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We saw a breakout from the solid blue lined trendchannel. and now price is consolidating in that area above it. it will most likly only be an ABC correction here - so only more more impulse up. but that impulse can very well bring us all the way up into the 1.48-50 area. simple trade with great risk reward .

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Set up is very good. But I see another 100 pips fall in sterling before a bounce.

waterman

yeah possible i saw that too. it might even be more than that(maybe even 200) following the symmetry of the possible abc. but i would had to widen my stop too much to account for it and it wouldve not been a gartley any more then. so this stop is based on the gartley. if we violate it, i still might look for a reentry further below.

SergeantPringles

Thank you. My gartely starts at 1..3834 D at 1.3988 for long

waterman

yup. thats the bigger one and a possible garltey too. tho the fact that there is a gartley doesnt mean we will get down there at this point. thats not the causality im working with. for me its just: "IF we get down there THEN we will likly go up from there" - but not "BECAUSE have a gartley we WILL get down there"
i just liked mine alot based on horizontal structure and i think it provides a very good oppurtunity.
but again. i will also trade the bigger one. but most likly not at 3988. thats a bit early for me. i will use the 127 BC projection inside the bigger one. which would be 3947ish

good luck regardless