SL will move to breakeven when price reached 1.416 / 1.419
R:R 13.69 (slightly greedy but I personally think its achievable)
I'm only providing my own thought toward the market but not making any trade call.
Hit the like button if you agree with my idea. As it will give me confidence to continue posting my idea. And feel free to comment in a respectful manner if you have a different view on it. Appreciate :)
Above Bearish butterfly drawn based on Daily chart
There is 1 level I will be concern (around 1.466) because it can be the completion of Bearish butterfly "Fibo BC leg 1.618 retracement". Therefore I will do a tight SL on that level in case the market turnover from that point onwards. Besides, that level is also a resistance level which hold up nicely last time. Of course the above chart I drawn is based on best scenario which the price can go up to 1.49 which is the BC leg 2.24 retracement. The completion of Bearish butterfly can be anyway around 1.466 to 1.49. Therefore trade might be closed anytime when I found the market show a reversal sign.
Good Luck :)
Entered long again for GU ~
1) Fibo 0.618 retracement
2) Support zone (although it broken but look like it's a false break)
Continue heading toward D leg ... GO !!!!
Expecting a pull back at 1.4224 (completion of bullish bat and also a support zone)
Anyway short trade will not be taken as daily Bearish butterfly rule not violated yet. therefore still expecting a upside move.
1.4224 will be my long trade entry / 1.4165 depending on where market showing reversal sign.
Close long position with a profit of 260+ pips. Next !!!
spotted another harmonic pattern on 4 hours chart. Another confirmation of upside movement for GU. The D leg of this pattern coincide exactly on the resistance zone. Potential area to close long position, but still need to depends on how the market react ...
Good luck :)
These number all from the harmonic pattern. At the 2 level I stated above is the completion of harmonic D leg. So I would expect a reversal from these 2 level. And my SL will 100 pips below D leg. If market going down further, this Bullish bat will not be valid anymore.