last week we fired off a long opportunity here on the GBPUSD at the 1.3060's level looking to capture initial profits at a retest of the previous structure highs. Now that we've reached those highs, the market is going to offer us another "decision point"
A break above close above at this decision point would tell me to expect another extension higher where pullbacks can be used to hop on the bullish move, while a failure to break this level would lead me to expect a deeper pullback. IF we get the deeper pullback the next buying opportunity will be at a retest of previous structure support where I initially got involved in the trade at.
An even deeper pullback and violation of that level would provide pattern traders with the opportunity to buy at the completion of a bullish Gartley Formation.
Akil
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Good break above close above on this pair! That's a positive sign for continued upward movement
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The higher high, higher close also invalidates the potential bullish gartley formation
@aariapoor, If your analysis tells you that this is a situation where you're supposed to then yes. If not then i would not
artwellhlengwa12
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Given that the D leg gets completed, will it safe to expect the 0.618 retracement (=2nd target) for a potential sell (2618)?
Akil_Stokes
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@artwellhlengwa12, No I wouldn't that a 61.8 retracement is expected, but IF it does occur THEN that's certainly something that you can have on your radar
artwellhlengwa12
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@Akil_Stokes, I like the "IF" and "THEN"....cheers