There is a possible bearish Gartley for EURGBP. Upon D completion at 0.87440 (78.6 of XA) and confirmation of a bearish bias, I will go short. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. The stop loss has the same number of pips as TP1 by default. This setup may be invalidated by a new swing low which is lower than point C in which case it is best to cancel and reevaluate the setup. Tentative details are as follows:
Trade Setup: Possible Bearish Gartley
Price Entry 0.87440
SL 0.87512 | SL pips 7.2
TP1 0.87368 | TP1 pips 7.2
TP2 0.87323 | TP2 pips 11.7
TP3 0.87251 | TP3 pips 18.9
RRR1 1.00 | RRR2 1.62 | RRR3 2.62
Trade Setup: Possible Bearish Gartley
Price Entry 0.87440
SL 0.87512 | SL pips 7.2
TP1 0.87368 | TP1 pips 7.2
TP2 0.87323 | TP2 pips 11.7
TP3 0.87251 | TP3 pips 18.9
RRR1 1.00 | RRR2 1.62 | RRR3 2.62
Comment:
The setup is now invalid as price did not go back to our potential reversal zone before proceeding to the desired direction (down). In addition, there is a new swing low.