2018Jun05 GBPSEK H4 Bullish Gartley

Jun 5, 2018

There is a bullish Gartley for GBPSEK. The bullish bias is based on a green candlestick completely engulfing the previous 4 candles. Today's Services PMI report (GBP) is favorable (actual 54.0; forecast 52.9; and previous 52.8). I am placing a buy limit at 11.6660 (78.6 of XA). The 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. I will cancel the pending order if price goes TP1 before getting triggered. The trade details are as follows:

Trade Setup: Bullish Gartley
Price Entry 11.6660
SL 11.5900 | SL pips 760.0
TP1 11.7420 | TP pips 760.0
TP2 11.8033 | TP2 pips 1373.0
TP3 11.9024 | TP3 pips 2364.0
RRR1 1.00 | RRR2 1.81 | RRR3 3.11

Jun 13, 2018

Order cancelled

The setup is cancelled as price went to TP1 before the pending order got triggered. (June 6)