Trade Plan (Pending): I am selling GBP/USD at 1.2760
I am setting this trade plan going into the UK budget report.
The 8-hour chart highlights the completion of a bearish Gartley formation at 1.2761.
We have bespoke support located at 1.2637 and 1.2634.
The four-hour chart highlights an expanding wedge formation that has a bias to break to the downside. Using 1.2761 as a projected high, we will form a Butterfly pattern using bespoke support as the projected AB leg.
Selling at 1.2760 (Gartley), with a stop loss of 1.2800 (above the previous swing high), and a target level of 1.2634 (bespoke), offers a risk-reward factor of 3.12R.
I am selling GBP/USD at 1.2760
SL: 1.2800
TP1: 1.2637
Risk/Reward Ratio of 3.12R
#tradeplan #GBPUSD
The 8-hour chart highlights the completion of a bearish Gartley formation at 1.2761.
We have bespoke support located at 1.2637 and 1.2634.
The four-hour chart highlights an expanding wedge formation that has a bias to break to the downside. Using 1.2761 as a projected high, we will form a Butterfly pattern using bespoke support as the projected AB leg.
Selling at 1.2760 (Gartley), with a stop loss of 1.2800 (above the previous swing high), and a target level of 1.2634 (bespoke), offers a risk-reward factor of 3.12R.
I am selling GBP/USD at 1.2760
SL: 1.2800
TP1: 1.2637
Risk/Reward Ratio of 3.12R
#tradeplan #GBPUSD
Comment:
stop loss to entry