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GBPUSD Triangle Breakout and Bullish Butterfly

GBPUSD Triangle Breakout and Bullish Butterfly

Pattern /Reason: GBPUSD completed the triangle pattern. It is likely to retest the broken triangle. We will short at the retest of the triangle. A bullish butterfly pattern on the H1 chart would be completed at D.

Time Frame: H1

Accuracy of the Pattern: 74%

Setup No: GBUS080901

Recommended Lot: 0.20

Trade Period: Intraday

Active/Pending: Active

Trade: Short

Entry:1.21350

Stop Loss: Above 1.21500

TP1: 1.20750 / Reached

TP2:

TP 3:

Divergence/ Convergence Confirmation: Bearish RSI 

Candle Pattern Confirmation: Not Yet – Will be updated.

Moving Average Confirmation: Nothing Particular

The trend of the Timeframe: Bearish

The trend in the Daily Chart: Bearish

Notes:

  • We will try long at D. But I will send entry notification for this trade.

Update: Target Reached 65 Pips. The butterfly Pattern is invalid. No Long Trade Call!

How to trade triangle patterns.
Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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