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
Stop Loss: Above 1.21500
TP1: 1.20750 / Reached
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
- 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!
- Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
- 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.
- Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
- Do not risk more than 2% in one trade setup.
- 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.
- 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.
VERIFIED ACCOUNT AND SETUP RESULTS
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