GBPSGD. BEARISH GARTLEY PATTERNHere we have a beautiful high probability bearish setup
A nice bearish Gartley setup
Potential Minor price rejection at 1.79000
Potential target 1 at the Minor price at 1.78000
Trade safely guys !
(For me, trade will be taken if price goes outside the Bollinger bands & RSI overbought/sold)
GBPSGD trade ideas
GBPSGD - Impulse over or further to run?The Pound has taken a hammering against the SGD since September 2015 but seems to be correcting strongly in recent weeks. Is the impulsive move from 2015 over for now or is this just a rest before the decline in the Pound continues?
My preferred count is on the chart in red and a more bearish (for the Pound) count is in blue. Of course, this could also me a complex wave 4 correction so it could also range for a while too yet.
GBPSGD dark days for Sterling.I had initially thought that the end of wave 3 could in fact have been the end wave 5, but alas I appear to be wrong. GBPSGD seems intent on continuing downwards. I have picked the 50% extension of waves 1-3 as the likely endpoint just because it seems to fit the channel.
GBPSGD: Interesting long opportunityWe have an interesting setup in GBPSGD, look to enter longs at market open, on dips to support or if we get new highs.
There is potential for the weekly uptrend to resume as well, but ideally we'd want to see price move in our favor right away. As usual, risk a max of 1-2% on this trade if you take it. Stop loss orders should be below Friday's low to be conservative. It's important to give trades just enough room to work.
Good luck!
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.