CEO and Founder at Cliobra
Arif Chowdhury, CEO and founder of Cliobra, is an accomplished digital marketer, SEO specialist, and financial expert (Chartered Accountant) with over 12 years of comprehensive experience. With a proven track record in managing organizations of various sizes, he offers expert consultancy in optimizing sales and marketing departments.
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Last Updated on April 17, 2024 by Arif Chowdhury
Key Levels:
- Current Price: 1.2466
- 1st Take Profit: 1.2585
- 2nd Take Profit: 1.2615
- Stop Loss: 1.2396
Technical confluence identified for a potential long trade in GBPUSD:
- H4 Chart: A bullish Gartley harmonic pattern has emerged and completed its formation, suggesting a potential trend reversal to the upside. Harmonic patterns, when aligned with other technical indicators, can provide high-confidence trade setups.
- M15 Chart: Price action on the M15 timeframe strengthens the bullish bias. A strong uptrend has recently initiated, indicating momentum building behind the potential breakout. This reinforces the bullish signals from the H4 Gartley pattern.
Trade Strategy:
- Entry: Long above current price (1.2466) with a stop-loss placed below the Gartley pattern’s completion point at 1.2396 on the H4 chart.
- Take Profit: Two potential take profit levels are identified based on the harmonic pattern: 1.2585 and 1.2615. These levels represent the Fibonacci extensions of the Gartley pattern and offer attractive risk-reward ratios.
Overall, the confluence of the bullish Gartley pattern on the H4 timeframe and the strengthening uptrend on the M15 timeframe presents a compelling opportunity for a long trade in GBPUSD. Strict adherence to risk management protocols, including stop-loss placement, is crucial for capital preservation.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any trading decisions.