Bullish Gartley Forming On GBP/CAD 4-Hour Chart

GBP/CAD 4-Hour Chart With Bullish Gartley Pattern Forming

Third Harmonic Pattern tonight.

This one is a Bullish Gartley Pattern forming on the 4-Hour Chart of the GBP/CAD pair. The relevant features of this pattern are as follows:

1. AB leg retraces to 61.8% of the XA leg
2. BC leg retraces to 50% of the AB leg
3. The 127.2% extension of the AB leg is close to the 78.6% retrace level of the XA leg.
4. The 141.4% retrace level of the BC leg coincides almost perfectly with the 78.6% retrace level of the XA leg.

My trade plane for this setup is as follows:

1. Place pending order to buy at Point D
2. Stop Loss will be 30 pips below Point X
3. Looking for first target at 38.2% retrace of AD
4. Target 2 will be the 61.8% retrace of AD.

Happy Pip Hunting to All!

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