Gartley Pattern Example - GBP/USD - 15-MIN. Chart

Gartley pattern example, GBP/USD - 15-min. chart with Fibonacci profit target levels.  The retracement and extension levels are identified also.  The AB leg retracement of the run down from X to A is 56.8% (close to 61.8% Fib. retracement level).  The AD leg retracement of the XA leg is 82% (close to 78.6% Fib. level).  The BC leg retraced about 52.1% of the AB leg (close to the 50.0% Fib. level).  See the books "Trade What You See, How to Profit from Pattern Recognition" - Larry Pesavento & Leslie Jouflas and "Harmonic Trading, Vols. 1 & 2" - Scott M. Carney

GBP/USD Bearish View - Monthly Chart

The GBP/USD is about to form a Doji on the Monthly chart.  Today is Jan. 28, 2014.  We have about 3 more trading days in this month.  I would be very careful about initiating any new Long positions.  Look for Short opportunities.  Happy Trading!

Shooting Star candlestick - EUR/USD

A Shooting Star candlestick pattern has formed on the EUR/USD Daily chart.  High probability short trade.  Place stop above shooting star candle.

Short GBP/USD - Bearish Engulfing Candle

A Bearish Engulfing candlestick pattern has formed on the GBP/USD Daily chart.  Stop would be placed above the Bearish Engulfing Candle.  If price exceeds that candle, liquidate Short position and consider Long.  See chart.