Sunday, March 15, 2009

Thursday March 12, 2009 GBP/USD Short

I woke up at about 2 AM and watched the currency markets for about an hour. I saw a nice looking bear flag on the GBP/USD with large tails on top of the structure.  Shorted at 3 am or so.  The low of this flag is the point D of a bullish Gartley pattern on a larger timeframe (my 60 min chart, it shows up on say a 4 hour chart too).  I have seen this pattern mentioned on other blogs so I know other traders are watching this.  The point D is both a big support and panic level, I have already taken 69 pips profit on my first 10 micro lots and am trailing 10 microlots for a potential break and panic of point D.
Here is my initial screen grab about 5-10 minutes in to the trade:
Forex Trade 1, Short GBP/USD

The trade got +69 pips on the first 10 microlots and +71 pips on the second 10 microlots for an average gain of 70 pips.