Testing Gartley Targets
Updated
I'm not sure how to set targets with Gartley in forex. The fib numbers seem way too optimistic.
I wouldn't actually enter this trade.
Cons:
Daily is Bullish
AUDJPY went nuts during COVID19, not quite normal yet.
No other indicators strongly confirm Bearish Gartley Pattern.
First day of trading doesn't see enough traffic for this strong of a movement.
Pros:
Daily is testing 20 MA
4H is testing 100 MA
I wouldn't actually enter this trade.
Cons:
Daily is Bullish
AUDJPY went nuts during COVID19, not quite normal yet.
No other indicators strongly confirm Bearish Gartley Pattern.
First day of trading doesn't see enough traffic for this strong of a movement.
Pros:
Daily is testing 20 MA
4H is testing 100 MA
Note
.786 and .618 of CD are great targets for Gartley.If you use C as a target for a double bottom, you must expand your stop loss to around X, effectively destroying a useful R ratio.
Conclusion:
Gartley reflect indecision more than a reversal.
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