There's a bearish Gartley forming at the top of our descending channel.
A little less than 1:1 risk/reward as stops need to go above the wicks to the left of X.
Price usually likes to test the highest/lowest structure when they are this close.
However, given that this is at the top of the channel, and that price has been rejected there several times already, this offers a great trading opportunity in my book. If price reaches my D-completion that is.
Always conduct your own analysis before entering a trade.
A little less than 1:1 risk/reward as stops need to go above the wicks to the left of X.
Price usually likes to test the highest/lowest structure when they are this close.
However, given that this is at the top of the channel, and that price has been rejected there several times already, this offers a great trading opportunity in my book. If price reaches my D-completion that is.
Always conduct your own analysis before entering a trade.
Trade active
Trade closed: target reached
Target1 hit. Moved stoploss to breakeven to see if we can reach target2 as well.Trade closed: target reached
Target2 hit. Nice winner. :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.