EURUSD - DAILY DEEP GARTLEY - ADVANCED PATTERN
Hi Traders, just thought to post this up for those who trade Gartley - a potential long opportunity with a very good Risk Reward seen as we have such a Deep AB putting the potential reversal zone so deep.
Things to keep in mind, we have a lot of support at this level if you look left - the support is also above the X leg support level. If resistance breaks this level we would look for our next opportunity if price falls.
We have a ABCD completion in the PRZ Level - marked in Pink Line
88.6% and 1.272 Fib Ext almost at our X Leg Structure Point.
Just below X is also our even handle 1.15000 - Psychological price level.
If you don't trade Daily maybe look for a Double bottom in a lower time frame to potentially get into a long position.
Another thing to keep in mind is from my analysis in this Daily is a possible descending triangle or wedge which ever terminology you use. I will post this up in comment. Generally if this level is broken price falls.
As always Entry Zone, Initial Targets and Stops on Screen.
Happy Trading and enjoy
Things to keep in mind, we have a lot of support at this level if you look left - the support is also above the X leg support level. If resistance breaks this level we would look for our next opportunity if price falls.
We have a ABCD completion in the PRZ Level - marked in Pink Line
88.6% and 1.272 Fib Ext almost at our X Leg Structure Point.
Just below X is also our even handle 1.15000 - Psychological price level.
If you don't trade Daily maybe look for a Double bottom in a lower time frame to potentially get into a long position.
Another thing to keep in mind is from my analysis in this Daily is a possible descending triangle or wedge which ever terminology you use. I will post this up in comment. Generally if this level is broken price falls.
As always Entry Zone, Initial Targets and Stops on Screen.
Happy Trading and enjoy
Note
See attached image shot of the possible Descending Triangle - if we break this triangle generally price continue in this direction. Its a battle of who wants it more buyer or sellers and how many orders are in place in these area's. Note
For those who counter trade within a trade, we have 3 potential patterns - BAT is already at the D completion. Cypher we still have a possibility to hit that entry - keep in mind the bat has already hit entry. If we retest this area there may be another opportunity for a Short Position. If we fall to 38.2% On the BAT AD Retrace then the pattern is invalid because we have hit a target. If we violate X Leg its also invalid Note
Sorry guys - the Cypher doesnt meet my rules, only just noticed the B Leg is Higher than our D completion.Note
Seems we put in a test, retest and on the close a spinning top bearish doji. See to the left we didnt close above the test of this candle. Lets see if we fall to targets. Note
TP1 and TP2 would be here, unless we climb to stops. If TP1 is hit we move our stop to breakeven. Note
Looking good on this one, we now have lower time frame confirmation. Double top with RSI Divergence. Note
Well done to those who took the Gartley, +89 pips - Looks like we lost out on the Counter Trade BAT -19 pips - how ever we managed to get involved in a structure fib based trade. TP1 Hit for a nice +31 stops moved to break even for our TP2 Note
Seems the BAT Trade fell short on our TP1 by roughly 5 pips.Note
We have another Cypher presented, as we know we can only get so much from counter trades until the market breaks out. This would be counter trading our TP2 for previous structure based trade. Note
Just thought to update this one, as price seems to be consolidating we have been presented some advanced pattern opportunities within this period. Blue Cypher is still valid. We also have another level if price falls - a BAT Pattern. And also the Pink Cypher has hit entry and all targets Note
Brilliant - managed to hit TP2 +55 total for that trade +86 - also we have hit the entry level for the previous Cypher
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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.