Long EURUSD: Huge Gartley Complete at Support + Bat + Butterfly
Updated
EURUSD has completed a large Gartley pattern on the weekly TF at a very important area of support. The support comes from a trendline dating back to the year 2000 which has been tested three times and has yet to be broken in the past 15 years. This is the second time price has tested the Gartley PRZ, proving it to be a key area of support as well. To add to the bullish bias, two confluent harmonic patterns have emerged on shorter time frames. These 4H harmonic patterns provide an excellent opportunity to enter the larger TF Gartley more precisely. Possible Stop Loss and Targets:
T1: Unhit pivot for November, 2015 | .618CD (Bat & Butterfly) | R:R=3
T2: Missed pivot for January, 2015 | .382CD (Gartley) | R:R=9
T2: Missed pivot for September, 2014 | .618CD (Gartley) | R:R=15
SL: Below bat point X
Confluence in the PRZ:
- Bullish Gartley pattern completion
- Bullish bat pattern completion
- Bullish butterfly pattern completion
- 6 missed monthly pivots above price
- Strong trendline support
Weekly Chart:
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Long EURUSD active at TL support
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