GOLD 15 GARTLEY PATTERN @ 1286.30
Updated
Hi guys,
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 1286.30 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 4.60 Points x 2 = 9.20 Points
Reward #1: 5.60 Points. R:R = 1:1.2
Reward #2: 9.00 Points. R:R = 1:1.9
Plan your trade... Trade your plan.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 1286.30 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 4.60 Points x 2 = 9.20 Points
Reward #1: 5.60 Points. R:R = 1:1.2
Reward #2: 9.00 Points. R:R = 1:1.9
Plan your trade... Trade your plan.
Trade active
Short @ 1286.30Note
Target 1 Hit. Move Stop Loss to Break-Even. Profit made = +5.60 PointsTrade closed: target reached
Target 2 Hit. Good example of how harmonics work. Total profit made on trade = 14.60 Points.
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