More confirmation to go long on this pair
"Possible bearish gartley pattern"
BC leg still needs more confirmation to go long on this pair to complete gartley pattern, as it rested on TL 2 and already reached the 88.6 retracement of AB leg but consolidating.
Move to 4H chart we can see price started to close above 8 EMA few times but still being held at 38.2 retracement. More confirmation needed on 38.2 retracement area to enter a long position. (I personally think that it will reach 1180.00 and retest 38.2 and break above).
TP 1 will be 1186.00, confluence area of TL 1 and 50 retracement (minor support), and in 4H chart I can see 200 EMA(as a dynamic resistance) going downward and it will be moving around this confluence area.
TP 2 will be 1216.00, 1.272 retracement of BC leg and a completion of CD leg. Watch what price action is doing on TP 1 area to re-enter a position.
Then we'll see what price action is doing at point D to confirm a BEARISH GARTLEY PATTERN to go short.
SL for TP 1 is around 1176.00, around 38.2 retracement area, not a fixed one. Will see what price action is doing in this area to decide on closing the trade before further loss.
(I personally dont like to put a stop loss order because I dont want to be kicked out of the market just by a tick and then see price is going the way I wanted it to be. My stop loss is just a psychology area, i'll decide what to do when price reach my initial stop loss.)
BC leg still needs more confirmation to go long on this pair to complete gartley pattern, as it rested on TL 2 and already reached the 88.6 retracement of AB leg but consolidating.
Move to 4H chart we can see price started to close above 8 EMA few times but still being held at 38.2 retracement. More confirmation needed on 38.2 retracement area to enter a long position. (I personally think that it will reach 1180.00 and retest 38.2 and break above).
TP 1 will be 1186.00, confluence area of TL 1 and 50 retracement (minor support), and in 4H chart I can see 200 EMA(as a dynamic resistance) going downward and it will be moving around this confluence area.
TP 2 will be 1216.00, 1.272 retracement of BC leg and a completion of CD leg. Watch what price action is doing on TP 1 area to re-enter a position.
Then we'll see what price action is doing at point D to confirm a BEARISH GARTLEY PATTERN to go short.
SL for TP 1 is around 1176.00, around 38.2 retracement area, not a fixed one. Will see what price action is doing in this area to decide on closing the trade before further loss.
(I personally dont like to put a stop loss order because I dont want to be kicked out of the market just by a tick and then see price is going the way I wanted it to be. My stop loss is just a psychology area, i'll decide what to do when price reach my initial stop loss.)
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