Hello all,
Bullish Gartley pattern setup on a 4h chart. In favor to the bullish Gartley, prices currently move in the potential pullback ending zones, at 61.8% and 70.7% of a previous uptrend swing seen at the attached daily chart. Also, the whole Gartley setup is positioned between two long-term S/R levels also seen at the daily chart.
Entry is placed at the D spot at 78.6% retracement of XA leg. Stop and Target (Target 3) are placed as per rules for the Gartley, stop below X and target placed at a level of a measured XA move from entry. Both stop and target are aligned with long term S/R levels.
More conservative targets may be placed at 61.8% or 127.2% retracements of CD leg. (Target 1, Target 2)
Here is a Daily chart snapshot.
Bullish Gartley pattern setup on a 4h chart. In favor to the bullish Gartley, prices currently move in the potential pullback ending zones, at 61.8% and 70.7% of a previous uptrend swing seen at the attached daily chart. Also, the whole Gartley setup is positioned between two long-term S/R levels also seen at the daily chart.
Entry is placed at the D spot at 78.6% retracement of XA leg. Stop and Target (Target 3) are placed as per rules for the Gartley, stop below X and target placed at a level of a measured XA move from entry. Both stop and target are aligned with long term S/R levels.
More conservative targets may be placed at 61.8% or 127.2% retracements of CD leg. (Target 1, Target 2)
Here is a Daily chart snapshot.