Australian Stock Market is closed for the weekend.
We have a potential c-d leg of a Gartley pattern that could happen next week.
If it reaches the D Leg at around 5811 to 5817 and holds, or show signs of reversal. It is also in an extreme zone where the price will also be in the range of the highest High on the Daily Chart.
We will anticipate a short term sell, however, if price breaks and close over 5820. We will not take the trade, however, be more patience and aim for a bigger short on the Weekly Chart.
No pending order at this stage, it will be on the watch list for next week.
We have a potential c-d leg of a Gartley pattern that could happen next week.
If it reaches the D Leg at around 5811 to 5817 and holds, or show signs of reversal. It is also in an extreme zone where the price will also be in the range of the highest High on the Daily Chart.
Trade active
Comment:
ASX200 this week had behaved strangely.
A lot of sellers from Mon-Thurs when the market opens in during Aussie Market time. Once London and US opens, the buyers come through back to bring the price up.
However, on the last trade day of the week (Aussie Market time) the buyers had pushed up the market and the reversed had happened when it closed.
I am anticipating that the price will drop during the US market time.
If price does not go my way and hit SL, its a small lose for a higher potential gain.
A lot of sellers from Mon-Thurs when the market opens in during Aussie Market time. Once London and US opens, the buyers come through back to bring the price up.
However, on the last trade day of the week (Aussie Market time) the buyers had pushed up the market and the reversed had happened when it closed.
I am anticipating that the price will drop during the US market time.
If price does not go my way and hit SL, its a small lose for a higher potential gain.
Comment:
As anticipated - During the US market timeframe ASX200 had dropped.
Comment:
Getting Closer to TP1
Comment:
ASX200 is currently in consolidation and have another potential opportunity.
As I am already in the trade, an opportunity like this is always good for the psychology.
My strategy if price hits TP1 and goes near TP2:
1/ Close 80% of TP2 and extend the TP to 5600
2/ Re-adjust SL to tad below B/E
2/ Place pending buy order for the Bat Pattern.
This strategy (provided that it goes according to plan, of course) will allow me to be in the trade on both swings of the market. Healthy for the mind.
Let's see how this unfold.
As I am already in the trade, an opportunity like this is always good for the psychology.
My strategy if price hits TP1 and goes near TP2:
1/ Close 80% of TP2 and extend the TP to 5600
2/ Re-adjust SL to tad below B/E
2/ Place pending buy order for the Bat Pattern.
This strategy (provided that it goes according to plan, of course) will allow me to be in the trade on both swings of the market. Healthy for the mind.
Let's see how this unfold.
Comment:
TP 1 hit. Alert placed at 5750 for second strategy
Comment:
Strategy above is currently in placed. As per details, 80% of trade is closed at TP2. Pending order at Bat pattern zone
Comment:
Sorry cut off, pending order is now activated. Currently in both swings of the trade.
Comment:
My small position for Long Bat Pattern had been stopped. Still Holding the short.
If price breaks neckline this could possibly happen.
Comment:
Still holding, moved SL to protect TP1.
Comment:
Could potential come down even further.
Comment:
Comment:
Trade closed: target reached
Remember the bigger move is on the weekly chart. A Gartley completing at 5980-6000.