Nice looking Gartley 222 respecting well the textbook Fib levels. Not exactly with the trend hence the longer target better be the closest top and not further as the chance of getting a 161% extension is not that great.
At 1 to 1 or at the 61% Fib retracement put stop to entry.
Bulkowski has an interesting article about bullish Gartleys quoting that the hit rate of the target at the A point (where we have the longer-term target) is 45%. I am not saying it is exactly our hit rate, but if you have 1 to 3 RR up to there even with 30% hit rate you are all set.
We are playing poker here, not chess - be mindful of the odds.
At 1 to 1 or at the 61% Fib retracement put stop to entry.
Bulkowski has an interesting article about bullish Gartleys quoting that the hit rate of the target at the A point (where we have the longer-term target) is 45%. I am not saying it is exactly our hit rate, but if you have 1 to 3 RR up to there even with 30% hit rate you are all set.
We are playing poker here, not chess - be mindful of the odds.
Trade active:
Flash Manufacturing PMI made it easy for us, that last bar went up quickly. 1 to 1 target is reached, I'd rather scale out or put a stop to BE.