EURUSD - Why I will not buy this Deep Gartley?
Hey traders, just an update on EURUSD this week.
On the daily chart, I am sure many traders spotted this Deep Gartley (AB=CD pattern completed beyond 78.6)
These are the reasons I will not go long on this pattern.
1. Put in the parallel channel, it is in the middle of nowhere
2. RSI no divergence
3. PRZ bashed through without hesitation
What's next?
As with all failed Gartley patterns, it has the potential to become a crab pattern which will complete much lower around 0.9872. (161.8 XA).
Euro and USD is almost guaranteed to reach parity, this is scary.
Good for US citizens to go on a holiday too, bad for all other countries including where I am from, Singapore.
Meanwhile, use simple moving averages(I use ema 34) to keep shorting Eurusd on every retracement, I am currently holding a short on GBPUSD which I expect it could reach 1.2150.
Good trading guys!
On the daily chart, I am sure many traders spotted this Deep Gartley (AB=CD pattern completed beyond 78.6)
These are the reasons I will not go long on this pattern.
1. Put in the parallel channel, it is in the middle of nowhere
2. RSI no divergence
3. PRZ bashed through without hesitation
What's next?
As with all failed Gartley patterns, it has the potential to become a crab pattern which will complete much lower around 0.9872. (161.8 XA).
Euro and USD is almost guaranteed to reach parity, this is scary.
Good for US citizens to go on a holiday too, bad for all other countries including where I am from, Singapore.
Meanwhile, use simple moving averages(I use ema 34) to keep shorting Eurusd on every retracement, I am currently holding a short on GBPUSD which I expect it could reach 1.2150.
Good trading guys!
Comment:
Check it out if you like my analysis.
www.harmonicforex.co...sd-will-reach-parity