This is for education purposes analysing a successful harmonic pattern / 61.8.
This was from a Gartley which is a very powerful harmonic pattern.
The price completed a Harmonic pattern with values very close to the desired out come (only a few points)
Price found a level of support from the structure.
There was Divergence evidence in the lower time frame
This is complemented by a trendline breakout
Finally, there was a rejection pin bar from the 61.8 level ( look for the X A Line)
The exit point would have been based on a rejection candle from the one hour time frame at the 50 level. After that, price hovered around there then fell back to the main 61.8 level.
The only point of this trade that would bring doubt is this is a reversal pattern against a strong downward trend however with proper risk reward management this was a successful pattern.
This was from a Gartley which is a very powerful harmonic pattern.
The price completed a Harmonic pattern with values very close to the desired out come (only a few points)
Price found a level of support from the structure.
There was Divergence evidence in the lower time frame
This is complemented by a trendline breakout
Finally, there was a rejection pin bar from the 61.8 level ( look for the X A Line)
The exit point would have been based on a rejection candle from the one hour time frame at the 50 level. After that, price hovered around there then fell back to the main 61.8 level.
The only point of this trade that would bring doubt is this is a reversal pattern against a strong downward trend however with proper risk reward management this was a successful pattern.