NZDUSD 15 Bearish GARTLEY PATTERN @ 0.6842
Hi guys,
This is a very short-term trade on the 15 minute chart of the Kiwi-Dollar.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 0.6842 stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 10 pips x 2 = 20 pips
Reward #1: 12 pips. R:R = 1:1.2
Reward #2: 20 pips. R:R = 1:2
Plan your trade... Trade your plan.
This is a very short-term trade on the 15 minute chart of the Kiwi-Dollar.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 0.6842 stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 10 pips x 2 = 20 pips
Reward #1: 12 pips. R:R = 1:1.2
Reward #2: 20 pips. R:R = 1:2
Plan your trade... Trade your plan.
Order cancelled:
Pattern Invalidated. Lose nothing, gain nothing, keep going strong!
