$PVDG is freakin' stupid. It's just stupid. The only thing stupider than $PVDG is the daily bullish divergence within the handle of a giant cup and handle pattern at the PCZ (pattern completion zone) of a Bullish Gartley.
Now ... I'm a bit iffy on this gartley pattern, as I drew it using candle closes, but ... and as you'll see in the comments as I add to this, a different Bullish Gartley pattern (and by different I mean it uses slightly different fib nodes) has developed on the 4 hour chart, with a PCZ at the exact same entry level - and this one was spotted by the harmonic indicator, so it's more obvious than whatever it is I charted. Additionally, there is bullish divergence on just the RSI on the 4 hour chart as well.
Because of these coinciding variables, I've decided that $PVDG is good enough for us to do another trade setup (also I accidentally bought it here anyway but you know ... don't judge me) so in the off hand you want to get crazy with your money and lose anywhere from 70% to 90% of it (depending on which Gartley you're basing your stop on), well then. In the immortal words of Michael Keaton in Tim Burton's 1989 film Batman, "You wanna get nuts? Let's get nuts."
Take Profit 1 is based on the measured move of the XA leg of the Bullish Gartley that I plotted. But weirdly, the measured move of the XA leg on the Gartley that's on the 4 hour chart is roughly the same area ... maybe closer 80% more. I know that certainly sounds like a lot more but ... on the chart in log, it's around the same spot. Basically it would be the difference between locking in at 320% gain versus almost 400% gain.
Take Profit 2 is based on the measured move of the cup & handle pattern playing out, which ... on its own, is pretty far off, but by the time the Gartleys reach their measured move, the price action will have crossed the rim of the cup and thus confirmed the cup & handle.
Take Profit 3 is roughly based on the 3.618 Fibonacci extension of the swing low from A to D, with the exception that we're taking that profit a bit early at an area of critical resistance (the beginning of the drop of the cup, actually).
Happy hunting.
Now ... I'm a bit iffy on this gartley pattern, as I drew it using candle closes, but ... and as you'll see in the comments as I add to this, a different Bullish Gartley pattern (and by different I mean it uses slightly different fib nodes) has developed on the 4 hour chart, with a PCZ at the exact same entry level - and this one was spotted by the harmonic indicator, so it's more obvious than whatever it is I charted. Additionally, there is bullish divergence on just the RSI on the 4 hour chart as well.
Because of these coinciding variables, I've decided that $PVDG is good enough for us to do another trade setup (also I accidentally bought it here anyway but you know ... don't judge me) so in the off hand you want to get crazy with your money and lose anywhere from 70% to 90% of it (depending on which Gartley you're basing your stop on), well then. In the immortal words of Michael Keaton in Tim Burton's 1989 film Batman, "You wanna get nuts? Let's get nuts."
Take Profit 1 is based on the measured move of the XA leg of the Bullish Gartley that I plotted. But weirdly, the measured move of the XA leg on the Gartley that's on the 4 hour chart is roughly the same area ... maybe closer 80% more. I know that certainly sounds like a lot more but ... on the chart in log, it's around the same spot. Basically it would be the difference between locking in at 320% gain versus almost 400% gain.
Take Profit 2 is based on the measured move of the cup & handle pattern playing out, which ... on its own, is pretty far off, but by the time the Gartleys reach their measured move, the price action will have crossed the rim of the cup and thus confirmed the cup & handle.
Take Profit 3 is roughly based on the 3.618 Fibonacci extension of the swing low from A to D, with the exception that we're taking that profit a bit early at an area of critical resistance (the beginning of the drop of the cup, actually).
Happy hunting.
Trade active:
And here is the same pattern overlaid with the Gartley discovered by the harmonic indicator on the 4 hour. Apparently the harmonic indicator uses more ... conservative take profit technique than I do.
