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after consolidating in a parallel channel for about 40 days, price has finally managed to break to the upside, and also managed to have a daily close above this upper line. This means only one thing: it wants to go higher, and therefore i'm waiting to see a small retracement and then, if conditions will be met, i'm buying this up hoping for a big rally ...
simple & deep Gartley pattern here. Its deepness allows us to get a better risk to reward ratio and we can also see there's a major daily structure around this level. Entry at the D point with targets as usual for patterns. Stops below X.
If you have questions or if you want to share your view, feel free to comment below.
Otherwise, see you in the next ...
i've been looking for this setup to complete for a very long time, now price has finally finished the AB=CD patterns i was paying attention to.
The reason why i was so interested in these pattern is because their completion point line up pretty well with a daily and weekly structure looking left.
Besides, also the 382 retracement of the bigger impulse ...
here on AUDNZD we have no structure looking left on the higher timeframe. In cases like this i start looking for simple pattern formations, like flags, triangles and wedges in the trend direction.
On the chart above you have what could be considered a flag pattern that's been broken to the upside. Price is now retracing back and giving us a better risk to ...