Everyone knows we're in a pennant and we just bounce off the top line... But it do go down.. SHORT TERM BEAIRSH BROOOOOO
We've got a bearish gartley on higher time-frames, with a bearish convergence
I think a break to the downside to the most likely scenario. Given it's a weekend...
Looking for 1555 as lower support
Very nice intraday opportunity setting up to sell in short term bearish trend . Pair has broke below the previous structure support and is now forming a potential bearish Gartley . Rule For entry- RSI must be overbought and/or diverging AND of course RULE NO.1 ATR based stops above the XA leg in case this goes wrong.
Trade your plan and have a nice day!!!! :)
A bearish Gartley Pattern I will be monitoring into Monday morning.
We have some fib confluence with the 61.8% retracement from the most recent move down.
As this is with trend I will be looking for a 1:1 R/R which for the first half position off, which is just past the traditional targets of the 38.2%
there are some instances where i trade directly at the D point of an harmonic pattern, and this is one of these cases. Reason why is that price has been rejected from a major resistance level and right afterwards it created this simple harmonic formations known as Gartley pattern. As of now, i'm looking to short the D completion point and set targets...
As price action is in consolidation right now the fight is on to either make a higher high and push up to the 1.38500 resistance level or start its bearish rotational pull back.
We could possibly have a bearish Gartley formation currently at market forming which could also be a signal that there may be a turn in trend
Have a bearish gartly formation in this current consolidation cluster
Has pushed passed traditional entry's giving a better risk reward profile. taking 2 traditional targets
Target 1 0.71072
Target 2 0.70943
After price actions recent spike to the upside price has been in consolidation (trading sideways) and in doing so is forming a bearish Gartley pattern (D Leg completion at 1.28832) if price can reach that entry point (at the moment looks like its ran out of steam!) will be taking 2 positions
Target 1 : 1.28000
Target 2 : 1.27500
1 hour gartley pattern heading to D LEG COMPLETION. just my personal analysis. i know the B LEG is to ideally hit 61 fib but i have traded the pattern from a 50 fib b leg before hence the reason i say just my own analysis.