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.
In conjunction with my previous analysis of FOREXCOM:XAUUSD (link below in "Related Ideas"), a bearish Gartley is forming and approaching completion on the 1hr chart which may support my short term bearish bias on this commodity.
Used in conjunction with my previous H&S analysis this setup may provide a decent entry for the anticipated continued bearish move to...
EUR recent spike up has failed to break and close above the previous high level at 1.20700. in doing so has put in a Valid Bearish Gartley Pattern. it has surpassed the traditional D leg completion level (was holding a long position hence why I did not take the trade at that level)
I am treating this as a reversal trade due to the euro testing a higher time frame...
Late post on this but orders have now been filled on this pattern formation short. Just hanging around the entry zone at the moment - Let's see if price makes its way down to hit our targets!
US Oil Inventories number coming out in about 20 minutes, not directly related to this pair but as we are vs the CAD in this trade we might see some increased action around...