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...
Since Euros recent slow spike to the upside we currently have a retracement in place. price action has been pushing down to a previous structure around 1.19200 zone. In doing so has formed a a Gartley Pattern
Looking to take 2 targets for this one
Target 1 - 1.19258 (38.2 Retracement)
Target 2 - 1.19350 (61.8 Retracement)
Following the pattern match, there seems to be some increased selling pressure in the upcoming candles on this 30 minute chart. Great pattern ratios, and some selling pressure, might be a time to go short for a few pips.
plain and simple: this is an harmonic pattern (specifically a Gartley Pattern) that's been setting up on AUDJPY. Its B point is very deep, therefore its D completion point will come at a very low level, giving us an amazing RR ratio for this kind of patterns. As usual, stops below X, targets at 382 and 618 of AD. Trade safe!
If you have any...
some great R/R on this.
I lost 2 in a row on eurjpy last week, hopefully this can turn on the entry and give me some profit :)
Also, Im going to start back testing GBPAUD because i have heard it works great with advanced patterns. I would like to remove audusd or nzdusd as there returns are pretty poor.