Here is a view of how profitable pattern trading is.
When price enters Consolidation/ Range this breeds multiple pattern Trades.
I took all the above trades.
7 trades taken
If you would like to learn more about pattern trading please DM me.
and have a great Christmas
We have two Bearish patterns developing.
Both patterns are near completion and both pattern entries within the same price region.
Gartley ENTRY @ 121.072
Cypher ENTRY @ 121.015
Both Patterns TARGET @ 119.949
Both Patterns STOPS @ 121.731
My prefference is Gartley entry.
Giving a slightly better RR
I am already long XAUUSD(Gold) from the Yellow cypher on my chart.
However we now have another opportunity to add position long, price is sitting at the 61.8 of the previous Low to High.
Strong Support @ 1468.50 zone in grey.
Bullish cypher still in play for extension target.
ABCD completing into 1.27 ext target zone...
ENTRY AT 127 ext of the A-B leg. @ 141.259
STOPS AT 113 ext of the A-X leg @ 141.648
TARGET 1 @ 38 fib for the A to D Entry @ 140.341 (Exit Preference) (Price action watch area)
TARGET 2 @ 61 fib for the A to D Entry @ 139.775
Good luck traders.