AUDCAD 30 Bearish GARTLEY PATTERN @ 0.9595
Hi guys,
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 0.9595 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
This is a very trend-friendly trade, therefore I would keep a trailing stop on second targets, IF/WHEN first target is hit.
Thank you for your support.
Trade Numbers:
Risk: 20 pips x 2 = 40 pips
Reward #1: 27 pips. R:R = 1:1.4
Reward #2: 44+ pips. R:R = 1:2.2+
Plan your trade... Trade your plan.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 0.9595 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
This is a very trend-friendly trade, therefore I would keep a trailing stop on second targets, IF/WHEN first target is hit.
Thank you for your support.
Trade Numbers:
Risk: 20 pips x 2 = 40 pips
Reward #1: 27 pips. R:R = 1:1.4
Reward #2: 44+ pips. R:R = 1:2.2+
Plan your trade... Trade your plan.
Trade active:
@ 0.9595
Trade closed: stop reached:
-20 pips x 2 = -40 pips
