Krunal.Patel
Short

AUDCAD 30 Bearish GARTLEY PATTERN @ 0.9595

FX:AUDCAD   Australian Dollar/Canadian Dollar
7 months ago
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.
7 months ago
Trade active: @ 0.9595
7 months ago
Trade closed: stop reached: -20 pips x 2 = -40 pips
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