Fxprotrader
Long

AUDCAD@Bullish Gartley Completion Open Doors to Longs

FX:AUDCAD   Australian Dollar/Canadian Dollar
After a beautiful 3.15 to 1 succesfull trade AUDCAD             is giving us another high probability setup. Following a sharp move which ended at the 0.91500 level price is in a corrective structure moving in a rising channel . Having completed 4 of 5 WXYXZ waves and 3 of 4 legs of a bat pattern , price has formed a bullish gartley pattern with D point testing the lower parallel of the channel. I believe that this gartley will push price higher in order to complete the 5th wave of the correction pattern and the bearish bat .

Looking in a lower time frame (15min) we can see that price has formed another smaller gartley at the end of CD leg of the larger pattern. I personally won't use the smaller pattern for placing my stoploss. To me it's just another reason to go long in this market. So using the larger gartley pattern i will enter with three positions with SL and profit targets as shown at the chart. If price reaches the first target i will place stoploss to breakeven.

15min chart bullish gartley:

snapshot


Any like and comments are welcomed..!
John
Trade closed: target reached: Move stoploss to breakeven.

good nice.
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