AUDCAD@Bullish Gartley Completion Open Doors to Longs
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:
Any like and comments are welcomed..!
John
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:
Any like and comments are welcomed..!
John
Trade closed: target reached:
Move stoploss to breakeven.
