Alexander_Nikitin
Short

Gartley pattern to short audnzd

FX:AUDNZD   Australian Dollar/New Zealand Dollar
Hello, traders. Three impulse in one direction separeted by corrections give us a trend. Trend remains active untill priceaction gives a sign of reversal. I picked up this Gartley to initiate my short position in anticipation of downtrend to continue. Stops are above X. Target is a retest of A-point. Good luck
The assessment was correct at the time it was made. Hindsight bias can now come into play quite imperceptibly. It matters not if this trade turns out to be a loss. Traders may lose individual 'battles' (some 50 or more percent of the time). I think our objective is to win the war!! (i.e. consistent profitability).
+1 Reply
AUDNZD is pushing strongly upwards. Could this be enough to change the trend? It has been oversold for a while.
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Alexander_Nikitin VonRayVillahermosa
the sign of reversal is a nsh above the last impulse's initial point. Simply speaking, it is an impulse to the upside. So as long as we trade within the last impulse's range - the movement is considered to be a correction. The impulses on my chart are marked by red trend lines.
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Alexander_Nikitin VonRayVillahermosa
Here on the chart, the trade is ok until we have a new structure high above X. That's why I placed stops above that point)
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VonRayVillahermosa VonRayVillahermosa
that's enlightening. thanks! :)
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Alexander_Nikitin VonRayVillahermosa
you are welcome. Check my other ideas to see how this kind of setups work. That will empower you with confidence enough to trade this setups.
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Alexander_Nikitin VonRayVillahermosa
This particular one turned to be a loser. Well, you never know until you try.))
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VonRayVillahermosa Alexander_Nikitin
woahhh... she's still not done... this is one big burst...
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Looks a bit dangerous to short it.
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the worse scenario is a loss. I'm not afraid of loos, so it doesn't look dangerous for me, mate)). I just follow my signals. If I don't try I will never find out if it turns to be a winner o loser).
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