A unified gartley is completed on AUDUSD 30M. The swing identification algorithm is prex(12).
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.547 and C-point is 0.919) has a higher probability for a continuation (down till 1.05XA) rather than for a reversal (same distance in opposite direction (up till 0.522). The exact probability numbers are 46.67% for a reversal and 53.33% for a continuation.
My personal approach is to trade this setup as a continuation. Sell order was executed at 0.786XA. Here 1.05XA is the stoploss and 0.522XA is the takeprofit.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach. Check the related educational ideas below this post to learn more about how I chose the direction of trading.
Comment
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correction: Here 1.05XA is takeprofit and 0.522 is stoploss.
Hi, sorry if I'm not getting it - you say " Sell order was executed at 0.786XA. Here 1.05XA is the stoploss and 0.522XA is the takeprofit." - and looking at chart 1.05XA/0.522XA values are 0.70727/0.71024 (SL/TP) so that looks like a Buy to me?
Alexander_Nikitin
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@rsam, It is a sell, of course. I made a mistypo. correction: Here 1.05XA is takeprofit and 0.522 is stoploss. Anyways, you should stay away from this trade, because you don't get what is going on here:)
rsam
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@Alexander_Nikitin, thanks. Definitely not getting it, just trying to learn :-) Thank you.
Alexander_Nikitin
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@rsam, check the related ideas. the links are below description.