XA retracement - 88.6 AB fibs Ext - 127.2 BC fibx inv - 1414 - 1618
Comments
HatZ
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This was an excellent opportunity. But I have a few questions.
This is a gartley,
so wouldn't the PRZ be defined by,
1. 0.786 XA retracement
2. AB = CD
3. BC projection of 1.27 (BC projection can only be 1.27 or 1.618 for this pattern, and the 1.27 has a closer confluence to the XA retracement).
I also found the AB=CD support level was too far away.
What are your thoughts?
theb0x
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Hi Hatz... thanks for sharing ur view..
1. Yes, Its a gartley,
2. and based on my Gartley rules : my entry is at fibs expansion of AB i.e. 127.2,
3. the PRZ is atleast from 0.786 <- therefore that is our starting ZONE for a potential reversal. ( for me it does not mean my entry level )
4. Depending on how the retracment of B leg <- the entry level will be around the retracement of XA 88.6 or 78.6 [ so our zone is now between 88.6 or 78.6 ]
5. I draw another fibs fibs expansion from BC is to see a potential of fibs overlaping at the entry zone. [ in which the area we can see fibs overlapting ]
Having AB = CD <- is also a great confirmation, but depending on the B retracement this level can be too far. and we can look other potential levels that can support our entry such as structures, or indicators ...
This is a gartley,
so wouldn't the PRZ be defined by,
1. 0.786 XA retracement
2. AB = CD
3. BC projection of 1.27 (BC projection can only be 1.27 or 1.618 for this pattern, and the 1.27 has a closer confluence to the XA retracement).
I also found the AB=CD support level was too far away.
What are your thoughts?