kschiangb6
Long

Bullish Gartley Formed On the AUD/USD 60 Minute Chart

FX:AUDUSD   Australian Dollar / U.S. Dollar
311 2 0
A Bullish Gartley has formed on the 60 minute chart of AUD/USD             . There is good confluence of Fibonacci levels at Point D completion of the pattern. Price has already bounced off the reversal point. I'm personally waiting for a double bottom and bullish divergence on the RSI to happen before trading this. For more details on this pattern, please feel free to read my blog post on this setup at: http://simplychartpatterns.wordpress.com/2012/11/12/bullish-gartley-found-on-audusd-60-minute-chart/
After this Bullish Gartley completion, price has steadily moved higher on its way towards completing the Bearish Bat Pattern found on Daily chart. For more details of that setup, please read my blog post here: http://simplychartpatterns.wordpress.com/2012/11/11/bearish-bat-pattern-forming-on-audusd-daily-chart/
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Unfortunately I missed this trade as it already bounced off Point D and did not come back down to form the double-bottom as I had hoped for. Nonetheless, this setup shows the power of confluence and Harmonic Patterns.
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