One thing is obvious. This pair is consolidating. Lots of back and forth. So much so that now I can see yet another triangle forming within the larger POTENTIAL triangle. And the recent price movements have also led to a POTENTIAL butterfly pattern as well. This butterfly would finish somewhere above the upper TL of the larger triangle slightly above where the POTENTIAL bat would complete. IF prices get there. Which at this point, is unknowable.
What I have done is to move my TP1 to the completion of that POTENTIAL smaller triangle while making the completion of that larger triangle's point 5 as the TP2. Stops for this trade have not been moved as of yet. They still are below the point 4 of the larger triangle which is also the origination point of the bat.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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with the gartley pattern, are you assuming that it the pattern completes and target 1 is hit (Predictive analysis), then target 1 will be your entry to go long?
or u using a 50% fib retracement as your entry level
anthony.pham00
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muneergohar
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hi your not sending idea in last 4 days why
muneergohar
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i follow your ideas
Tute
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Hi, I've been operating this based on Elliot wave in TF H4 , and i used a Fibonacci from candle 29-10-15 08:00 hs to candle 12-10-15 16:00, and I think maybe the price goes down to the 50% level of Fibonacci (0.717) to complete the wave "C"
bkarri
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If price breaks down the minor sr level @ .72048, can it be considered down trend towards .71 levels?
rudycwk
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Awesome! Bought at @.72567. Are we looking at abt +60 pips?
aeu.webmaster
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great, already in buy @ .72507
bkarri
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@EverythingForex - Other triangles that have bottom around .710**, are they still valid or price reach that point in near future?
BlackPipper
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I closed my au long when I observed 4h candle unable to close above 20 sma.
or u using a 50% fib retracement as your entry level