Bearish Gartley with 1:2 RR B Leg almost hits the .786 fib from X to A but doesent touch making this still a valid gartley.
Rsi Is reading overbought
Market is trending down
Rsi Is reading overbought
Market is trending down
Trade closed: target reached:
*Update Target Reached*
There are a few things I want to note
1. Notice how we are in a down trend. I know harmonic patterns are supposed to be reversal patterns but why not just trade them with the trend. i.e bearish Gartley in a downtrend
A couple of people across the internet noticed thru back testing they had a higher success rate with trading Harmonic Patterns with the trend.
2. I place stops just above the X leg giving it a little wiggle room. Imo you do not need to risk more than that if price breaks above X 9/10 its probably going to continue in that direction anyway so your just burning money..Doing this gives me a way better RISK to REWARD
3. 1 single target. It has been posted all over the internet thru back testing a lot of people found that price hits the .38.2 retracement of X to A then reverses so instead of taking of half of your positions out there and chasing the 61.8 retracement id rather get all my money at the .38.2
4. Rsi should be reading was overbought when the pattern completed at the D point giving me a hint that the market was ready move lower
There are a few things I want to note
1. Notice how we are in a down trend. I know harmonic patterns are supposed to be reversal patterns but why not just trade them with the trend. i.e bearish Gartley in a downtrend
A couple of people across the internet noticed thru back testing they had a higher success rate with trading Harmonic Patterns with the trend.
2. I place stops just above the X leg giving it a little wiggle room. Imo you do not need to risk more than that if price breaks above X 9/10 its probably going to continue in that direction anyway so your just burning money..Doing this gives me a way better RISK to REWARD
3. 1 single target. It has been posted all over the internet thru back testing a lot of people found that price hits the .38.2 retracement of X to A then reverses so instead of taking of half of your positions out there and chasing the 61.8 retracement id rather get all my money at the .38.2
4. Rsi should be reading was overbought when the pattern completed at the D point giving me a hint that the market was ready move lower