ABC of Gartley looks very good. Now price is heading down towards D assuming it gets there 78.6 will be completion of pattern and it will be time to get long.
Nice bounce off the 78.6 level which is positive. If price gets to 29€ i will move my stop to break even.
Trade closed: stop reached:
After a positive move off the 78.6 level price stalled above the 50 level but below the 38.2 (where i would have moved my stop to break even) and then turned down. My stop was below X and has been taken out.
* When I took the trade, I should have worked out what the March central monthly pivot would be. As it was below I could have factored that in to my analysis and moved stop to break even sooner.
@jcuypers, I see you are an elliot waver', nice! Gartley looks good so far, also on 4hr chart D (78.6) will be right on 200MA which gives it an extra reason to turn there. Of course its simply a higher probability price could go straight through that level and take out stop but its looking not so likely.