BoonHooi
Long

EURCAD Completes a Bullish Gartley Pattern

FX:EURCAD   Euro / Canadian Dollar
EURCAD             completes a Gartley pattern
- Forms a small double bottom at the PRZ
- Looking to trade the bounce
Comment: Caution as price below the daily support TL and MACD bearish momentum

snapshot
Comment: Is this ready to burst up or down

snapshot
Trade active: This trade has been stuck close to 2 days then it finally moved. Now up 65pips and I am moving my SL to breakeven.
Risk free trade now !!
Trade active: Price approaching first resistance level (+85pips), can consider taking some profits off the table.

snapshot
Comment: TP1 hit (+120pips). Can consider to take some partial profits.
This moment, I see all EUR pairs strengthening.
Trade closed: target reached: Hit TP2 (1.4988) while I was having a discussion with the team. Trade closed (+217pips).

MACD still showing bullish momentum, can possibly go higher but I am already out of the trade
why not a bat(0.618xa 0.886xa?)
Reply
sekharnaidu yitiancai
@yitiancai, Hi please see this screen shot http://prntscr.com/h8bb7z
BAT B Point ratio 0.382—0.50 ( + / - 5 % Tolerance i.e B point can vary from 33-43 & 45-55 % )
GARTLEY B Point ratio 0.618 ( + / - 3 % Tolerance i.e B point can vary from 58.8—64.8 % , 61.8-3=58.8 ,61.8+3=64.8)
Thats why its Gartley , please see my chart
Reply
yitiancai PRO sekharnaidu
@sekharnaidu, yes. But in some books or website, bat pattern's B opint had better to be 0.382-0.5. but no longer than 0.618 of XA. Actually, I found a lot of bat pattern with 0.618 XA and reverse around XA 0.886. And I post some of these patterns in Tradingview. So I am confused about it.
Reply
BoonHooi PRO yitiancai
@yitiancai, @sekharnaidu
Apologise guys.... I always seem to miss out on the comments.

Gartley main characteristics is that PtB is at 0.618XA. It also must have a minimum AB=CD. If this ABCD comes closer to 0.886, then the PRZ is around the 0.886. I call this the Deep Gartley

I'll try to find a chart to show this tomorrow.


Reply
@BoonHooi, thanks !
Reply
sekharnaidu BoonHooi
@BoonHooi, Sir li think by Scott Carney books in a Gartley when AB=CD Extend past 0.786XA then 0.886XA + AB=CD + BC2.618 will be PRZ
Reply
BoonHooi PRO sekharnaidu
@sekharnaidu, correct. If ABCD goes beyond 0.786, then the Gartley is at 0.886
Reply
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