Price has been swinging around a key structure level at 135.13, giving both resistance and support to the PA several times over the last 2 weeks as illustrated by the red circles in the chart. It pulled back into this key level at market close, so I will observe further price developments on Monday to see if it will break or not. I would wait for the to complete in case the key structure holds and for the to complete in case it breaks.
No predictions here, this is simply if... then... reasoning and the potential reversal zones (PRZ) for both patterns have been charted. Should one of them eventually complete and price action test its PRZ and reverse convincingly, I would enter the corresponding trade and trust in Gartley´s market geometry. For both trade candidates SL goes 10 pips behind the next resistance / , TP1 = of AD and TP2 = of AD.
For the , there would be 147 pips to be made (if this pair follows that script) and the trade has a reward – risk ratio of 1.9!
For the , there would be 98 pips to be made (if this pair follows that script) and the trade has a reward – risk ratio of 1.9!
UPDATE: After some initial sideway action, PA decided to go for the and tested all three levels before reversing. TP 1 has now been hit for 99 pips. I rolled SL to break-even enjoying a riskfree trade, hunting for TP2.
UPDATE 2: TP 2 has now been hit for 167 pips.