QuileHills
Short

EURNZD Potential Bearish Gartley

FX:EURNZD   Euro / New Zealand Dollar
232 3 8
After just barely missing the 78.6% retracement of the impulse leg EURNZD             is potentially going to set up a bearish Gartley for a short with a great risk reward targetting first the 38.2% retracement of point A-D followed by the 61.8% retracement of the same points.

With the 127.2% extension of the A-B leg coming so close to the origin of the first impulse leg you can set up a very tight stop loss for the order 10-20 pips above 'X' making for a healthy R:R

The positions shown have the SL just 10 pips over 'X', giving R:Rs of 8.36 and 13.62 for T1 and T2 respectively though if the set up completes I may be more forgiving with my SL, placing it 20 pips above 'X'.
Trade active: Opened but with a slightly more conservative SL than the position shown on this chart to give the trade some breathing room.
Is your SL at 1.5668?

What was your entry at?
Reply
QuileHills Hanu727
My SL in the trade I ended up making is at 1.56976. Entry was at 1.56413
Reply
Hi Quile, I can't figure out where your SL is at.

Trade looks good so far.

Goo luck bud
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