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Krunal.Patel
May 6, 2016 11:51 AM

EURNZD 4H Bearish GARTLEY PATTERN @ MARKET Short

Euro Fx/New Zealand DollarFXCM

Description

Hi guys,

I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.

Back to the trade idea, it is a bearish GARTLEY pattern @ 1.6695 stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 210 pips x 2 = 420 pips
Reward #1: 230 pips. R:R = 1:1.1
Reward #2: 370 pips. R:R = 1:1.8

Plan your trade... Trade your plan.

Trade active

Short @ 1.6695

Trade closed: stop reached

Part of trading, strong end to last week only to be taken out by a loss. Not to worry though.
Comments
AlphaTrading
Hello, I am short also.
Good luck
Krunal.Patel
Nice! Good Luck to you too! Let's hope it takes a dive :-)
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