This pair hasn't been trending for a couple of weeks now and so we're in a nice consolidation zone. Once such a zone shows up, advanced pattern opportunities occur and here is one of them. Let's take a look at this bearish gartley setup:
We're looking for a rally into the 1.6746 level to get short and hopefully get a pullback into our target points. This idea contains two fibonacci based target points and a stop loss point above X.
Before trading any of these patterns you should backtest them yourself to become a comfortable trader. One of the findings in my own backtest was the difference in performance between trading patterns in consolidation and in trend. The pattern setups in consolidation performed a lot better due to the "zone" where the pair is battling in. A lot of resistance and support at the highs and lows and no real directional movement is good for us as pattern traders.
Good luck trading everyone!
We're looking for a rally into the 1.6746 level to get short and hopefully get a pullback into our target points. This idea contains two fibonacci based target points and a stop loss point above X.
Before trading any of these patterns you should backtest them yourself to become a comfortable trader. One of the findings in my own backtest was the difference in performance between trading patterns in consolidation and in trend. The pattern setups in consolidation performed a lot better due to the "zone" where the pair is battling in. A lot of resistance and support at the highs and lows and no real directional movement is good for us as pattern traders.
Good luck trading everyone!