Hey all, I've been meaning to post a few of my previous successful gartley patterns from yesterday and the day before to explain a little more about the rationale behind the trades, but I thought I'd add this and explain it in the comments section as the pattern progresses.
As for the idea, we can see the formation of a bullish butterfly pattern being completed. I'm confident in going long on this pair due the the relatively recent S&R level (shown in yellow) that has shown consolidation in the past. So based on this info, I am placing my target on the 1.4793 mark which should be ~140 pips if all goes according to plan. The one doubt I have about this would be the (slightly) weak S&R level seen in blue which may cause the pair to consolidate for a bit or even cease the bull trend.
Either way, this isn't anything close to the gospel so always take caution when trading!
Setup:
Entry : 1.46540
TP: 1.47209 or 1.47932
SL: 1.46154
As for the idea, we can see the formation of a bullish butterfly pattern being completed. I'm confident in going long on this pair due the the relatively recent S&R level (shown in yellow) that has shown consolidation in the past. So based on this info, I am placing my target on the 1.4793 mark which should be ~140 pips if all goes according to plan. The one doubt I have about this would be the (slightly) weak S&R level seen in blue which may cause the pair to consolidate for a bit or even cease the bull trend.
Either way, this isn't anything close to the gospel so always take caution when trading!
Setup:
Entry : 1.46540
TP: 1.47209 or 1.47932
SL: 1.46154
Comment:
Target 1 reached! As expected, the price bounced off the s&r level outlined in blue. It will be interesting to see now whether or not the price will rally passed it to Target 2.
Trade closed: target reached