EUR/USD: Bullish Gartley or AB=CD to end the correction?
I will be looking for reversal signs around where either a Gartley or an AB=CD pattern completes. This could signal the end of a possible ABC correction and the start of a new impulse wave up.
Several targets are possible, common are the 38.2 and 61.8% retracements, additionally for the AB=CD pattern there is also the 50% retracement which is of some importance (not shown here). In case of bullish trend continuation the next targets are a re-test of former highs and/or possible structure S/R levels on the minute/hourly timeframe (C and A of the pattern for instance) and on higher timeframes (daily/weekly)!
The 2 main setups depicted on chart are possible examples of good entries based on the patterns, SL's below X of the possible Gartley, target towards re-test of former highs (just 1 example: read the above paragraph!). The third small setup is an example (I just averaged the 2 entries of the main setups) of the part which I would leave open (10-20% max. of original position) in case it all works out and the uptrend continues... The target there is a higher timeframe fib extension and trendline re-test around the 1.1500 region...
Several targets are possible, common are the 38.2 and 61.8% retracements, additionally for the AB=CD pattern there is also the 50% retracement which is of some importance (not shown here). In case of bullish trend continuation the next targets are a re-test of former highs and/or possible structure S/R levels on the minute/hourly timeframe (C and A of the pattern for instance) and on higher timeframes (daily/weekly)!
The 2 main setups depicted on chart are possible examples of good entries based on the patterns, SL's below X of the possible Gartley, target towards re-test of former highs (just 1 example: read the above paragraph!). The third small setup is an example (I just averaged the 2 entries of the main setups) of the part which I would leave open (10-20% max. of original position) in case it all works out and the uptrend continues... The target there is a higher timeframe fib extension and trendline re-test around the 1.1500 region...
Trade active:
Gartley entry made it almost exact to the pip..., first rally up made it to the 38.2% retracement..., I'll leave it open...
Comment:
Gartley 61.8% reached, partial profit and SL to BE
Comment:
Possible options to add longs in anticipation of a possible freshly started motive wave up:
Trade closed: stop reached:
Gartley worked perfect but no continuation up...
