Hey All!
There is a Gartley pattern forming (1h-1d) on the EURUSD pair. B point doesn't quite touch the fib 0.618 BUT there is some great confluence with the fib 0.236 & fib 0.786 on the AB & BC legs. The major trend also is an uptrend so reaching the D point SHOULD happen fairly quickly, then looking for some bearish trade signals around the 1.2472 (historical resistance/support).
I am keeping an eye on the RSI, hoping for it to build and then develop into a downward convergence approaching the D section. If everything goes according to plan, I am going to look to hitting the TP1, then lowering my SL down till I'm in the money, then keep adjusting accordingly! Any thing else to keep an eye on?
Hope this helps!!
Summary
Sell : 1.2465
SL : 1.12767
TP1: 1.12114
TP2: 1.11935
TP3: 1.1804
TP4: 1.11658
Overall potential: 38-81 pips
There is a Gartley pattern forming (1h-1d) on the EURUSD pair. B point doesn't quite touch the fib 0.618 BUT there is some great confluence with the fib 0.236 & fib 0.786 on the AB & BC legs. The major trend also is an uptrend so reaching the D point SHOULD happen fairly quickly, then looking for some bearish trade signals around the 1.2472 (historical resistance/support).
I am keeping an eye on the RSI, hoping for it to build and then develop into a downward convergence approaching the D section. If everything goes according to plan, I am going to look to hitting the TP1, then lowering my SL down till I'm in the money, then keep adjusting accordingly! Any thing else to keep an eye on?
Hope this helps!!
Summary
Sell : 1.2465
SL : 1.12767
TP1: 1.12114
TP2: 1.11935
TP3: 1.1804
TP4: 1.11658
Overall potential: 38-81 pips
Comment:
Sorry I meant AB & BC leg of the pattern have great confluence with the fib retracement