EURUSD: The GREAT Opportunity (ALL in ONE)

FX:EURUSD   Euro / U.S. Dollar
On FX:EURUSD             , we are having bearish market last few hours. The price dropped significantly and sellers are full control of the price. Even negative news on USD, couldnt stop this drop. We can see their unsuccessful try (check long shadows). However, it is expected that buyers will step in and raise the EUR up but where?!

There is a support level at 1.0711, where price had reaction (see arrows). Moreover, we are having a trendline (dynamic support) which exactly hits the PRZ zone. In addition to that there is a valid gartley pattern , which gives a signal (88% retracement) on the same level at 1.0711. From this analysis, this set-up gives a great opportunity to go long.
T1 - 38.2%
T2 - 61.8%
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good analysis...I just posted my real time eurusd trade that I took. I will post my trading adventure on youtube daily.
Hi AoT... Nice setup. I've been trading this pair down since late last night (UK time) and have been looking for where the reversal might happen. If this pokes its nose down to 1.0711, that will be a nice set up of trendline, pattern and MACD divergence - amongst other things! Good luck... I have pending orders around there, though I don't usually trade this late on a Friday!
+1 Reply
alr14uk alr14uk
Only my top order got taken (10716) and I've just closed it for a modest 35 pips. I'm not so pleased with the amount of money banked (would have been a lot more if it had made it down to 10708), but the the choosing of the entry! As a noobie trader, getting it right like this makes me think I can do it more seriously... What a nice end to the week!
Thanks for the analysis :-)

But isn't that a Bat pattern, not a Gartley? A-B retrace is 50% of X-A not 61.8%?
Harmonic patterns are subjective. If you follow strict rules the B leg should be retraced between 38.2% to 50%. B leg little exceed 4-5 pips to 50%, but it has reaction on that. You cannot only follow textbook guidance, as the market is much choppy than textbook explains . So question is; Would you consider B leg as Valid in this Setup? My answer is Yes.
+1 Reply
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