Here we have a VALID BEARISH GARTLEY PATTERN on FX:EURUSD, that will be completing close to a previous resistance level or zone. The 4 hour and daily trends are also BEARISH, at least for now and we also have 1:1 risk to reward ratio for the 1st target. See the chart above for more details.
NOTE: Tomorrow we have lots of HIGH IMPACT news coming out of US, Average Hourly Earnings m/m, Non-Farm Employment Change, and Unemployment Rate. The most important one being the Non-Farm Payrolls (NFP).
NOTE #2: Due to high volatility that is expected during these events, if are able to complete this pattern, than I will be holding onto this trade up to 8:00 AM (NEW YORK TIME)Tomorrow Morning. If the pattern is NOT completed by 8:00 AM tomorrow morning, than I will NOT be taking this trade. So it will be better to exit this trade with only 30 minutes remaining to the release of the HIGH IMPACT news. Always focus on preserving your capital and avoid taking unnecessary risks.
I will keep you guys up to date on this trade as we get closer to the NFP news release.
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Looks good.
I'll be trading right after the news come out.
Not much to do until then. Maybe this completes right before NFP and we can ride it for 100+ pips down.
moneymaking
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Hey Ivan, Yeah most probably it's likely to complete during the pre-volatility that will be present before the news releases. Let's hope we end the week with some good amount of pips. Good luck mate :)
moneymaking
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UPDATE #2: Just in case someone forgot to remove their pending short orders, fortunately the market completed the pattern and both targets were hit. All positions are now CLOSED for this setup.
moneymaking
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UPDATE #1: NFP coming up in less than 5 min, the pattern has NOT completed yet. Therefore, I will NOT be taking this trade.
I'll be trading right after the news come out.
Not much to do until then. Maybe this completes right before NFP and we can ride it for 100+ pips down.