KVE
Long

EUR/USD: Possible bullish Gartley

FX_IDC:EURUSD   EURO / US DOLLAR
262 10 8
Again a possible harmonic pattern on this pair. I'm still hoping we can reach that possible bat D point up above 1.14 so I'm going long at market now... I was already long from 1.1140 with my SL at 1.1120 so I'm adding a long, therefor my position size will be somewhat smaller.

I'm also short EUR/NZD and short NZD/USD             which would mean that USD is strongest, then NZD and then EUR the weakest.

This means that I am either wrong on this one or wrong on the EUR/NZD short, allthough that one has a much wider SL, so a short move up on this pair could still be possible within my EUR/NZD 'wiggle room'...

SO PROCEED WITH CAUTION PEOPLE!! It might be a good idea to take the regular 38.2/61.8 CD retracement targets instead of the trades I propose...

Oh well, we can always call it a hedge trade... ;-)

Trade closed: target reached: TP1 taken around the trendline, closed the rest in profit since I still have a long position open with better entry at 1.1140 based on a previous idea, which I'm leaving open.
Stop might get hit. I aim for 1.10878 and 1.10252 for entry.
Can you find a pattern that confirms a lower entry perhaps?
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KVE IvanLabrie
It actually worked like a charm!
I've already taken the first profit target since we're getting to that upper trendline...
For the second part I've shifted my SL a bit higher @ 1.1140.
Reply
KVE IvanLabrie
As to your question on a posible pattern with lower entry I have to come back to one of my previous idea's:
EUR/USD: Alternative Long scenario
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Ah, that's a stretch. We'll have to wait and see. I hold my short until it moves above the NFP high.
Reply
KVE IvanLabrie
And if one doesn't count the spike on 24 August then it's actually even more plausible since the shark in my previous idea didn't make 1.618 ext. of XA...
snapshot

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I think that spike is vital price action, caused by fundamental information, and by big players.
Reply
KVE IvanLabrie
That's a good point, I'll keep that in mind!
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A move above the NFP high would make me change my mind here. nice going!
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Covered this long entirely in profit, only the previous trade with better entry level at 1.1140 is partly open in case we get up at that D point, SL is at BE, which is below that lower triangle trendline, so still quite safe as long as we don't break to the downside...
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KVE KVE
All profits booked on this pair, CLOSED
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