Potential Trend Continuation Trade
Morning folks,
Quite a few things on my radar for today and the rest of the week but wanted to share this nice opportunity : on the daily time frame this pair has been going sideways since end of september, and consolidating since the beginning of the month, so I'm having only advanced patterns on my radards. However, this does not mean you wont have small trends here and there on lower timeframes.
On the hourly, price is in a bearish trend so an opportunity to catch it, even for a short time, would be interesting, so we can bank extra pips if price is going our way,
So looking for a TCT opportunity, we're presented with this potential bear Gartley pattern with a great risk-reward ratio. Price has been pushing a good bit on the B leg, making the completion point really close to the X leg, which gives an opportunity to get involved with a small stop (less than 30 pips, and on this pair, that's a REALLY small one), and potential big reward (even on conventional target) : I'm looking at a 1:5,4 risk to reward ratio on Target 1 !!
For target 2 I'll be trailing stop as usual, but I'm expecting price to hit resistance in the 147,19-147 area (last support zone on my daily timeframe).
So now the key is to patiently wait to see what price will do and get involved if rules get met!
Trade YOUR plan & follow my journey on social media (links in my bio).
Have a great day in the markets!
Quite a few things on my radar for today and the rest of the week but wanted to share this nice opportunity : on the daily time frame this pair has been going sideways since end of september, and consolidating since the beginning of the month, so I'm having only advanced patterns on my radards. However, this does not mean you wont have small trends here and there on lower timeframes.
On the hourly, price is in a bearish trend so an opportunity to catch it, even for a short time, would be interesting, so we can bank extra pips if price is going our way,
So looking for a TCT opportunity, we're presented with this potential bear Gartley pattern with a great risk-reward ratio. Price has been pushing a good bit on the B leg, making the completion point really close to the X leg, which gives an opportunity to get involved with a small stop (less than 30 pips, and on this pair, that's a REALLY small one), and potential big reward (even on conventional target) : I'm looking at a 1:5,4 risk to reward ratio on Target 1 !!
For target 2 I'll be trailing stop as usual, but I'm expecting price to hit resistance in the 147,19-147 area (last support zone on my daily timeframe).
So now the key is to patiently wait to see what price will do and get involved if rules get met!
Trade YOUR plan & follow my journey on social media (links in my bio).
Have a great day in the markets!
Still a good risk-reward ratio. Stick to the rules !