If price action reaches the D point and completes this pattern, I'll be looking for a double top to enter this short trade, plus RSI overbought conditions.
Stops go an ATR above the double top, and I'm shooting for target 1 only at the 38.2% AD retracement.
(On this chart I marked the R/R as a 1:1 because we don't yet know the ATR.)
I could also enter this aggressively but then the risk/reward would be inverse at the completion point with stops above X at the 113% Fib extension - and an inverse R/R is something I can't take on a Gartley.
60M chart
Target 1 at the 38.6% retracement of AD.
Stops at an ATR above the double top.
(These are my learning/trading notes. Feel free to disagree, but please provide constructive feedback so I can improve.)
Stops go an ATR above the double top, and I'm shooting for target 1 only at the 38.2% AD retracement.
(On this chart I marked the R/R as a 1:1 because we don't yet know the ATR.)
I could also enter this aggressively but then the risk/reward would be inverse at the completion point with stops above X at the 113% Fib extension - and an inverse R/R is something I can't take on a Gartley.
60M chart
Target 1 at the 38.6% retracement of AD.
Stops at an ATR above the double top.
(These are my learning/trading notes. Feel free to disagree, but please provide constructive feedback so I can improve.)
Trade closed: target reached