We see alot going on here at first, be it a wedge, a price action trade, or as simple as the Gartley. Well i'm going to show you how all of them are supporting an upward moment and how we can identify an entrance and our exits.
Let's start with the wedge, we know wedges are created when the market is trying to break through a ne" isnt the market going to reverse then, and the answer is , possibly, but we do have the set up for a butterfly pattern if that happens , and there is still hope. also , its quiet common that the market will give a little retracement at the end of these wedges, before rallying well above it.
Second is the price action trade you could take, obviously we see the market in the negative deviation area. Which leads us to think the market may come down into the negative regression line; but it appears that that would be a break to the downside out of the wedge, which is possible if the market decides to complete the butterfly pattern.
But lastly , the Gartley pattern gives us the best support for an entry and our exits. the Gartley has finished under the regression line, which allows us to assume the market will continue in an uptrend upon reversal. So we use the Gartley pattern to place our entry and exits.
Our entry is at point B
Our limit is at the 1.618 extension of the BC leg
and our Stop is at point X
Hold on tight , this trade should go fast.
Thanks for checking us out , please like comment and follow , Good Luck and Good Trading !
Let's start with the wedge, we know wedges are created when the market is trying to break through a ne" isnt the market going to reverse then, and the answer is , possibly, but we do have the set up for a butterfly pattern if that happens , and there is still hope. also , its quiet common that the market will give a little retracement at the end of these wedges, before rallying well above it.
Second is the price action trade you could take, obviously we see the market in the negative deviation area. Which leads us to think the market may come down into the negative regression line; but it appears that that would be a break to the downside out of the wedge, which is possible if the market decides to complete the butterfly pattern.
But lastly , the Gartley pattern gives us the best support for an entry and our exits. the Gartley has finished under the regression line, which allows us to assume the market will continue in an uptrend upon reversal. So we use the Gartley pattern to place our entry and exits.
Our entry is at point B
Our limit is at the 1.618 extension of the BC leg
and our Stop is at point X
Hold on tight , this trade should go fast.
Thanks for checking us out , please like comment and follow , Good Luck and Good Trading !