GBPNZD: Potential Gartley Pattern

FX:GBPNZD   British Pound / New Zealand Dollar

On GBPNZD 4 hour chart, there might be a potential bullish gartley pattern forming. The 127.2% extension of AB leg comes in the 4 hour support zone from 2.0165 to 2.01298 (marked by solid red lines). Note that there is no ratio confluence between 78.6% retracement of XA leg and the 127.2% extension of AB leg. But there is ratio confluence between 88.6% retracement of XA leg and 127.2% extension of AB leg. Might want to get better conformation (either bullish divergence on RSI or trend reversal candle) near the support zone , before jumping into the trade.

Trade Setup:
1. Use your trade management for the lot size
2. Long at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips below the X point
4. The 1st target is 38.2% retracement of AD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of AD leg

Trade safe, Enjoy!!


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