FX:GBPNZD British Pound/New Zealand Dollar
As I have said before, please don't set hard entries on pattern trading. This example, (yeah I know. Hindsight) the real move to consider is when price hits support. When price hit the prz on the there was no indication of a reversal. But, time and time again I see traders being taught to set those hard entries with, in this case carries a very big stop loss below the support. Granted the stop loss never gets hit but look at the extra pips and small stop loss if the trader uses the support to make the trade. I'm not railing against pattern per se, I'm trying to warn the newbie not to fall for those hard stops. Another good example I posted was the Nzd/Usd alternate pattern and warned against setting the hard stop and waiting for a reversal signal. And yes, using the may have been useful for a good trade. Well, happy trading
The .786 is usually th obvious place for a gartley pattern. I was making the point that unless you get a reversal signal, don't automatically trade when a pattern completes. In this case price went to support. Shortly after that a reversal signal was given(in my view) and that is when to get in.