slindstr

GBPNZD 4 Hour: Two Gartleys (Long and Short) and a Butterfly

FX:GBPNZD   British Pound / New Zealand Dollar
(See the edit to Gartley #1 in the comment below)

Looking at the 4 hour chart there are two potential Gartley patterns setting up:

Gartley Buy Pattern (purple):

Buy @ 1.9870
Sell @ 1.9770 (SL) (Note the typo in the above chart)
Sell @ 2.0084 (TP)

Risk: 100 Pips
Reward: 210 Pips

After the Gartley Buy, we also see a potential Gartley Sell with the CD leg forming where the Gartley Buy completed assuming it wasn't invalidated by D exceeding X:

Sell @ 2.0114
Buy @ 2.0184 (SL)
Buy @ 1.9932 (TP)

Risk: 70 Pips
Reward: 182 Pips

If our potential Gartley Buy is invalidated by D exceeding X, watch for a potential butterfly if we get a reversal on the 1.217 retracement of XA:

Buy @ 1.9711
Sell @ 1.9690 (SL)
Sell @ 2.0084 (TP)

Risk: 21 Pips
Reward: 373 Pips
DanV just pointed out in the Forex chat room that point D on Gartley #1 (Point C on Gartley #2) might be better suited at the .886 since the most recent bar went lower than the .786. If this is the case, here's the (updated) skinny on Gartley #1:

Buy @ 1.9835
Sell @ 1.9770 (SL)
Sell @ 2.0084 (TP)

Risk: 65 Pips (much nicer!)
Reward: 249 Pips (MUCH nicer!):

Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out