Price has recently danced around the 1.241 level and appears to be moving in a Gartley formation. The potential reversal zone is calculated to slightly below this level but this is still indicating that price will bounce when the level is next retested. It may be wise to drop to the 1hr chart to seek a more accurate entry using candlesticks from a lower timeframe.
That is a nice trade - I looked to get in too early, go taken out however got back in on the bullish 4hour candle closing at 6pm gmt yesterday.
Very interesting regarding the Gartley pattern, if I had waited I would have had a much better entry with a better stop position.
Could you advise what process you took to identify the gartley pattern ?
Cheers.
KyleMcQuade
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@dphmartin, Unlucky with the stop out bro! Whenever I chart a pattern, I like to drop one chart for entry. For this trade I charted on the 4HR, so I dropped to the 1HR to look for a decent entry around the PRZ. Try using a SLIGHTLY lower timeframe for the entry, even if it is past the D point :)
Just the naked eye! I only trade harmonics (with worthy confluence) and have a note of the ratios that I use at hand when charting. If I believe I see some price action that may fit the shape of a harmonic pattern then i'll measure up the retracements and take it from there! It's a simple process. I used Six Figure Capital to get my head around it! They gave me my ratios etc. sixfigurecapital.com/2.html
Very interesting regarding the Gartley pattern, if I had waited I would have had a much better entry with a better stop position.
Could you advise what process you took to identify the gartley pattern ?
Cheers.