The price is approaching the defined buy level by the Gartley pattern. A long range bar has formed, this makes me to take the position with more caution. Look for Bullish patterns in the lower time frames, H4 and H1, as a confirmation. Hope this scenario will play successfully.
Three Target profit levels have been defined, toward completion of
i) 38.2% retracement, ($1294)
ii) 61.8% retracement, ($1328) and
iii) completion of the CD leg of the Cypher pattern ($1365)
With stop losses below 1239 support.
Update: 3/9/2014 10:30 BST
A Low test Bar has been formed on H1 Time frame and has tested the 1262.50 level. This will indicate the Potential Reversal Zone. A but limit order above the H1 candle with Stop Loss few pips below the wick of candle could be an idea to enter this trade.
Three Target profit levels have been defined, toward completion of
i) 38.2% retracement, ($1294)
ii) 61.8% retracement, ($1328) and
iii) completion of the CD leg of the Cypher pattern ($1365)
With stop losses below 1239 support.
Update: 3/9/2014 10:30 BST
A Low test Bar has been formed on H1 Time frame and has tested the 1262.50 level. This will indicate the Potential Reversal Zone. A but limit order above the H1 candle with Stop Loss few pips below the wick of candle could be an idea to enter this trade.
