NZDUSD (Gartley Pattern) - 4h Chart

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Confirmations for Gartley Pattern
- A-B must touch 0.618 but cannot touch 0.786
- B-C must touch 0.236 but cannot exceed A
- D completion at 1.272 (Trend Extension) or 0.786 from normal measurement
- First TP at 0.618 (Fibonacci from D-A)
- Second TP at 0.382 (Fibonacci from D-A)
- Third TP would be back to where it all started
Good Trading.
Comment: First TP was reached and straight away we got a bullish retracement forming an ABCD Pattern with D completion at 1.618, also I measured bearish impulse by placing 0.236 below retracement (A) and got 0.786 - 0.886 area around 1.618 (D).
At this point I expect some type of minor consolidation for bearish continuation.
Good Trading. - 1h Chart
Comment: After first TP was reached, price bounced straight towards higher resistance where X of the Gartley Pattern began, we can see price consolidated at thaat area and went bearish, MACD shows divergence by having a bullish movement in chart, but bearish continuation inside MACD, which is why we got that bearish reaction.
At this point I expect price to retest one of the TP or else we'll re analyze for further movement.
Good Trading. -1h Chart
Comment: Bearish Continuation
Trade closed: target reached: Pattern has been completed!
Good Trading

Related Ideas


I think that the bias for the prolonged downtrend on this pair might be over in the medium term
+1 Reply
@magbrr, Think the same, I really do believe a bullish movement could happen inside medium term of the pattern.
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