A unified gartley is completed on NZDUSD, 30M. The swing identification algorithm is prex(12).
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.387and C-point is 0.979) has a higher probability for a continuation (down till 1.05XA) rather than for a reversal (same distance in opposite direction (up till 0.522). The exact probability numbers are 47.06% for a reversal and 52.94% for a continuation.
My personal approach is to trade this setup as a continuation. Sell order was executed at 0.786XA. Here 1.05XA is the TARGET and 0.522XA is the STOPLOSS.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach. Check the related educational ideas below this post to learn more about how I chose the direction of trading.
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.387and C-point is 0.979) has a higher probability for a continuation (down till 1.05XA) rather than for a reversal (same distance in opposite direction (up till 0.522). The exact probability numbers are 47.06% for a reversal and 52.94% for a continuation.
My personal approach is to trade this setup as a continuation. Sell order was executed at 0.786XA. Here 1.05XA is the TARGET and 0.522XA is the STOPLOSS.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach. Check the related educational ideas below this post to learn more about how I chose the direction of trading.
Trade closed: target reached
