NZD/USD: Bearish Gartley's or simply trade the breakout...
We broke the trendline and are in consolidation.
Looking for down trend continuation and patterns to short.
Large pink Gartley with AB=CD confluence looks like a great opportunity and is my preferred short entry...
Main setups on chart therefor based on this, several targets possible, 4 examples on chart, many more possibilities (like the standard 38.2 and 61.8% CD retracements) but since I'm looking for trend continuation after the trendline broke I will use less conservative targets, exactly as depicted on chart until PA tells me otherwise...
Smaller green Gartley is also a possibility. If confirmed by PA I will also trade it since it has a perfect 61.8% B...
Probably won't end the consolidation though but might be good for a retracement, setup on chart is for break out of consolidation but more realistic is to take the standard 0.382 TP1 and 0.618 TP2 targets for that one..., I will likely use 50% for standard TP1, 30-40% for standard TP2 and 10-20% for consolidation breakout target as on chart...
People who are not into patterns and like to play it safer can simply trade the breakout out of consolidation..., people trading the patterns can add on the breakout...
Choose wisely...
Looking for down trend continuation and patterns to short.
Large pink Gartley with AB=CD confluence looks like a great opportunity and is my preferred short entry...
Main setups on chart therefor based on this, several targets possible, 4 examples on chart, many more possibilities (like the standard 38.2 and 61.8% CD retracements) but since I'm looking for trend continuation after the trendline broke I will use less conservative targets, exactly as depicted on chart until PA tells me otherwise...
Smaller green Gartley is also a possibility. If confirmed by PA I will also trade it since it has a perfect 61.8% B...
Probably won't end the consolidation though but might be good for a retracement, setup on chart is for break out of consolidation but more realistic is to take the standard 0.382 TP1 and 0.618 TP2 targets for that one..., I will likely use 50% for standard TP1, 30-40% for standard TP2 and 10-20% for consolidation breakout target as on chart...
People who are not into patterns and like to play it safer can simply trade the breakout out of consolidation..., people trading the patterns can add on the breakout...
Choose wisely...
I wasn't around to trade it so no entry for me. And even if I would have been there I probably wouldn't have traded it because of the low odds with regard to R/R...
I have now set my orders for the big one so I will get an entry whether I'm around or not. This is the entry I really want... If we get up there that is (crossing my fingers...)
If not I will try and trade the breakout after confirmation (no sell stop orders set).