This particular pattern comes in at a very nice level of structure (looking left) where price consolidated in the past before a markdown. This doesn't mean that the level will hold again, we never know in trading, but it does show that the market has respected this level in the past, and as a pattern trader all you should be looking for is a brief pull back.
Good luck for anyone getting involved in this one.
Chief Currency Analyst at http://www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /
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Now my question is this. I put out a post on this pair showing a daily Gartley pattern as well about 5 days ago. But when I went back to review it again, I discovered what I thought were 2 errors: one I KNOW was wrong, a bearish cypher that wasn't and the second, the Gartley. I am thinking the Gartley also isn't a Gartley because the B point has prices closing beyond the .618 which I thought invalidates the Gartley. Also,I have the Gartley already being completed at the D point at the .786 retracement where I see you have your Gartley ending at the 1.272 extension.
What gives? I defer to your opinion.....
It will determine if this is a wave C of a corrective zigzag advance, or if it's wave 3 of a new bullish cycle in the dollar.
I'm long since I think it's the latter, bought at 1.23604. Stop at 1.23552 but already closed half so it's essentially risk free.
i've just watched the training for the 2618 trading system.
enjoyed it :D
Now my question for this chart/trade:
if the price hits 1.22745. should we wait to see a double top? and we have to wait until the price drops to below the higher low . then look at whether the 0618 is coming or not ? sorry for my bad english... :( lets explain it into a chart :P