Hello traders, a Gartley pattern is almost complete on USDCAD 15 min timeframe. Point D is going to land on an interesting region at both daily level (orange band) and weekly level (purple line). There is a structure between X, A and B that could weaken this pattern, though.
Trade closed: target reached
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went long after an evening star at M5 defining the D point. Profit taken at the purple support. 22 pips.
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cozzamara
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Hallo, nice work ad thank you for sharing. Just noted: that CD leg looks like an impulse following Elliot Wave Principle. Accordingly it may well play an ABCD retracement on 0.618 from D.
vitelot
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@cozzamara, definitely. The purple support line lies at 0.382 CD (i.e. 0.618 DC) so that a rebound with multiple tests is possible. That support could be the first TP.
cozzamara
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@vitelot, the 0.382 would also be right at the end of the previous 4th. It would make perfect sense. Need a confirmation of D for the pattern to be completed though. Nice potential for good opportunities.