We have a possible Gartley Pattern on the 4H with a great risk/reward of approx. 1:1.5 on target1.
X is at a descent structure level. I always use default targets on 3.82 and 6.18 A-D,
but you can also put your target1 on structure at B and still get a decent risk/reward even though this is a Gartley .
X is at a descent structure level. I always use default targets on 3.82 and 6.18 A-D,
but you can also put your target1 on structure at B and still get a decent risk/reward even though this is a Gartley .
Trade active:
Got filled at 123.622 for 2 positions.
Comment:
Target1 hit for a nice 52 pip win.
Waiting to see if target2 will hit. Stop is already at breakeven for second position.
Waiting to see if target2 will hit. Stop is already at breakeven for second position.
Trade closed: target reached:
Hit my target2 for another 85 pips.
137 pips in total for this trade.
I categorize this trade as GW (Good trade / Win).
Good trade meaning I followed my rules.
137 pips in total for this trade.
I categorize this trade as GW (Good trade / Win).
Good trade meaning I followed my rules.
I am therefore, according to my rules, rolling my stops to breakeven to avoid this from becoming a losing trade in case it doesn't reach my target.
I never manually close positions or move targets once they're set.
Price either hits my targets, or hits my stoploss.