Planning to move up stops to breakeven and ride this higher
Comments
Kurt0sis
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Taking profits here at 102.5 for now. Is that a bearish Cypher on the way..?
dvarrin
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That's a Cypher! Nice one! And that's also a Gartley if we check on the 30m timeframe the first move has reached 61.2%. I've found some of those CYPHER and GARTLEY patterns and I'm wondering if it would be a good idea to try to identify two patterns like that. For example the Cypher here helps to confirm the likely Gartley, because the legs XABC from the Cypher help to determine if the XA leg from the Gartley, ans specifically the starting point X, is correct for the measure of the pattern.
Kurt0sis
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The initial profit take level was hit but personally I'm holding long, added to position on the pullback and now moving up stops to 101.800
dvarrin
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Really nice trade!
Kurt0sis
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I'm using a Gartley pattern, evaluating the price and time retracements simultaneously and looking for 'consistency' throughout the pattern. Currently in the process of hammering out mechanical rules for the system.
Plus, there was bullish divergence between B and D.
Kurt0sis
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Yeah, actually using an alternative method here which is also why I didn't label it as one of the traditional Harmonic patterns
dvarrin
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I guess you are using the ABCD pattern or a Gartley pattern in which you're mainly interested in the AB=CD. What are you using to validate point D? What is your trigger to enter the trade?
dvarrin
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What is this pattern? The closest pattern would be a Bat, but point D need to retrace 88.6% of XA.