Still looking to drop a bit from the little increase in price.
On the 3hours time frame, the price of XAGUSD has been spotted forming a bearish harmonic pattern called THE BEARISH GARTLEY CHART PATTERN, below are the step by step guide on how to stop the gartley and trade it.
The Gartley pattern is complex because it deals with Fibonacci ratios:
XA - Price drops from X to valley at A. This is typically a large downward move to accommodate the retraces that follow.
AB - Price retraces from the valley A to peak B about 61.8% of the XA move.
BC - After peaking at B, price drops to C. The BC move retraces 61.8% or 78.6% of the AB rise.
CD The final leg of the pattern sees price rise from valley C to peak D. The CD move is 127% or 161.8% of the BC move.
NOTE:
If price rises above X on the way to finding D, then the pattern should be ignored. Stop loss should be placed right close to X leg.
Targets to the down side are as follows: first is always the B leg at $16.38170 down $16.18397. More to that is the reversal candle stick formation at the top of the gartley called THE SHOOTING STAR CANDLE STICK. WHAT IS A SHOOT STAR CANDLESTICK PATTERN?
The shooting star candlestick comes in two varieties, a single candle line and a two line candle. When the low and the close are the same, a bearish Shooting Star candlestick is formed and it is considered a stronger formation because the bears were able to reject the bulls completely plus the bears were able to push prices even more by closing below the opening price. The Shooting Star formation is considered less bearish, but nevertheless bearish when the open and low are roughly the same. The bears were able to counteract the bulls, but were not able to bring the price back to the price at the open. The long upper shadow of the Shooting Star implies that the market tested to find where resistance and supply was located. When the market found the area of resistance, the highs of the day, bears began to push prices lower, ending the day near the opening price. Thus, the bullish advance upward was rejected by the bears.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 3hours time frame, the price of XAGUSD has been spotted forming a bearish harmonic pattern called THE BEARISH GARTLEY CHART PATTERN, below are the step by step guide on how to stop the gartley and trade it.
The Gartley pattern is complex because it deals with Fibonacci ratios:
XA - Price drops from X to valley at A. This is typically a large downward move to accommodate the retraces that follow.
AB - Price retraces from the valley A to peak B about 61.8% of the XA move.
BC - After peaking at B, price drops to C. The BC move retraces 61.8% or 78.6% of the AB rise.
CD The final leg of the pattern sees price rise from valley C to peak D. The CD move is 127% or 161.8% of the BC move.
NOTE:
If price rises above X on the way to finding D, then the pattern should be ignored. Stop loss should be placed right close to X leg.
Targets to the down side are as follows: first is always the B leg at $16.38170 down $16.18397. More to that is the reversal candle stick formation at the top of the gartley called THE SHOOTING STAR CANDLE STICK. WHAT IS A SHOOT STAR CANDLESTICK PATTERN?
The shooting star candlestick comes in two varieties, a single candle line and a two line candle. When the low and the close are the same, a bearish Shooting Star candlestick is formed and it is considered a stronger formation because the bears were able to reject the bulls completely plus the bears were able to push prices even more by closing below the opening price. The Shooting Star formation is considered less bearish, but nevertheless bearish when the open and low are roughly the same. The bears were able to counteract the bulls, but were not able to bring the price back to the price at the open. The long upper shadow of the Shooting Star implies that the market tested to find where resistance and supply was located. When the market found the area of resistance, the highs of the day, bears began to push prices lower, ending the day near the opening price. Thus, the bullish advance upward was rejected by the bears.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.