XAUUSD: Bull Gartley Getting Closer

FX:XAUUSD   Gold Spot / U.S. Dollar
1161 9 15
Still keeping track of the multiple patterns that were forming on Gold             . The smaller one never held support and has since broken and closed below. Now we're setting up for a potential bigger one just below the 1200 level.
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Where to now?
All depends on how it reacts to the current structure level. If up then I would anticipate 1278's is down then a retest of 1193
+1 Reply
aaah man didn't noticed you, i have copied your gartley pattern in my forecast.
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Akil_Stokes bardhok.ajvazi
That's good man, just means traders are seeing the same thing. Let's see if the rest of the Bulls are waiting down there as well
Hey Akil !

Im curious to know about your TP. I thought for patterns it was the 38.2 retracement of the whole A-D Swing?

Thanks for your time,
+1 Reply
thedrrew daniel.garnier.10
I think you are right Daniel it supposed to be the 38.2 of the A-D swing. And if you look at the chart the green line at 1273.57 is the first target which is at 38.2.
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thedrrew thedrrew
I just notice how Akil drew his risk reward box... Maybe he wanted not to risk much on this one. I wonder too why he drew it at this level.
Akil_Stokes daniel.garnier.10
The "risk reward: box comes from a lesson I was teaching earlier in the day where I was discussing with trader the different areas that one could place targets and stops depending on there level of aggression. For structure based traders one of the areas of concern would be a retest of the "B" leg since that represents the most recent NSL. But yes traditional targets for gartley's are at the fib levels mentioned above.
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I am waiting for this one since a while. But looking at how pattern are rewarding those days I am more cautious...
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