moneymaking
Short

XAU/USD: Potential Gartley Pattern

FX:XAUUSD   Gold / U.S. Dollar
Potential formation of Gartley pattern , with 78.6% retracement of XA leg showing ratio confluence with 127.2% extension of AB leg. Might want to wait for an exhaustion candle or bearish divergence on RSI or any other type of conformation. Market is currently in the 4 hour resistance zone from 1229.89 to 1235.35 (marked by solid red lines).

Trade Setup:
1. Since this is a daily chart , maybe better to trade micro lots or use your trade management
2. Short at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips above the X point
4. The 1st target is 38.2% retracement of AD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of AD leg

Please confirm before trading this setup. Enjoy !!
First target hit, using trailing stop for second target. Really good trade after a long time. Good luck trading!!
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