Another nice advanced pattern formation forming on the AUDCAD on the 4HR chart. The D completion is targeted to complete just above the range support structure. This may create some buffer for the price to continue to move down and test structure. Therefore, must ensure stops can cater for the possible move down. Stops are below the range. Must ensure orders are...
A Gartely Pattern is forming on the 4 hour chart and we are predicting it to complete the formation, therefore we are trading the 4th leg of the pattern. Our strategy will stay valid as long as price stays above .0753, but a recent break of the yellow trend line has already gave out strategy confirmation. FX:AUDUSD
After completion of bigger gartley pair is now setting up for another bearish gartley completing at 1.83900. RSI should be overbought and diverging at completion of pattern. ATR based stops above the patterns starting point (X).
Trade your plan and good luck in the markets.
Next week take a look at the currency index forming a possible gartley on D1, the rules are strict, wait for the price to reach blue zone and wait for confirmation candle stick, before selling to our targets.
Trading Bias: Long
Technical Strategy: Bullish Gartley
Potential Risk/Reward ratio: 1.67/1
Enter as closely as possible to D point. Targets and stop loss shown on the chart.
*This is not an investment advice*
B point is a little bit high (.676 instead of 0.618) so proceed with caution and check PA behavior on the PRZ.
Lots of SL levels to choose from, once D is totally defined.
Numbers looks like:
SL: 0.9450 (aggressive.... .9485 / 0.95 conservative)
TP1: 0.93363 (.236 1.61RR)
TP2: 0.92921 (.382 2.64RR)
TP3: 0.92564 (.500 3.44RR)