Falling wedge with 6 hits (currently). Looking for a 7th hit and will be watching closely for a breakout on the 8th. The length of this wedge suggest to me that there could be a strong breakout.
Technicals We have a Gartely pattern set up here. I am looking to go long at 0.03697, which falls between the 0.786 retracement and 1.272 extension along with 1:1 ratio between the AB and CD legs. There is also a divergence on the Relative Strength Index from a heavily oversold condition, supporting a spike from around the current price. Fundamentals...
There are a number of ways this trade could play out: 1. Triangle and long-term resistance breaks at touch point 7 of the symmetrical triangle. Would place an initial profit target at $34.80 and then at $38, and if this target was reached I would consider holding this position for a prolonged period of time. 2. Triangle breaks at touch point 6 to move into a...
Technicals Here we have a Gartely pattern (shaded grey) that suggests a mid-term rebound. From the blue Gartely pattern, we can expect this rebound to last into the $36/37 region, where we can then short the market due to this bearish pattern. Fundamentals The oil market is in quite a confused state at the moment. Supply and demand dynamics suggest no return...
Gartely pattern with a 1:1 ratio between the AB and CD legs. Very tight confluence area between the 0.786 retracement and 1.272 extensions, which will be my entry point and is indicated by the blue area. A relatively high RSI indicates that there is room for a short-term move down. Nice little potential day trade here for Monday. I usually stick to FX but...
Can see a potential Gartely pattern. B point falls nicely between the .618 and .786 retracements. I'll be looking to go short around the 1.272 extension as shown by the dark blue box. I'm currently experimenting with stop losses and take profits on the demo account. Let me know what you think, and pointers that might help me along my way will be much appreciated.
Long Gartley pattern. enter at 0.7277 stop at 0.7219 Target 1: 0.7330 Target 2: 0.73627
A lot of potentials on the radar for tonight/tomorrow, one of which being a potential bullish Gartley pattern on the EURUSD. Akil Stokes Chief Currency Analyst & Trading Coach www.TradeEmpowered.com