Gold just can't stop giving us clear advanced pattern trading setups! It's time for a GARTLEY bearish pattern formation after the profitable confirmation of the '222' Gartley and Cypher earlier in the week. The entry, SL and TP levels as in the chart. Minimum Reward/Risk=2 With Regards, Michail Sideris
The plan is to wait for the market to retrace at the EMAs and the fibonacci levels to confirm the break and short according with the price action. If you have already a short position from the BAT pattern trading setup then relax, that entry level is perfect. Keep your position! With regards, Michail Sideris
As you can see in the chart there are potential trading setups in this pair. If you are not familiar with the fibonacci inversion trading setup I will update later this Idea with an educational post. As far market is trading below a significant level. Although technical analysis maybe justify a short position from that level. This is not part of my trading plan. I ...
When we have a broken trendline we always looking for a pullback-retest of the trendline or for an advance pattern formation in order to enter the market at the direction of the break. Here there is a pending Cypher pattern formation that gives us the reason we are waiting for. SL and TP points as in the chart