NOTE: THE PATTERN IS INVALID NOW!!
On GBPNZD 4 hour chart, there might be a potential bullish gartley pattern forming. The 127.2% extension of AB leg comes in the 4 hour support zone from 2.0165 to 2.01298 (marked by solid red lines). Note that there is no ratio confluence between 78.6% retracement of XA leg and the 127.2% extension of AB leg. But there is ratio confluence between 88.6% retracement of XA leg and 127.2% extension of AB leg. Might want to get better conformation (either bullish divergence on RSI or trend reversal candle) near the support zone, before jumping into the trade.
Trade Setup:
1. Use your trade management for the lot size
2. Long at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips below 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
Trade safe, Enjoy!!
On GBPNZD 4 hour chart, there might be a potential bullish gartley pattern forming. The 127.2% extension of AB leg comes in the 4 hour support zone from 2.0165 to 2.01298 (marked by solid red lines). Note that there is no ratio confluence between 78.6% retracement of XA leg and the 127.2% extension of AB leg. But there is ratio confluence between 88.6% retracement of XA leg and 127.2% extension of AB leg. Might want to get better conformation (either bullish divergence on RSI or trend reversal candle) near the support zone, before jumping into the trade.
Trade Setup:
1. Use your trade management for the lot size
2. Long at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips below 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
Trade safe, Enjoy!!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.