AUDUSD - Possible Gartley completion and false break-out
A Gartley pattern can be completed at the 0.75433 level so, we use this as an entry point and place TP at the 38.2% and 61.8% of the AD leg at 0.74537 and 0.73984 respectively. SL around the 0.75900 region or higher. Adjust TP and SL to your liking and/or trade attitude, the above are just suggestions.
This is in line with a previous idea on the formation and break-out of a rising wedge. (see links below)
This long move is considered a false break-out.
All feedback is appreciated.
This is in line with a previous idea on the formation and break-out of a rising wedge. (see links below)
This long move is considered a false break-out.
All feedback is appreciated.
Note
Both targets met due to the wedge break-out.The formation of the Gartley pattern was (unfortunately) never completed.
Trade closed: target reached
Both targets met due to the wedge break-out.Check also this idea for a better picture.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.