Hey traders! Short lesson in wave theory and pattern analysis here. Advanced patterns and EW theory are great supplements to one another. I find that the most successful advanced patterns are "pieces" of waves and that each pattern correlates directly to a corresponding wave count. I like the Gartley for trading zig-zags because we can target higher targets than the XA termination of the advanced pattern. Here, a Gartley could complete to spark the rally to the end of a zig-zag. From target, we can either continue into a double zig-zag or continue the drop toward bearish targets. Happy trading!
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This one's filled, everybody. Let her ride!I've moved my SL to B/E
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T1 Achieved! Excellent price action out of the PRZ as predicted by the EW count. EW correction + Gartley pattern can be a powerful combinationTrade closed: target reached
That's all folks! Nice victory on a 5:1 48 pip run. I added more at the completion of a triangle reversal, see below:
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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.