Hi guys,
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 1.1600 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 335 pips x 2 = 670 pips
Reward #1: 420 pips. R:R = 1:1.25
Reward #2: 680 pips. R:R = 1:2
Plan your trade... Trade your plan.
I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a bearish GARTLEY pattern @ 1.1600 in which i would have a sell limit in place and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 335 pips x 2 = 670 pips
Reward #1: 420 pips. R:R = 1:1.25
Reward #2: 680 pips. R:R = 1:2
Plan your trade... Trade your plan.
Trade active
@ 1.1600Note
Already 200 pips up guys but sit on your hands and let it play out towards Target 1! Good LuckNote
TARGET 1 HIT! +420 PIPS. MOVE STOP LOSS TO BREAK-EVEN, SHOOTING FOR THAT 2ND TARGET DOWN @ 1.0940
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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.