Hi guys,
Here is a bearish GARTLEY pattern @ 1287 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: 10.75 points x 2 = 21.50 points
Reward #1: 11.6 points. R:R = 1:1.1
Reward #2: 18.8 points. R:R = 1:1.75
Plan your trade... Trade your plan.
Here is a bearish GARTLEY pattern @ 1287 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: 10.75 points x 2 = 21.50 points
Reward #1: 11.6 points. R:R = 1:1.1
Reward #2: 18.8 points. R:R = 1:1.75
Plan your trade... Trade your plan.
Trade active
SHORT @ 1287Note
TARGET 1 HIT! NICE AND PAIN-FREE. PROFIT MADE: 11.6 POINTS. MOVE STOP LOSS TO BREAK-EVEN, LET THE TRADE PLAY OUT.Trade closed: target reached
FORGOT TO MENTION THAT TARGET 2 HIT A WHILE BACK! TOTAL PROFIT MADE ON THIS TRADE = +30.4 POINTS.
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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.