Not a lot on my radar this morning which is perfect seeing how Monday’s are typically days where I let the markets wake up after the weekend. One pair that I’ve been continuing to watch closely has been the EURUSD which has provided a lot of opportunity over the past month or so.
The chart before you shows a potential bullish Gartley pattern completing extremely close to the “X” leg. As I shared with my Syndicate members in this morning’s trading video, this is a really good thing, because it puts us in a situation where we don’t have to risk as much and can potentially receive a greater reward if the trade goes in our direction.
I usually don’t take patterns too seriously until the “B” leg is broken so there may be a few bullish opportunities beforehand, but that’s something I won’t be interested in until tomorrow. Good luck in the markets this week traders and as always, if you like this post PLEASE HIT the THUMBS UP button, and if you have any question, comments or would like to share your views on this pair don’t hesitate to type in below.
Akil Stokes Chief Currency Analysis at Trade Empowered
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Hey Akil just want to say thanks for being a winner, although that has little to do with the EurUsd analysis, I personally appreciate the free content, I would assume that's your way of giving back, may success hover over every aspect of your life!
Akil_Stokes
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thank you, and yes giving back is one of the reasons that I chose the trading education business over the money management business
The_Cannalyst
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thx for sharing...i have a bit different view... At the moment i see on the one hand the chance for a double bottom with basis 1,08. The target of this formation is 1,1425. -Above 1,1425 there is enough place to make a new high at 1,18. (orange counting)
On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92
Akil_Stokes
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Thanks for sharing, I think it's important to see all types of views. After all there are thousands of ways to be successful in this field
Green-Trees
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Hey Akil, did you enter any trade at all for this pair?
Akil_Stokes
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I'm long on a day trade that I executed today, but the gartley pattern above has not yet completed. We're about 40pips away from the D point
TimBrent
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just a question: this isnt a gartley is it? because the retracement of X-A has to be 618 and A to C has to be .886 and the X to D point has to be .786 right? then its a gartley? i've got a photo just to make my point clear.
Akil_Stokes
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What you have is indeed a gartley as well, we just have slightly different rules
TimBrent
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your saying you dont stick so much to the pattern rules and looking more for structures?
Akil_Stokes
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No, not saying that, just saying that the rules that I'm using for the Gartley pattern are different than the ones that you are using.