Potential for a bullish gartley on EURUDS daily

5. Juli 2017

I spotted what I believe to be the XA move of a bullish Gartley pattern with the AB move just starting on the EURUSD daily chart. If I am correct on my XA identification, then we are about 25% into the AB move, which means this is a long shot at a pattern completion. With this setup, I would get long at 1.0760, with stops at 1.0540, and profit target at 1.1438. This trade is looking at a total risk of 220 pips and a reward 678 pips, giving us a risk/reward ratio of 3.08. If the AB move goes past 1.0888, then this trade setup is invalid.

14. Juli 2017

Kommentar

With the recent market close above point A, this trade setup is invalidated. It was a long shot at the onset, but now it's off the table. There is still possibility for a counter trend trade here as the market could retrace back to around 1.1300 so shorting at 1.1461 might be viable as we seem to be up against historical resistance.