Last week closing was a BO of a potential triangle on the HR4/Daily.
As of now, market did already complete a potential bullish Gartley Pattern at 139.450 (psychological number) giving us a candle close of a hammer/hanging man. With that there could be a potential retest of the broken triangle/trend line before dropping once again for another bullish pattern completion.
I have now a bias on where next to enter LONG ofcourse with a target profit of TP1 and TP2, and also going for an extended targets as we have on our previous setup here on the GJ in the daily timeframe (check related ideas).
Take note of the next potential bullish setup a confluence between a Bat (88.60% XA) and a Butterfly (127.20% XA fib inversion) by which it is still conditional/initial as we already identify that the D completion of the Garley on the 78.60% Fib could also be the potential B point of the Bullish Butterfly Pattern by which we need a C point to retrace atleast the 38.20% giving us now a complete XABC butterfly pattern by which it is also the TP 1 of the Bull Gartley that is already completed giving us a winning LONG position on TP 1.
On the other hand.I can see that this could be a TRAP for those who are going to SHORT the market just looking upon on the BO and the like.
1. Bull Gartley Pattern (completed) : 139.450. Stops would be below the X point of the structure.
2. Bull Bat Pattern confluence with Bull Butterfly once validated (upon hitting tp 1 of the Bull Gartley - 38.20% of the AB leg of the Bull Butterfly XA leg): 137.40. Stops would be below the X point of the Bull Bat pattern or below the 161.80% XA of the Bull Butterfly pattern.
3. Bull Deep Gartley: 136.83. Stops below the structure's X point.
TP on all completion would be 38.20% and 61.80% respectively to a potential extended.
Enjoy and Trade with Care!!!!
Kommentar
⋅
Daily outlook 1:
Kommentar
⋅
Daily Outlook 2:
Kommentar
⋅
Hi guys we got invalid butterfly already as we retrace at the 88.60% giving us invalid pattern now. But could be a potential bullish deep crab pattern.
Kommentar
⋅
And take note to have a valid deep crab pattern market must retrace atleast the 38.20% of its AB leg.
Kommentar
⋅
If you have taken the Bull Gartley TP 1 is hit.
Kommentare
Jovescastoir
⋅
Thank you for the info. Great work! Very nice charts too. keep it coming~!
TheForexSamurai
⋅
@Jovescastoir, thank you for your feedback. It is much appreciated.