A unified gartley is about to complete on EURGBP , 30M. The swing identification algorithm is prex(12).
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.692and C-point is 0.676) has a higher probability for a reversal(uptill 0.522XA) rather than for a continuation (same distance in opposite direction). The exact probability numbers are 60.50% for a reversal and 39.50% for a continuation.
My personal approach is to trade this setup as a reversal. Buy order is placed at 0.786XA. Here 1.05XA is the STOPLOSS and 0.522XA is the TARGET.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach. Check the related educational ideas below this post to learn more about how I chose the direction of trading.
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.692and C-point is 0.676) has a higher probability for a reversal(uptill 0.522XA) rather than for a continuation (same distance in opposite direction). The exact probability numbers are 60.50% for a reversal and 39.50% for a continuation.
My personal approach is to trade this setup as a reversal. Buy order is placed at 0.786XA. Here 1.05XA is the STOPLOSS and 0.522XA is the TARGET.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach. Check the related educational ideas below this post to learn more about how I chose the direction of trading.
Commentaire:
C-point exceeded the 0.786AB. This changes the probabilties: 52.44% for a reversal and 47,56% for a continuation.
Ordre annulé:
price movement started earlier.:)
