EURUSD W Bearish GARTLEY PATTERN @ 1.1600

Hi guys,

I actually studied the Gartley pattern from a book named "Trade What You See" by Pesavento. It uses the Gartley pattern in conjunction with the famous AB=CD pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.

Back to the trade idea, it is a bearish GARTLEY pattern @ 1.1600 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: 335 pips x 2 = 670 pips
Reward #1: 420 pips. R:R = 1:1.25
Reward #2: 680 pips. R:R = 1:2

Plan your trade... Trade your plan.

Transaction en cours:

@ 1.1600

Commentaire:

Already 200 pips up guys but sit on your hands and let it play out towards Target 1! Good Luck

Commentaire:

TARGET 1 HIT! +420 PIPS. MOVE STOP LOSS TO BREAK-EVEN, SHOOTING FOR THAT 2ND TARGET DOWN @ 1.0940