USDCAD: a Bearish Gartley on the Loonie Part II
This is an update to the trade idea linked under Related Ideas, where I had spotted a bearish Gartley pattern on the 4H timeframe of this pair. For a further description of that trade I refer to the link.
Since then the price printed a new C point for this pattern, widening the potential reversal zone (due to the shift of the AB=CD pattern which is a key harmonic level). Price has now travelled 50% from C towards the (updated) reversal zone.
The key characteristics of the trade have not changed. There are still 134 pips to be made (if this pair follows the script) and the trade still has a reward – risk ratio of 2.0!
Since then the price printed a new C point for this pattern, widening the potential reversal zone (due to the shift of the AB=CD pattern which is a key harmonic level). Price has now travelled 50% from C towards the (updated) reversal zone.
The key characteristics of the trade have not changed. There are still 134 pips to be made (if this pair follows the script) and the trade still has a reward – risk ratio of 2.0!
You don´t need to be a weatherman to know which way the wind blows - B. Dylan
