XAU/USD: Potential Gartley Pattern
Potential formation of Gartley pattern, with 78.6% retracement of XA leg showing ratio confluence with 127.2% extension of AB leg. Might want to wait for an exhaustion candle or bearish divergence on RSI or any other type of conformation. Market is currently in the 4 hour resistance zone from 1229.89 to 1235.35 (marked by solid red lines).
Trade Setup:
1. Since this is a daily chart, maybe better to trade micro lots or use your trade management
2. Short at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips above the X point
4. The 1st target is 38.2% retracement of AD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of AD leg
Please confirm before trading this setup. Enjoy !!
Trade Setup:
1. Since this is a daily chart, maybe better to trade micro lots or use your trade management
2. Short at 127.2% extension of AB leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips above the X point
4. The 1st target is 38.2% retracement of AD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of AD leg
Please confirm before trading this setup. Enjoy !!
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.