AUDUSD - Possible Gartley completion and false break-out
Updated
A Gartley pattern can be completed at the 0.75433 level so, we use this as an entry point and place TP at the 38.2% and 61.8% of the AD leg at 0.74537 and 0.73984 respectively. SL around the 0.75900 region or higher. Adjust TP and SL to your liking and/or trade attitude, the above are just suggestions.
This is in line with a previous idea on the formation and break-out of a rising wedge. (see links below)
This long move is considered a false break-out.
All feedback is appreciated.
This is in line with a previous idea on the formation and break-out of a rising wedge. (see links below)
This long move is considered a false break-out.
All feedback is appreciated.
Note
Both targets met due to the wedge break-out.The formation of the Gartley pattern was (unfortunately) never completed.
Trade closed: target reached
Both targets met due to the wedge break-out.Check also this idea for a better picture.
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