Bearish Gartley Nvidia
Your X-A starts this W (Bearish Gartley) pattern.
Using your X-A fib retracement, measure B point. Your B point needs to reach the .618 and reject, a bit over is fine, but cannot reach the .786. Here we hit a hair over the .618 fib and reverse (White Fib)
Using your A-B retracement, measure your C point. This can be from .38-.88 A-B. Here we base and reverse up at the .786 (Yellow Fib)
Now we are on the C-D leg. if we are in calls, our first target price is the neck line (over the B point) in the pattern. This leg will end between .786-1.27 A-B. Here we rejected right above the 1 (grey fib)
Entry could be on this 15 minute close and reject, a safer entry would be an hour and 45 minutes later when we attempt to retest the 1 Fib and fail.
We now are using the Blue fibs (C-D leg) to time our exit. To be safe, take some off at the .23, which is a 5 point move, take some off at the 38 (10 point move). Final target price is the .68, but unfortunately we did not make it there.
All in all 10 contracts would have netted 50-60 percent, if you sold 25% at the 23, 50% at the 38, and held a few runners with a stop for the .68.
Using your X-A fib retracement, measure B point. Your B point needs to reach the .618 and reject, a bit over is fine, but cannot reach the .786. Here we hit a hair over the .618 fib and reverse (White Fib)
Using your A-B retracement, measure your C point. This can be from .38-.88 A-B. Here we base and reverse up at the .786 (Yellow Fib)
Now we are on the C-D leg. if we are in calls, our first target price is the neck line (over the B point) in the pattern. This leg will end between .786-1.27 A-B. Here we rejected right above the 1 (grey fib)
Entry could be on this 15 minute close and reject, a safer entry would be an hour and 45 minutes later when we attempt to retest the 1 Fib and fail.
We now are using the Blue fibs (C-D leg) to time our exit. To be safe, take some off at the .23, which is a 5 point move, take some off at the 38 (10 point move). Final target price is the .68, but unfortunately we did not make it there.
All in all 10 contracts would have netted 50-60 percent, if you sold 25% at the 23, 50% at the 38, and held a few runners with a stop for the .68.
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