NZDJPY: INSTALLATION OF A NEW TREND.
Updated
Hey, traders. We had a series of impulses in one direction forming the structure of NSH's and HL's. This is called trend. A trend is active untill we have a sign of reversal. In other words until priceaction breaks the structures. As you see on the chart above priceaction instead of making a HL made a NSL thus signaling us about the end of the uprend. I expect further movement to the south. I'm going to use this gartley as an entry technique. As usual for harmonic patterns stops need to be above X. My target her is about 1,272 XA extention (it is the same 1,272 if you invert fibs from A to X when using fib line tool)
Trade active
Hey, traders. Priceaction reached our entry-point so the sell was triggered. Right now we are slightly negative. Let's see if this trade turns a winner or loser)Note
technically the pattern was invalidated by priceaction hitting X-point. But I'm still in because my stops were not triggered.Note
Pattern traders, those of you who take the first target at 0,382AD - chaching. Priceaction already hit this level.Trade closed: target reached
Hey, traders. priceaction hit my initial target level, which is A-point retest. I closed half here and breakevened the other half. Now enjoy the risk free trade.Trade closed: target reached
Hey, traders. cha-ching. Both targets were hit. this trade gave us some pain first. Some quited it. But we were patient and followed our rules no matter what. So the discipline was rewarded. Congratulations to all of you who participated in this trade.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.