NZD/USD - Gartley 886
Updated
Interesting situation on the 15m chart for NZD/USD just before market close. We've got a valid bearish gartley 886 that completed earlier today, price has now retested the same area and opened up a potential short.
The measurements for a valid gartley pattern are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.13 - 1.618
Final X to D: 0.786 (0.886 due to AB=CD completion)
Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement.
If we execute the trade, allow more room for the stop loss than usual... Between 1.0 and 1.13 of XA (beyond X).
Hold off on entry for now until we get a clear signal.
Thanks for your support as always!
The measurements for a valid gartley pattern are detailed below.
B: 0.618
C: 0.382 - 0.886
D: 1.13 - 1.618
Final X to D: 0.786 (0.886 due to AB=CD completion)
Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement.
If we execute the trade, allow more room for the stop loss than usual... Between 1.0 and 1.13 of XA (beyond X).
Hold off on entry for now until we get a clear signal.
Thanks for your support as always!
Note
Market open is soon, I'd like for you all to pay attention to the ascending channel on the 5m chart.We'll see if price gaps at the open, this will be beneficial in determining short-term direction depending on direction.
Trade opportunity is still valid, keep it on the watch list!
Note
Prices are driving higher, I'm still sidelined for now as I'm not convinced by current price action to execute a short position. We may see price form a bearish crab at a 1.618 of XA instead... Still paying attention to the current structure.
It's late here in the U.K so this may be the last update for tonight... If I execute the trade I will update the idea.
Note
Looking for a break lower, price re-tested the PRZ and downside is highly likely.Note
Price is sitting on support right now, expecting a breakdown followed by a continuation to the downside.Note
First target achieved at 0.382, to those in the trade I would move your SL to break even and consider reducing position size.The next target at 0.618 is in sight!
Trade closed: target reached
To those holding, close your position as I now look towards AUD/NZD and NZD/CHF.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.