USDCAD - Potential Bullish Gartley
Updated
There was a break of the bearish flag on the 1H (see orange lines) and there was a break of B leg of the potential Bullish Gartley Formation on 4H on USDCAD.
This is interesting opportunity because if you look left you will see that market ended the sequence of NSL and OR also known as a bearish trend.
There was a NSH at 9th May that signaled for a bullish rotation and there was an OR(X leg for the Bullish Gartley) followed by NSH - this is a confirmation for new bullish trend in play.
So we can take the potential Bullish Gartley as a reason for entry and hopping on the bullish trend.
We will enter right @ D completion or 1.272% of AB, but you can look carefully and see the bearish flag(you will see it better on 1H) so be careful with your targets on that flag - because there should be lower from D point if you go for equal measured move for target on that flag.
I will shoot for 0.382 for target 1 and a retest of A leg for 2nd target but you can still go for conventional targets. If you look to the left once again you will see previous NSL - a structure level, stops will be below it. - there is a breathing room for the stop.
Entry @ 1.2837
Min Stop @ 1.2723
Initial Target 1 @ 1.2970
Initial Target 2 @ 1.3052
Good Luck!
This is interesting opportunity because if you look left you will see that market ended the sequence of NSL and OR also known as a bearish trend.
There was a NSH at 9th May that signaled for a bullish rotation and there was an OR(X leg for the Bullish Gartley) followed by NSH - this is a confirmation for new bullish trend in play.
So we can take the potential Bullish Gartley as a reason for entry and hopping on the bullish trend.
We will enter right @ D completion or 1.272% of AB, but you can look carefully and see the bearish flag(you will see it better on 1H) so be careful with your targets on that flag - because there should be lower from D point if you go for equal measured move for target on that flag.
I will shoot for 0.382 for target 1 and a retest of A leg for 2nd target but you can still go for conventional targets. If you look to the left once again you will see previous NSL - a structure level, stops will be below it. - there is a breathing room for the stop.
Entry @ 1.2837
Min Stop @ 1.2723
Initial Target 1 @ 1.2970
Initial Target 2 @ 1.3052
Good Luck!
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