BULLISH GARTLEY PATTERN ON USD/CHF
Updated
I had said to myself no to trading forex again but as i see the markets both in Europe and US so overbought and at high levels it was a chance to start trading forex again.
So to get to the point we have a bullish gartley pattern formed on daily timeframe.
TECHNICALLY
WE CAN SEE BOTH CHANNELS,MEANING THE SHORT-TERM DESCENDING CHANNEL AND THE MID-TERM ASCENDING CHANNEL.
RSI AT OVERSOLD LEVELS READY FOR A BOUNCE.
WE SEE ALSO THE HORIZONTAL RED LINES WHICH ARE CREATING THE DEMAND AND SUPPORT LEVELS.
ON 4H TIMEFRAME WE CAN CLEARLY SPOT BULLISH RSI DIVERGENCE AT THE DOUBLE BOTTOM FORMED.
POSSIBLE TRADE
FIRST TARGET T1 AT PREVIOUS CHANNEL LINE/RESISTANCE AND 200EMA 0,99200
SECOND TARGET T2 AT PREVIOUS HIGHS AND 61,8% FIB RETRACEMENT OF CD LEG 1,00800
STOP LOSS AT PREVIOUS LOWS AND SUPPORT AT 0,95400 LEVEL
THANKS FOR SUPPORT
HAPPY TRADING
So to get to the point we have a bullish gartley pattern formed on daily timeframe.
TECHNICALLY
WE CAN SEE BOTH CHANNELS,MEANING THE SHORT-TERM DESCENDING CHANNEL AND THE MID-TERM ASCENDING CHANNEL.
RSI AT OVERSOLD LEVELS READY FOR A BOUNCE.
WE SEE ALSO THE HORIZONTAL RED LINES WHICH ARE CREATING THE DEMAND AND SUPPORT LEVELS.
ON 4H TIMEFRAME WE CAN CLEARLY SPOT BULLISH RSI DIVERGENCE AT THE DOUBLE BOTTOM FORMED.
POSSIBLE TRADE
FIRST TARGET T1 AT PREVIOUS CHANNEL LINE/RESISTANCE AND 200EMA 0,99200
SECOND TARGET T2 AT PREVIOUS HIGHS AND 61,8% FIB RETRACEMENT OF CD LEG 1,00800
STOP LOSS AT PREVIOUS LOWS AND SUPPORT AT 0,95400 LEVEL
THANKS FOR SUPPORT
HAPPY TRADING
Trade active
Trade active
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A couple of pips already,nice price action so on..Trade active
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Better entry here because of better P/L ratio..Great bounce of the current levels showed.Happy trading!Note
As price action is showing we had a buliish Bat comletion pattern at 0.886 Fib retracement of XA leg..Go long from here targets T1 at 0.9800 and T2 0,99120..Happy trading guys.
Thanks for support!
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Let your trade go to work.Some nice reaction of the lows here and already in profit.Always be patient and stick to your plan!Happy trading and happy profits guys!
Trade active
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I love my work...Nice profits guys!I hope you joined on that.
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Still active and profitable..Patience is a virtue.Trade active
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Trade still valid..
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