Confirmation:
Market Structure: The chart highlights a first weekly lower high and first weekly lower low, reinforcing a bearish trend.
Daily Fair Value Gap (FVG): Could serve as an additional target for the price.
Risk-to-Reward Ratio (RRR): The trade appears to have a favourable RRR, with an optimal entry around D.
1. Long Position (Counter-Trend Trade from C to D)
Trade Setup:
Entry: At point C, around the 0.882 Fibonacci retracement level.
Stop Loss: Below point A, ensuring protection against further downside.
Take Profit:
TP1: 38.2% retracement of the C-D leg.
TP2: 61.8% retracement of the C-D leg.
TP3: Full extension to point D (0.786 - 0.886 Fibonacci level).
Confluences for the Long Position:
✔ Bullish reaction at 0.882 retracement (potential demand zone).
✔ Daily Fair Value Gap (FVG) below adds liquidity, possibly supporting the price.
✔ Favorable risk-to-reward ratio (RRR).
2. Short Position (Bearish Reversal from D)
Trade Setup:
Entry: Around point D (between 0.786 - 0.886 Fibonacci retracement level).
Stop Loss: Above point X (invalidates the bearish Gartley setup).
Take Profit:
TP1: 61.8% retracement of the D-C leg.
TP2: B-point level.
TP3: Full retracement back to A (major structure level).
Confluences for the Short Position:
✔ Bearish Gartley completion at D.
✔ Key Fibonacci confluence at 0.786 - 0.886 retracement.
✔ Market structure suggests a lower high in a downtrend (weekly bearish trend continuation).
Pattern Type: Bearish Gartley
Key Levels:
X to A: Initial impulse move
A to B: Retracement to 61.8% Fibonacci level
B to C: Retraces deeper, around 88.2% Fibonacci level
C to D: Final leg completing at the 78.6% to 88.6% Fibonacci level
Market Structure: The chart highlights a first weekly lower high and first weekly lower low, reinforcing a bearish trend.
Daily Fair Value Gap (FVG): Could serve as an additional target for the price.
Risk-to-Reward Ratio (RRR): The trade appears to have a favourable RRR, with an optimal entry around D.
1. Long Position (Counter-Trend Trade from C to D)
Trade Setup:
Entry: At point C, around the 0.882 Fibonacci retracement level.
Stop Loss: Below point A, ensuring protection against further downside.
Take Profit:
TP1: 38.2% retracement of the C-D leg.
TP2: 61.8% retracement of the C-D leg.
TP3: Full extension to point D (0.786 - 0.886 Fibonacci level).
Confluences for the Long Position:
✔ Bullish reaction at 0.882 retracement (potential demand zone).
✔ Daily Fair Value Gap (FVG) below adds liquidity, possibly supporting the price.
✔ Favorable risk-to-reward ratio (RRR).
2. Short Position (Bearish Reversal from D)
Trade Setup:
Entry: Around point D (between 0.786 - 0.886 Fibonacci retracement level).
Stop Loss: Above point X (invalidates the bearish Gartley setup).
Take Profit:
TP1: 61.8% retracement of the D-C leg.
TP2: B-point level.
TP3: Full retracement back to A (major structure level).
Confluences for the Short Position:
✔ Bearish Gartley completion at D.
✔ Key Fibonacci confluence at 0.786 - 0.886 retracement.
✔ Market structure suggests a lower high in a downtrend (weekly bearish trend continuation).
Pattern Type: Bearish Gartley
Key Levels:
X to A: Initial impulse move
A to B: Retracement to 61.8% Fibonacci level
B to C: Retraces deeper, around 88.2% Fibonacci level
C to D: Final leg completing at the 78.6% to 88.6% Fibonacci level
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.
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.