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NZD/USD A Classic Bearish ABCD Pattern 30 minPrice has been making lower lows the last few days. There is a nice Rally-Base-Drop zone at .6780-.6790. This coincides with a a potential ABCD completion in the middle of that zone. We also have a fib .886 retracement in the mix as well. This presents us with a low risk high probability trade. I'm looking to go short around .6786, my stops at .6795, and target back down to .6738. If you are looking for a secondary target you can look for the 1.27 ext on the X to A leg of the move. That lines up with the .6700 handle. You could put your stop just above the .6800 even handle as well. Good luck trading out there.
Short
by ChrisThein
USDJPY 30min Bearish Gartley PatternA potential short opportunity at the completion of a bearish gartley pattern. To have a valid gartley pattern I look for a 0.618 fibonacci retracement of the XA leg which is the point B. Then I need at least a 0.618 fibonacci retracement from the AB leg but not beyond point A. This gives me the point C. At last I look for entry at the 1.272 fibonacci extension of the AB leg. I enter with 2 positions. Stops need to be above the X point. My target 1 is at the 0.382 fibonacci retracement from A to D. Target 2 is at the 0.618 retracement from A to D.
Short
by dule85
4
Gartley Pattern, USD/CAD, 30In order to recover from my loss on USD/CAD, I have found a Gartley pattern in the market at around 1.20090. this pattern looks pretty strong and i predict that the market will reverse to the 1.618 extension of the BC leg of the Gartley pattern. I have placed my short as high as I would consider the pattern effective, and my stop at the top of the Garltley pattern. Obviously my limit is placed at the 1.618 extension of the BC leg, leaving us a roughly 2:1 risk reward ratio. if the market rallies higher than the stop, there is a chance for a deep crab pattern, so check back in for a market reversal. As always, don't forget to like, comment and follow. Good Trading!
Short
by Kylan_Laymance