Entry at 88,6%
-->don't rush your entry, wait for entry reason
-->example a higher high higher close candle on lower time frame
Take profit at 38.2%
Stop loss at 113%
Experiment Gartley Pattern on WTI Crude Oil - 1H chart
Rules:
1. AB strictly fall between range 0.618 - 0.768 retracement of XA
2. C point terminated between range 0.618 - 1 retracement of AB leg.
3. C cannot cross A level
4. D (Very Important) - Should be between 0.618 - 1 retracement of XA leg. However, I used Fibonacci Extension and pick D at 1.272 which is...
Entry at 88,6%
-->don't rush your entry, wait for entry reason
-->example a higher high higher close candle on lower time frame
Take profit at 38.2%
Stop loss at 113% or below previous structure (depends on your style of trading)
As we can observe on the daily chart, a super strong bullish engulfing pattern has formed. 1# candlestick is a dragonfly doji candlestick, with a very long lower shadow. 2# is a strong bullish candle, which confirms the strong dragonfly doji. This indicates, that a huge press from the buyers has emerged, in a short time.
This, combined witch the bullish trend...
Main trend is up and bearish h&s pattern formed, but If we stick with the trend we should expect higher prices to the upper channel.
Therfore i will wait price to reach the support zone and buy there after a clear reversal pattern will be formed.
If that what will happen it will tell me that h&s pattern is going to fail and price will shoot up.
Best of luck :-)
Deep Gartley pattern with good risk/reward ratio
Sell limit order pending @1.27 fibonacci extension of AB leg.
SL: 1.13 fib inversion of XA leg.
TP: 0.382, 0.618 of CD leg.
