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Bearish Gartley

CADCHF is resting this week CAD/CHF 's Double top formation on the Daily chart has finished forming around the .78 level; market has failed to create a higher high while respecting that long-term resistance level. For Elliot Waves, the market has been patiently making the 123 impulse wave pattern, and now it has to go south in order to form the 4th wave. the 4th wave may go down as long as it does not interfere with wave 1's range. this is valid for .382 and .50 Fibonacci levels of the 123 major upwards move. In addition, the Gartley formation (XABCD) adds confluence to our logic by suggesting to go short after the D point (around .78 level) Taking Profits: Traders are advised to take 50% of the profits around TP1= 0.754 while keeping the other half open until hitting TP2= 0.746
Short
by adamwillis
EURNZD - Bearish Gartley PatternAnother completed pattern ending with a bearish neutral daily candle for EURNZD. RSI has hit overbought level, may have a chance for reversal but we do not have a clear signal to short yet. R:R is 1.3 (TP1) and 2.2 (TP2). Use lower time frames (H4 and H1) for better entry points, suggest to wait for price to at least get back to PRZ before shorting. Once again, exercise risk management. Adjust your lot size as we are looking at daily charts, SL is higher.
Short
by lyl89
1
USDCAD - Bearish GartleyUSDCAD is on the last leg up to completing a bearish Gartley formation between 1.27313 and 1.27373. On the way up USDCAD put in a 61.8% Fib retracement, which predicts a 1.318% extension which we have used as the top of our kill zone. A Gartley pattern should complete around the 78.6% retracement of the X-A move, which lines up nicely with our 1.272% Fib inversion level. This Fibonacci confluence together with the completion of a profitable pattern gives us great confidence in taking this short position. Keep and eye on USOIL and adjust targets accordingly. Stop will be above 1.27450.
Short
by Mase_00_7
6
Potential Bearish GartleyFOREXCOM:GBPUSD Has been consolidating within a tight range for the last few hours and is setting up a potential Bearish Gartley pattern within that range. If the pattern should complete then I would be looking for a selling opportunity back into the lower support lines of the channel/range. If the pattern does complete, I would be looking for an entry condition within my kill zone - the red rectangle (double top, double top followed by a lower low lower close candle) Alternatively, as harmonic patterns are said to be highly successful (I've heard, still back testing but forward testing has been quite promising), aggressive entry at completion or slightly lower is another entry option. I'm highly partial to conservative wait for confirmation approaches at the moment so... Not withstanding, I have gone with an aggressive entry approach on this chart to see how that plays out. Reward-Risk here is 1:1. There's UK Construction PMI data out at 9:30 am and US ADP Non-Farms Employment Change at 13:15 pm (UK times) - apparently a precursor to the all mighty Non-Farms due this Friday 4th so be careful in all your USD and GBP trades today. I think Cable has done exceptionally well over the past month for the bulls, and while I remain bullish to completion of the Inverse Head and Shoulders at measured target (not drawn out here), I think cable is due a breather of some sort. This might be the setup for that breather.
Short
by scorpiousg
Potential Gartley on the USDCADAttempting to jump on the bearish trend we have seen on the USDCAD over the past few weeks. Price is putting in a complex pullback creating a Gartley Pattern at the 1.2700 psychological number. This pattern forms within the previous structure high and outside return meaning i will take this trade with extended targets down at a retest of previous structure low. I will get involved if price rises to entries or if i am given another entry technique earlier. Predictive then Reactive
by thomas_latty