1. NZDUSD has been very bearish since breakout of the consolidation zone.
2. Price has tried to hold up near Previous Structure Low (Yellow) but failed
3. Price is now once again retesting this level and we look to Short inside the resistance zone (Blue zone)
A beautiful Gartley pattern completion right inside the Structure resistance Zone triggered our entry
Stop Loss above Previous Highs
TPs as shown
I’ve got a completed Gartley on NZDJPY, using a 1.27 extension of the ab leg for completion. It also seems to be finding resistance against the ema. If it turns out to be a successful trade I’ll be looking to take profits around 76.00 as this is an area of higher time frame support.
As a follow-up to my previous analysis, here’s what I’m looking at for #audjpy. I’ve got multiple patterns completing roughly in the same area. There’s ropey looking (but still valid!) butterfly and bat pattern’s but the most harmonic looking is the Gartley, with an ab=cd for confluence.
To be honest there’s a couple more patterns here too, but it already looks messy, and no one likes a messy chart!!
I got stopped out on my previous patterns (every day is a school day eh?!), but I now have a potential Bearish pattern forming, with an ab=cd pattern for extra confluence. Interestingly, the ab=cd pattern completes bang on the original TP1 level.
A big cup of coffee and continue with the studies. Great start of the day.
7 576:01 AM Mar 3, 2018
Again, I’ve got a pattern within a pattern finishing within pips of each other this time on USDJPY. I’ve got a large Bullish Gartley (Using a 1.27 extension for completion) and a smaller Bullish Butterfly pattern. Let’s see how this one plays out….
Again, another before and after this time on GBPNZD. Spotted the potential BAT first, then the GARTLEY (Which I used a 1.27 extension of the AB leg for completion). This trade has been testing me all day and the old me would have cut my losses instead of letting the trade develop.
Also, I have been doing some back testing to establish where I should be putting my stops and a week ago I would have been stopped out trying to achieve a ridiculous risk to reward ratio!
Tonight I’m looking at a completed bearish CHYPHER on USDJPY, which intererstingly enough also has a completed bearish BUTTERFLY pattern – but I haven’t really tested this yet.