It seems we have a probable LONG trade possibility on this pair, based on the following factors:
Elliott wave count suggests a wave 3 has almost been completed and is on the last price action through to the wave 3 target. Pattern structure has been broken for a small upwards move (to target 1 and/or 2) before it continues downward. Stochastic suggests a possible downward move, however looking at previous performance (around the 7th to 10th of February) seems to suggest a possible upward move before a downward move. RSI suggests more upwards movement before a downward move.
Additionally, we have what seems to be a BULLISH Cypher harmonic pattern forming, confirming an upwards move, where I have marked 2x targets. First target is at a channel trendline and the second target is at a conservative cypher pattern target. Either target could be hit, prior to a downwards move towards the completion of a wave 3 count.
---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
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@ForexisbizFib, Hi mate, here is some great information you can use to help in understanding of Harmonics (Gartley), compliments from my friend Alexander
Gartley Harmonic Pattern:
*Fibonacci retracements (61.8% and 78.6%)
*Fibonacci extension (127.2%)
Gartley Tactics:
*Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points (X, A, B, C, D) that fulfill the formation.
Rules of engagement: Criteria 1
The Gartley Advanced formation starts with an impulse leg/anchor leg that establishes our X and A points.
Once X and A points have been identified, we then look for our first criteria.
Criteria 1: The market forms the B completion point by fulfilling at least a 61.8% retracement of the XA leg.
Note: AB move remains valid as long as there is at least a 61.8% retracement of XA and that it does not touch the 78.6% retracement of XA. Only candlestick is calculated here. Candle close is not important.
Rules of engagement: Criteria 2
If criteria 1 has been met, then look for criteria 2.
Criteria 2: The market forms the C completion point by fulfilling at least a 61.8% retracement of the AB.
Note: BC move remains valid as long as there is at least a 61.8% retracement of AB and that it does not touch the 88.6% retracement of AB. Only candlewick is calculated here. Candle close is not important.
Rules of engagement: Criteria 3
If criteria 1 and 2 have been met, then look for criteria 3.
Criteria 3: The market forms the D completion (entry point) by fulfilling a 127.2% extension of AB.
Note: D point never extends past X.
Trade management: Entry, stops & targets.
Gartley Entry: Limit order is placed at D completion point.
Gartley Target 1: 38.2% retracement of AD leg. When attained half of the position closes & stop moves to breakeven.
Gartley Target 2: 61.8% retracements of AD leg.
Gartley Stop placement: Stop always goes past X. Either 113% XA extension, or 1 ATR beyond X, or 1 to 1 measured distance to the first target.
ForexisbizFib
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@PietroCasoar, hi mate. Thanks for the tips. Really appreciate it alot.
I have subscribed to your feed. Looking forward to your great analysis.
Is it possible to become gartley?
Pls advise as I'm not familiar with harmonic..
Thanks