a potential gartley pattern points to a powerful zone that may act as a resistance. Keep in mind that harmoinc patterns always give two scenarios: 1) a bounce from the zone 2) a break through the zone. No harmonic patterns are traded with limit orders. Wait for price to test all the levels first and show the stabilization before you execute your orders. as for the probabilities, scenario #1 has a higher probability than scenario #2 simply because consolidation and bouncing from levels is a more common (70%) phenomena than trending and breaking (30%). I mark this idea as neutral for you to keep your mind open to both possibilities.
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now the pattern is complete-terminal bar is installed.
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The terminal price bar's high was broken by a bull trend bar. This set up secenario #2:
Trade fechado: objetivo atingido
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textbook scenario #2. 1.13XA target level is reached.
@yenomlc, very bullish just because of the h&s but i dont think we will go past the resistance (blue line ) ..... we will bounce off and continue the down trend.
Alexander_Nikitin
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@yenomlc, Stop promoting your ideas in my threads. They have no relevance to what I post
Buckz
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USDJPY is going to test some peeps broker accounts this week. Leaving this one alone for today.
Alexander_Nikitin
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@Buckz, well, we never know what's going to happen next... and we don't need it in order to make money. don't you think?
does this mean you activated a long position Mr. Nikitin? or will you wait for another signal?
Alexander_Nikitin
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@Jrodriguez17, I never buy a naked breakout. I wait for a retracement and a confirmation that the broken resistance turns into a support. Usually it is price coming back to the zone (no bear trend bar should break it to the downside) and installing a bull trend bar.