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XRPUSD formed a bearish gartley | A good short opportunity
With the formation of bullish gartley pattern which I have published in my previous below idea:
The price action was also forming another bearish harmonic gartley pattern and now it is entered in potential reversal zone to hit the targets soon insha Allah.
But MACD is strong bullish and Stochastic is also bullish and did not give bear cross sofar moreover the Volume profile of complete pattern is showing that the traders are still interested to trade above the potential reversal zone but not above the resistance line.
So for secure trade we can wait for MACD to turn weak bullish from strong bullish or for Stochastic to give bear cross then by and the PRZ area or the resistance line can be used as stop loss in case of complete candle stick closes above the PRZ or resistance, coz if the resistance or PRZ will be broken then D leg can be extended from 1.27 to 1.618 fibonacci to form a bearish butterfly pattern and this gartely can be invalidated.
I have used Fibonacci sequence to set the targets:
Sell between: 0.25975 to 0.26308
Re-Buy can be between: 0.25713 to 0.25083
Enjoy your profits and regards,
Atif Akbar (moon333)
The price action was also forming another bearish harmonic gartley pattern and now it is entered in potential reversal zone to hit the targets soon insha Allah.
But MACD is strong bullish and Stochastic is also bullish and did not give bear cross sofar moreover the Volume profile of complete pattern is showing that the traders are still interested to trade above the potential reversal zone but not above the resistance line.
So for secure trade we can wait for MACD to turn weak bullish from strong bullish or for Stochastic to give bear cross then by and the PRZ area or the resistance line can be used as stop loss in case of complete candle stick closes above the PRZ or resistance, coz if the resistance or PRZ will be broken then D leg can be extended from 1.27 to 1.618 fibonacci to form a bearish butterfly pattern and this gartely can be invalidated.
I have used Fibonacci sequence to set the targets:
Sell between: 0.25975 to 0.26308
Re-Buy can be between: 0.25713 to 0.25083
Enjoy your profits and regards,
Atif Akbar (moon333)
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