Hi Traders,
There are two trade setups I have identified on this pair, one long and one short.
The bullish 2618 setup is as follows:
Entry - 1.33430
Stop - 1.32950
Target 1 - 1.33930
Target 2 - 1.34180
The bearish Gartley setup is as follows:
Entry - 1.34010
Stop - 1.34450
Target 1 - 1.33670 (at the 38.2% retracement of the CD leg)
Target 2 - 1.33440 (at the 61.8% retracement of the CD leg)
I haven't left the CD fib retracement on the chart as there would be too many lines, we need to see what we are doing!
These two setups are not mutually exclusive however we must hit the 2618 long before moving higher into the Gartley entry. If we close above 1.33950 without a chance to enter the 2618 I will no longer be looking for that trade.
Good trading,
Luke
There are two trade setups I have identified on this pair, one long and one short.
The bullish 2618 setup is as follows:
Entry - 1.33430
Stop - 1.32950
Target 1 - 1.33930
Target 2 - 1.34180
The bearish Gartley setup is as follows:
Entry - 1.34010
Stop - 1.34450
Target 1 - 1.33670 (at the 38.2% retracement of the CD leg)
Target 2 - 1.33440 (at the 61.8% retracement of the CD leg)
I haven't left the CD fib retracement on the chart as there would be too many lines, we need to see what we are doing!
These two setups are not mutually exclusive however we must hit the 2618 long before moving higher into the Gartley entry. If we close above 1.33950 without a chance to enter the 2618 I will no longer be looking for that trade.
Good trading,
Luke