AUDCAD H4 - Second chance of entry?
I was waiting for price to enter my potential reversal zone (yellow box) according to my trend continuation rules. Then I would have to wait for RSI to go overbought and price to put in a higher high higher close candle, and then enter long IF that were to happen. Price decided to tag my zone, and has now started to move to the upside.
Price did however retrace to a 61.8 fibonacci level, which puts me on Gartley alert.
If price can reach a 61.8 retracement measured from the top to where it tags my reversal zone AND price don't retest the high, then there's a second chance of entering aggressively in the trend direction using this Gartley for entry reason.
If price retests the top and comes back down to fill the Gartley, I will be taking conventional targets on this one.
If none of these scenarious happen, I simply won't be involved in the trade and will delete my analysis and wait for the next opportunity.
And remember:
Never place a trade without doing your own analysis AND following your own rules.
Price did however retrace to a 61.8 fibonacci level, which puts me on Gartley alert.
If price can reach a 61.8 retracement measured from the top to where it tags my reversal zone AND price don't retest the high, then there's a second chance of entering aggressively in the trend direction using this Gartley for entry reason.
If price retests the top and comes back down to fill the Gartley, I will be taking conventional targets on this one.
If none of these scenarious happen, I simply won't be involved in the trade and will delete my analysis and wait for the next opportunity.
And remember:
Never place a trade without doing your own analysis AND following your own rules.