NZDUSD Bullish Gartley

5 gru 2016

Here we have a Bullish Gartley on the 60 minute chart, it also shows well on the 4 hour chart. The main X and A coordinates are taken from the points at which each respective price was most commonly rejected, as illustrated by the wicks of the candles. Price rejection is then followed at the 61.8% and 88.6% marks respectively, as required for this specific pattern. The pattern completes at .7013, where we will be looking to take a long entry with our stop loss slightly below the X point. Price has recently approached support after completing the cycle of an Elliot wave, adding to the expectation of another bounce north, in the direction of the original impulse.

Gartley ratios

AB: 0.618
BC: 0.382-0.886
CD: 1.27-1.618
XD: 0.786