TRYGBP bearish Gartely supported by long term resistance
CD leg with a 1:1 ratio with the XA leg falls into the blue region shown on the graph (which is also a confluence of the 0.786 retracement and 1.272 extension, so will look for this as an entry point.
Stop loss is based on previous structure support as shown by the horizontal red line.
Not only is this a nice Gartely, but we also have the entrance point on the line of long term resistance, as shown by the black line (zoom out to see more). For this reason, we may see a much larger drop than the initial price targets.
RSI is nearing an overbought state.
Stop loss is based on previous structure support as shown by the horizontal red line.
Not only is this a nice Gartely, but we also have the entrance point on the line of long term resistance, as shown by the black line (zoom out to see more). For this reason, we may see a much larger drop than the initial price targets.
RSI is nearing an overbought state.
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I am closing this trade because I am concerned that the break of the long term resistance line will have a stronger effect on the market than this Gartley.
