UPDATE #4: EURUSD:All Roads Lead to Wave 3. Focus On The Gartley
What I wanted to do here was to focus in solely on the Gartley that has just completed (at the .786 point. Not the .886 point which I know is also a Gartley level). I wanted to examine it further and more in depth to try to pinpoint as best I can if and when prices would turn.
Here's what I found:
1. There is a AB=CD pattern from the A point to the D point. That pattern completes at 1.08753. The .786 Gartley completion point is at 1.08758. Only a 5 pip difference.
2. The internal wave structure of the Gartley is impulse-ccorrection. XA = 5 wave impulse. A to D = combo wave flat-3-flat (flat correction).
3. Of course this Gartley and prices are now well within the "Goldilocks Zone" where prices are most likely to turn.
Although this Gartley (.786 Gartley) does not finish at the bottom trend line of the larger triangle, given the AB=CD pattern having confluence with this Gartley's D point, it would justify a good point to take a LONG position for a possible ride up the along the CD leg of the larger Bearish butterfly (seen on the 4Hr Chart below and in previous posts). Just keep in mind the PRZ of this Gartley and place stops accordingly.
I am taking a long position at this point as opposed to waiting on the .886 Gartley ending point. The PRZ for this is not so large and the risk:reward is needless to say....very good.
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Here's what I found:
1. There is a AB=CD pattern from the A point to the D point. That pattern completes at 1.08753. The .786 Gartley completion point is at 1.08758. Only a 5 pip difference.
2. The internal wave structure of the Gartley is impulse-ccorrection. XA = 5 wave impulse. A to D = combo wave flat-3-flat (flat correction).
3. Of course this Gartley and prices are now well within the "Goldilocks Zone" where prices are most likely to turn.
Although this Gartley (.786 Gartley) does not finish at the bottom trend line of the larger triangle, given the AB=CD pattern having confluence with this Gartley's D point, it would justify a good point to take a LONG position for a possible ride up the along the CD leg of the larger Bearish butterfly (seen on the 4Hr Chart below and in previous posts). Just keep in mind the PRZ of this Gartley and place stops accordingly.
I am taking a long position at this point as opposed to waiting on the .886 Gartley ending point. The PRZ for this is not so large and the risk:reward is needless to say....very good.
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
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Website: efxselect.com
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