EURUSD H1 Bearish Gartley Pattern

22 Jun 2011

Bearish Gartley on EURUSD Hourly Chart.

• B point at 0.618XA retracement.
• C point at 0.500AB retracement.

In this pattern, PRZ zone is define by a convergence of 0.786XA retracement and 1.41BC retracement at 1.4400. While AB=CD at 1.4450 complement the limit for the PRZ zone.

 This setup also posses pattern within a pattern formation.In 5M chart we could see a bearish deep crab pattern which formed in the CD leg of hourly bearish gartley.PRZ for 5M deep crab limit by 2.00BC at 1.4440.

Trade Details :
Entry 1 : 1.4400
SL        : 1.4450 (50 pips)
TP       : 1.4295 (105 pips)



 This trade will return at least 1:2 risk reward ratio.Remember that we still got 5M bearish deep crab which is not yet complete.I had enter 2/3 of my position on the retest of hourly bearish gartley leaving 1/3 position if price action needed to retest 5M bearish deep crab before reversal had been done.

UPDATE

1/3 of my position triggered on the retest of 5M deep bearish crab.

Trade Details :
Entry 2 : 1.4430
SL        : 1.4450 (20 pips)
TP       : 1.4210 (220 pips)






23 Jun 2011

Exit Entry 1 at 1.4320 with 82 pips profit. We have bullish ABCD on hourly chart and price action is testing demand zone at 1.4290-1.4320.

Deep Bullish Crab On M5 Chart. Price action is testing PRZ zone 1.4290-1.4300.

Exit Entry 2 at 1.4306 with 124 pips.

Total profit : 206 pips.

Posted in: Bearish,Crab,EURUSD,Gartley