AUDUSD - Possible Gartley completion and false break-out

13 בדצמ׳ 2016

A Gartley pattern can be completed at the 0.75433 level so, we use this as an entry point and place TP at the 38.2% and 61.8% of the AD leg at 0.74537 and 0.73984 respectively. SL around the 0.75900 region or higher. Adjust TP and SL to your liking and/or trade attitude, the above are just suggestions.

This is in line with a previous idea on the formation and break-out of a rising wedge. (see links below)
This long move is considered a false break-out.

All feedback is appreciated.

15 בדצמ׳ 2016

הערה

Both targets met due to the wedge break-out.

The formation of the Gartley pattern was (unfortunately) never completed.

16 בדצמ׳ 2016

עסקה סגורה: היעד הושג

Both targets met due to the wedge break-out.

Check also this idea for a better picture.