AUD/USD 60 Minute Chart With A Bullish Gartley Pattern
Following on from my previous post about the Bearish Bat pattern forming on this pair on the Daily Chart, I decided to step down several timeframes to see if there are any shorter term setups available.
Well, guess what… On the 60 minute chart, there appears a Bullish Gartley pattern.
The following features makes it an almost perfect pattern:
- There is a AB retrace to the 61.8% level of the XA leg
- BC retraces to the 61.8% level of the AB leg
- AB Fibonacci 127.2% extension ends up close to the 78.6% retrace level of the XA leg
- BC 141.4% retrace level ends up also close to the 78.6% retrace level of the XA leg.
Unfortunately, it seems that price has already bounced off Point D and I seem to be too late in taking this trade.
Anyway, my trade plan for this, if it comes true is as follows:
- Wait for a double bottom, where price retest the point D again.
- Look for bullish divergence on the RSI
- If the above occur, then place buy order
- Stop loss will be 20 pips below Point X
- Target 1 at 38.2% retrace level of AD
- Target 2 at 61.8% retrace level of AD
Happy Pip Hunting to All!
AUD/USD 60 Minute Chart with Bullish Gartley Pattern Updated
Unfortunately, as you can see from the pic above, AUD/USD has moved higher without coming back down to form the Double-Bottom as I had hoped for. Nonetheless, it shows the power of Fibonacci Ratio confluence and Harmonic Patterns.
Well folks, its back to the drawing board for me.