Update on previous Gartley idea combined with new idea on setups to add longs in anticipation of continnuation of a possible new imulse wave up.
One trendline was broken and re-tested so the options imo are:
(1) I will add longs at possible fib. retracements (0.618 is preferred and common for a possible wave (1)). Smaller TF harmonic patterns might confirm additional long opportunities at the 0.786 and 0.886 retracements.
(2) Or I will buy the breakout of the dashed line (and or break above the high of the possible wave (1) (watch out for an irregular flat option with a B above the wave 1 high though...))
(3) Or better even: a combination of both options (1) and (2), with a deep retracement first and a breakout to follow!
All SL's should be below the level where the possible impulse wave 1 started (also Gartley D point), so either at BE based on the previous Gartley setup or a tiny bit wider (as depicted on the chart, which I prefer).
Targets: first and foremost the main target is the higher trendline (for both the Gartley trade and these new setups), beyond that the obvious suspects are fib extensions and previous swings or trendlines on this and higher TF's.
Don't worry if we don't get the ideal entry at the 0.618 extension, the breakout buy remains valid (and is a bit safer) if it doesn't retrace as low as we want it to...
One trendline was broken and re-tested so the options imo are:
(1) I will add longs at possible fib. retracements (0.618 is preferred and common for a possible wave (1)). Smaller TF harmonic patterns might confirm additional long opportunities at the 0.786 and 0.886 retracements.
(2) Or I will buy the breakout of the dashed line (and or break above the high of the possible wave (1) (watch out for an irregular flat option with a B above the wave 1 high though...))
(3) Or better even: a combination of both options (1) and (2), with a deep retracement first and a breakout to follow!
All SL's should be below the level where the possible impulse wave 1 started (also Gartley D point), so either at BE based on the previous Gartley setup or a tiny bit wider (as depicted on the chart, which I prefer).
Targets: first and foremost the main target is the higher trendline (for both the Gartley trade and these new setups), beyond that the obvious suspects are fib extensions and previous swings or trendlines on this and higher TF's.
Don't worry if we don't get the ideal entry at the 0.618 extension, the breakout buy remains valid (and is a bit safer) if it doesn't retrace as low as we want it to...
تعليق:
0.618 entry triggered...
تعليق:
I took an additional long entry at 0.786 but cancelled the 0.886.
We did retrace further than expected though so I'm careful at this stage, we formed a possible double bottom, trades still active, keeping my SL tight at 1.1225 for now.
We did retrace further than expected though so I'm careful at this stage, we formed a possible double bottom, trades still active, keeping my SL tight at 1.1225 for now.
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