I have recently come back to trading after a few mistakes scared me away for quite a while. For whatever reason, trading is what I want to do and had to get over it. So I've been back at it for a couple weeks and have made some solid trades. Some mistakes but nothing too risky. All in all it's been a good couple of weeks. I'm trading smart and less often, large movements based on price action and nothing else really. I have a solid understanding of support and resistance and starting to get into Gartley Patterns. Which brings me to today's set-up.
I've been in /6C for the majority of the past couple weeks. I've never actually traded a Gartley before but it seems like a Bearish-Gartley has almost completed Point-D. If anyone reading this is familiar with Gartley stuff, please let me know if I am doing this correctly. I haven't done any formal research or read any primary sources, this is just from reading blogs, watching webinars, and trying to understand those diagrams. So the conditions I have are:
XA - Impulse Leg
AB - At least .618 retracement of Impulse Leg
Cannot hit .786 retracement of Impulse Leg
BC - At least .382 retracement of AB
Cannot hit .886 retracement of AB
CD - Either .786 retracement of AD
Or 1.272 extension of ABA
Profit targets at points C and A
Stop a few pips from X
If these conditions are incorrect please let me know. I will soon be making a graphic for this including bat, crab, shark, AB=CD, ect.
So for the trade I am looking to SELL /6C at .75055 and setting my profit target at .74725. Of course price could keep moving down and violate the conditions for D but I have my fingers crossed.