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Bearish Gartley/222 pattern on USD/CHF

On daily/D1 time-frame:

A bearish Gartley/222 pattern was formed as FIB88.6 (0.99772) coincided with abcd100 at daily closing of Nov 11. The pattern became significant after formation of engulfing bearish candle.

If Fed's Powell is gonna be dovish on Wed & Thu and upcoming CPI & retail sales are gonna be equal to/less than forecast, USD/CHF may reach ABCD100.



On H4 time-frame:

I am setting TP at ABCD161.8 (+2.0 pips & spread), it makes a support cluster with classical target of the engulfing candle of daily time-frame. Keeping the target minimum ahead of economic events and data is advisable. If my target is hit before release of US CPI tomorrow, I will look for a re-entry to trade the gartley of D1 with CPI. Otherwise, I will keep the trade on hold because I am not expecting a positive surprise in CPI. I am not expecting Powell to be hawkish either.

Risk: SL few pips above today's high (C point of ABCD of H4)


4 comments

4 Comments


Keon Consultancy
Keon Consultancy
Nov 19, 2019

Since we had already profited from first position, we closed re-entered sell position at BE ahead of FOMC.

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Anand Dubey
Anand Dubey
Nov 14, 2019

A sell position was re-entered as planned, already running in profit.



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K Trade
K Trade
Nov 13, 2019

ABCD61.8 of daily time-frame, classical target of engulfing candle of daily time frame & ABCD161.8 coincide at the same point. We had set our minimum TP target at that point. The trade has been accomplished at TP. But we may enter a sell position again after 30% upward retracement of CD of H4 and we'll set next nearest TP target at the point where FIB50.0 of whole upswing made between Aug 13 - Oct 03 & B/a of D1 coincide.

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K Trade
K Trade
Nov 13, 2019

Moved SL to BE.

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