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#bears

Bearish Gartley Pattern EURNZDThis pair hasn't been trending for a couple of weeks now and so we're in a nice consolidation zone. Once such a zone shows up, advanced pattern opportunities occur and here is one of them. Let's take a look at this bearish gartley setup: We're looking for a rally into the 1.6746 level to get short and hopefully get a pullback into our target points. This idea contains two fibonacci based target points and a stop loss point above X. Before trading any of these patterns you should backtest them yourself to become a comfortable trader. One of the findings in my own backtest was the difference in performance between trading patterns in consolidation and in trend. The pattern setups in consolidation performed a lot better due to the "zone" where the pair is battling in. A lot of resistance and support at the highs and lows and no real directional movement is good for us as pattern traders. Good luck trading everyone!
Short
by TradingFellow
1
PRICE ACTION SPEAKS LOUD ON GBPJPY"Who is in control of price?" i will ask myself this question to make sure i take the correct trades and think about the trade in more details... what i see here according to price action its a nice bullish preceding trend that gets stuck on an area of resistance (which is full of sellers) and shows me this beautiful indecision candle or almost-dodji candlestick that indicates indecision between buyers and sellers. i will be taking this trade at the low of the indecision candle, that way i will have some confirmation that bears want to sell and take the price down. my risk reward? simple, 1:2.5 Good luck to myself!
Short
by daldertg