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Gartletpattern

GBP/PLN, D1 - continuation after a harmonic patternLooking on the daily chart of the GBP/PLN currency pair we may spot a strong upward movement that is trying to break a potential resistance set by the previous top at 5,17. The current rally may be the consequence of a previously described harmonic pattern which looks like a Gartley pattern. Using a Fibo expansion tool we may spot other potential targets for the rally at 100 and 161,8 percent. ________ Daniel Kostecki, Chief Analyst Conotoxia Ltd. Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
by Daniel_Kostecki
EURUSD 240 The Devils Gartley?Greetings, On the chart you see two overlapping gartley patterns of which point D would be at 1.0666, a perfect number for a short. The chart counts two invisible pitchfork tools of which I have only left the intersecting trendlines at D. These pitchfork trendlines are the dotted blue and dotted purple lines. If requested I will post the chart with the pitchforks visible. The horizontal dashed line speaks for itself, it obviously plays the role of a solid support & resistance line. The grey line crossing B has touched the bottom of 2017-01-03 at 1.0340, price has been dancing around it as you can see. Then there is the last trendline, the orange one. I drew this one as last and found it had been respected several times in the full past year. As a first target you could pick the 61.8% fibonacci level of CD at which a flag was formed last friday, although you could take full profit as the risk - reward ratio is splendid. I would also like to note that if you draw a harmonic pattern from the highest point in this chart, which is 1.0828, and use 1.0666 as B it will show you a potential bat pattern. Thanks for stopping by and happy trading!
Short
by dinnersticks