A Simple Trade.

[govinda]

Now look closer at AB=CD at 1h chart:
This is one of Gartley fib patern which is completed now. This is not famous “Gartley 222” nor ”Butterfly” but AB=CD pattern. As we see price strongly retraced back after this pattern and double bottom.

(black horizontal lines are fibo levels for time axis. The second time axis fibo is copy of the first one. As explained in the manual time distance form point C to D can be approximately 1.272 to 1.618 extension of the distance from A to B)

[govinda]

So those two strong reversal patterns from higher time frames forced my mind to expect reaction.
If it is reasonable to expect 5 waves going up and theory says that the rally from point 2 to 3 is the biggest one I naturally wanted to jump into that train using my favorite entry signals from 5 and 15 min charts.

That’s end of a my little story.
Sorry for taking your time.
Govinda


PS. this is next day morning picture

[govinda]

Would anyone of you like to hear the next story???
Who is the next one to write something here???

It would be very educative to continue this thread in the mood started by Bobnat.

Govinda.