Litecoin: Pending Bearish Gartley Pattern

23 thg 11, 2017

looking at the daily chart of Litecoin we may see a perfect structured bearish Gartley pattern, completing at the 81.1430 area. Trading harmonics in the higher time frames acquires a wide stop-loss considering that it should be placed above X point of the pattern. In case you don't want to go with such a wide sl, when we have the completion of the pattern, switch to a lower time frame looking for a sell setup completion of your favorite strategy. Willing to add confluence at the 0.786 fib level (D point), I used median line analysis and came with a key resistance level better seen in the hourly chart below. Add to this a bearish divergence in the RSI, and you have a high probability bearish Gartley pattern to get involved with.



Trade with care,
John

25 thg 11, 2017

Ghi chú

Price reached the 0.786 fib level and we have the ccompletion of the gartley pattern. In case you don't want to go with a wide sl, watch for price action around the 0.786 level for a sell setup.