Hello there, Traders and Hunters,
For those of you who follow the tread you know I was monitoring for a 78% retracement. After the breakdown of the channel which I hope now acts as resistance, we have another opportunity for a nice trade. What you see in the picture is an almost textbook Gartley 222 that might be completed today in the lower timeframes.
One option to enter is exactly at the 78% Fibonacci retracement level. I typically do that as it allows me to place an order and monitor later.
This is a good way for a busy person or a swing trader to identify opportunities in the market and place orders in advance.
For sure if the structure changes drastically – I will cancel the order.
This trade is for educational purposes so I leave risk to reward targets and trade management to you.
This is largely up to the preference of each trader. My advice is not to drop below 1:2 risk to reward with the Gartley 222.
These Gartleys often give you 1:3 and bigger risk-to-reward opportunities so will be a waste to use it for scalping purposes.
Happy hunting!
