A unified gartley is about to complete on AUDUSD. The swing identification algorithm is prex(12) on 30M timframe. I switch the timeframe to 60M because TV preffers higher timeframes.
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.463 and C-point is 0.793) has a higher probability for a reversal (up to 0.522XA) rather than for a continuation(same distance in opposite direction (down to 1.05XA). The exact probability numbers are 54.17% for a reversal and 45.83% for a continuation.
My personal approach is to trade this setup as a reversal. I will buy it as soon as it hits the 0.786XA. Here 1.05XA is the stoploss and 0.522XA is the takeprofit.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach.
Historically, on this pair and this timeframe (30M), the pattern with this swing identification and with these ratios (B-point is 0.463 and C-point is 0.793) has a higher probability for a reversal (up to 0.522XA) rather than for a continuation(same distance in opposite direction (down to 1.05XA). The exact probability numbers are 54.17% for a reversal and 45.83% for a continuation.
My personal approach is to trade this setup as a reversal. I will buy it as soon as it hits the 0.786XA. Here 1.05XA is the stoploss and 0.522XA is the takeprofit.
This is not a trade recommendation for you. Don't trade this pattern if you didn't do the backtest of the strategy. This is simply a demonstration of my approach.
Trade active:
buy orders activated.
