NOCIL
Prospective Gartley Pattern _Nocil Daily_26.5.2017This setup is for education purposes only
This setup is valid if price reverses from Point C and reaches to Point D. Entry will be at price level on point D.
How to Find Gartley Pattern (for Long Setups)
1. Find Impulse Leg. In this setup, Impulse leg is from X to A
2. Take Fib Retracement from X to A, The point B should be between Fib retracement 61.8 and 78.6. ( Point B should not touch Fib Retracement 78.6. However, it should pass Fib Retracement 61.8)
3. Point C should be in between Fib Retracement 61.8 and 78.6. of Fib retracement from A to B. ( Point C should not touch Fib Retracement 78.6. However, it should pass Fib Retracement 61.8)
4. Point D will be at 127.2 level of Fib Extension of A-B (i.e. Fib Extension will start from A then to B and will end at back to A)
5. Point D will be the entry point.
6. Stop Loss will be 10 pips below point X.
7. Point D Cannot be below Point X. It should be between the prices at Point X and B.
8. Similarly, Point C cannot be above Point A.
9.How to Find the Target?
Target 1 will be at Fib retracement 31.2 of the Fib retracement taken from A to D and Target 2 will be at Fib retracement 61.8 of the Fib retracement taken from A to D
10. You can reverse the steps for a Short(Sell) Setup. Setup is applicable for almost all timeframes.
Please let me know if you have any queries
Bearish GartleyIn NOCIL a bearish gartley is formed i feel that it may drop to 73 rs if it break the 73 level then it will go to level of 65 rs.
