28 Dec 10 - Bearish Gartley Pattern on NZD/USD - H1 Chart

Liquidity has been quite low in the market since the middle of December and prices were choppy as a result.

Having seen a Bearish Gartley Pattern forming with the following to validate the pattern, I decided to go short on this pair:

1. A confluence of 3 Harmonic Ratios - 0.786 XA @ 0.75240, 1.618 BC @ 0.75435 and AB=CD @ 0.75240.

Trade Details

Date: 28 Dec 10
Time: GMT 08:35
Entry Price: 0.75264
S/L: 0.75850 (58.6 pips)
T/P: 0.74188 (107.6 pips)

Trade Progress

As it turns out, the trade resulted in a loss with price failing to move lower after testing the PRZ. Loss was 58.6 pips for both batches.