Golden Gartley

GC Apr 2022 4hr

Annotations for this trade are in yellow on the 4 hour April 2022 Gold Futures chart above. You can see the X,A.B, and C points of the Gartley (aka XABCD) PATTERN. The first D point I chose was surpassed by higher price action. So I changed the label from 'D' to 'D1", then added the D2 point when I thought it appeared. But this was also surpassed by the D3 point, which was today.

As you might guess, I've been in this trade for a while, but I haven't posted about it. I don't include most of my trades in the blog because either they are on a short time-frame, or high risk, or I just don't have the time. I'm including this trade now because I think D3 is the final D point for this Gartley pattern.

We had an impactful CPI report this morning, 2/10/2022 at 8:30am ET, which led to a rather dynamic day in the price action. Looking back on this 4 hour chart, you can see we formed a Bearish Engulfing candlestick pattern, with a close below the 8ema, followed by a continuation candle. This is significantly more bearish than the other D points. Plus Stochastics really took a dive.

What you can't see is how close today's high came to the Stop. Here's how I entered this trade on 2/7/22:

Entry: 1814.90

Stop: 1845.00

D3 Target: 1804.60 (the D1 and D2 targets were lower and no longer of interest)

Today's high was D3 at 1843.30, just 1.70 points from the Stop. That was just luck, and I'm very grateful to be so lucky.

The current targets are shown on the chart in yellow. The actual target for this trade is 1806.00 which shades the exact target to accommodate the Bid/Ask spread, and other slippage.

OK, now we're all caught up. Let's see what happens next in this crazy market.