June AUD/USD Russian Doll Gartley Patterns - Update 1

1 Hr Chart

15 Minute Chart

You can see on the 1 hour and 15 minute charts above, in the purple, that a 3rd Gartley pattern developed over night last night. I tried trading it but after the D point, price only got up to .73425, which is less than even the .5AD level. Then it meandered downward and broke the X point.

I admit it was weird trading a Bullish pattern when the other bigger patterns were Bearish. But you can see a nice up leg when the C point formed. So it was very reasonable to anticipate we could hit the .618AD of the purple range. 

And, I have learned that when you have a methodology with a proven edge, then you must take every set up, because you never know which individual trade will fail. The Gartley has a proven win rate of about 75%. So, even though this 3rd pattern was in the opposite direction of the core trade, I had to take it.

Now for the good news. The Target for the yellow range was .7304, as described in the previous post. We hit that at exactly 15:00 ET. So the first of the 2 planned trades has completed, and we have the other one still working.

Since the 3rd pattern that developed overnight, and failed, was not a planned aspect of this trade, I'm going to leave out the P&L from that separate trade.

The profit from the 1st half of the trade is:

.7372 - .7304 = 68 pips * $1.00/pip = $68. If we used the full sized contract, it would have been $680.