At 15:38 ET I Tweeted:
"The 2nd Target we were waiting for was .7201 on the Gartley AUDUSD trade. When I checked it I saw it reversed at .7202! So I sold it at the market at .7217. Details later."
Because I had a Stop and a Limit order working, I didn't need to check on this trade very often. When I did check, I was shocked but not surprised price had dropped to within 1 pip of our Target and then reversed up. That's so close that I needed to assume that was the swing bottom, and I better get out immediately. Unfortunately, the Ask was .7217, but it didn't matter. If we did establish the swing bottom, then the odds are price will continue upward. It doesn't make sense to hang on, hoping it might dip down.
But, of course, the trading gods love to add insult to injury, so soon as I covered the trade, price headed back down to a low of the day at .71955:
Had I not checked on the chart at all, it would have hit our 2nd Target and then some.
With regard to the yellow range Gartley pattern, the first 3 targets were hit. The 4th target is very seldom ever hit.
So, bottom line:
Target 2:
Enter .7372
Exit: .7217
.7372 - .7217 = 155 pips * $1.00/pip = $155. If we used the full sized contract, it would have been $1,550.
Target 1 profit: $68
Target 2 profit: $155
Total: $223
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