On the dialy time frame, we will be looking at IOTABTC chart on two different charts. Both showing nice trend in price.
THE BULLISH&BEARISH GARTLEY CHART PATTERN.
THE BULLISH GARTLEY CHART PATTERN:
The Gartley pattern is complex because it deals with Fibonacci ratios. It has so many rules so as to master it perfectly. It has X leg as the first leg followed by A-D legs in which they all have there calculations using the fibonacci ratio.
STARTING WITH X to A leg
XA-Price rises from X to peak at A. This is typically a large upward move to accommodate the retraces that follow.
NEXT.. A to B leg
AB-Price retraces from the peak A to valley B about 61.8% of the XA move.
NEXT- B to C leg
BC-After bottoming at B, price climbs to C. The BC move retraces 61.8% or 78.6% of the AB drop.
LASTLY.. C to D leg
CD-The final leg of the pattern sees price drop from peak C to the valley at D. The CD move is 127% or 161.8% of the BC move.
The gartley bullish pattern becomes invalid If price drops below X on the way to finding D, then the pattern should be ignored. SHOWN BELOW:
price should hold at the D leg for the completion of the bullish gartley pattern. Once price turns at D, that gives a signal to take a position.
AND LASLY THE INVERTED PRICE CHART OF IOTBTC.
As clearly shown above, the bullish gartley pattern on the normal IOTBTC, the inverted chart of IOTBTC is showing a bearish gartley pattern
plss take note of these things;
- On this inverted chart pattern on IOTBTC the green candle stick is the red candle stick on the norm chart, while the red candle stick on this one is the green on the normal chart.
- When this inverted chart of IOTBTC is going up the normal chart is going down, while when it is going down the normal chart will be going up.AS SHOWN BEOW:
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.