Rarely Known But Powerful Chart Patterns
A chart pattern is a price chart pattern that occurs repeatedly in the market, making it easy for traders to identify. Chart patterns are used as the basis for technical analysis in trading stocks, forex, commodities, and others. A pattern is identified by a line connecting price points, such as a closing price, high or low, over a certain period of time. Chart patterns help traders predict future price movements, as well as achieve targets. Chart patterns can also be used to measure profits and risks before trading. There is one chart that is rarely known by traders, namely the gartley chart pattern. This chart is rarely known even though it has a power that can help traders.
The Gartley chart pattern is a variation of the Fibonacci retracement which is usually used to determine entry and exit levels. The gartley pattern indicates a bullish or bearish price movement, and is called the bullish gartley and bearish gartley. Many technical analysts use the gartley pattern in conjunction with other chart patterns or technical indicators. For example, the pattern can provide the big picture of where the price is likely to move in the long term, while traders focus on executing short-term trades in the direction of the predicted trend. Breakdown price targets can also be used as support and resistance levels by traders.
Watch the video below if you don't understand this gartley pattern!
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