An Inverted Hammer formed up in the previous trading day right in the middle of the PRZ (Potential Reversal Zone) of a Bullish Gartley harmonic pattern. A confirmation candle also formed up today, a potential trend reversal signal.
*A Bullish Divergence pattern on some indicators is also a potential sign of an impending consolidation or trend reversal.
See previous analysis:
https://psetrends.blogspot.com/2017/03/meg-update-on-potential-harmonic-pattern.html
Trading Plan
- Trade the Bullish Gartley pattern (buy around the PRZ).
- Set a stop-loss on breakdown from 3.3 to minimize downside risk (or set stop-loss on breakdown from 3.21 to take higher risk).
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