A bearish Gartley pattern is forming on the EUR/CHF 2hr Chart. This pattern has great price symmetry, although it is too early to judge its time symmetry. The trade would also enter near the bearish trend line that is drawn on the Daily Chart below. This is a a textbook trade that will be an ideal setup if the CD leg continues to rise with roughly the same slope that AB has. The trade will be invalidated if the pair drops to 1.2008 before reaching our entry.
We are looking the sell the EUR/CHF if it rises to 1.2223 (Point D). Point D is located at the convergence of the following points:
To recap, we will look to sell the EUR/CHF at 1.2223 with our stop placed at 1.2267. Our initial profit target is 1.2157 (38.2% of CD).
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| Daily Chart - Trade would enter near the bearish trend line. | 2hr Chart - Bearish Gartley; sell at 1.2223. |
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