On small time period one hour chart, the price action of Horizen (ZEN) has formed the final leg of Gartley pattern and entered in potential reversal zone. There is also 50 simple moving average support in potential reversal zone.
Buying And Sell Targets:
The buying and sell targets according to Gartley pattern should be:
Potential reversal or buying zone: $ 10.67 to $ 8.25
Fibonacci projection or sell zone: $ 12.58 to $ 17.18
Stop Loss:
The potential reversal zone area that is up to 8.25 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 108 % and as per the above-mentioned stop loss, the loss possibility is 23%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
Buying And Sell Targets:
The buying and sell targets according to Gartley pattern should be:
Potential reversal or buying zone: $ 10.67 to $ 8.25
Fibonacci projection or sell zone: $ 12.58 to $ 17.18
Stop Loss:
The potential reversal zone area that is up to 8.25 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 108 % and as per the above-mentioned stop loss, the loss possibility is 23%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
