How do you get colorful Gartley Patterns? Is it an indicator? If so, what is the name of the indicator please?
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Harmonic and Classic Patterns 1423 replies
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hey guys. i got a question here. i can't seem to find the answer on any of the harmonic trading books. so i hope some1 can help me out here.
the question is regarding the take profit for harmonic patterns. lets use ab = cd as an example..
if you are trading a ab = cd pattern. and you enter at c, you can take profit at d. this is pretty textbook.
however, ab = cd is a reversal pattern. so you enter a trade in the opposite direction a the point d. so now, how do you set your take profit now?Ignored
Hello ,
From what understand the TP targets on all Harmonic patterns are the Fib ratios of the prior move. So it would be the Fib ratios of the CD leg . 1st Target 38.2 , 2nd 50 and so on..... some people advocate using the 23.6 % as a mini 1st target as people will look to it and see what happens there first. For example if you get in the trade and price gets to 23.6 and has issues moving past it that may be a good sign that it may not continue to work out. When closes below it that may be a good sign that it will continue at least...Ignored
USD / CHF
H4
Bearish 123 Pattern
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