It wasn't news or some "fundamental reason"...
Looking at the 4h GBPUSD chart at 30th August I had already spotted a quite badly battered and beaten bearish Gartley, with a setup around 1.9040 area...
To put it short, a bearish gartley has an impulse move down from X->A being the real direction, then 2 corrective moves A->B and C->D and AB size should be equal CB and some other fine details(relations all should be fibos), but these can be thrown out the window when things like FOMC ECB and NFP are there to totally distort a picture that's been formed over one full month...
I can prove that the setup was already there on Aug 30th as I had already uploaded the gartley to imageshack then and warned some other fellow traders pre-NFP to look out for it...turns out I was right and after exceeding the pre-planned origin by just 40-50 pips (considering we're talking 4 weeks dimension here and a target that's about 400 pips that's just fine...) it then went for it...initial target by me was estimated for a retest of 1.8775 and then potentially 1.87675-50....
Here we are at 1.8706...
Quite amazed that it did eventually unfold, but there you go...the power of patterns.
I am sure people will find 50 other fundamental reasons for this, but that doesn't change the technical setup
Btw, there's also a smaller bullish gartley inside of this pattern, can you spot it? Was worth / sized about 200 pips...here's a hint, the continuation started at 1.8830.....can you see it? Solution: Impulse X is the A in the picture...again, it's distorted and the dimensions don't fit properly, but the move was there and hit the target area of around 1.9050 fine, too....
Aren't patterns fun
Since the image is huge I will provide a link only: Gartley
If you want to know more, there are pages on the net as well as on forums that have pretty pictures of these patterns
As you can see, on big timeframes they can be real profitable, but the hard part is spotting them as they happen! =)
Any opinions on this by other gartley fans?
P.S. I could be totally wrong on this, but since both setups seem to have unfolded just like spotted I just had to post this ;D
Looking at the 4h GBPUSD chart at 30th August I had already spotted a quite badly battered and beaten bearish Gartley, with a setup around 1.9040 area...
To put it short, a bearish gartley has an impulse move down from X->A being the real direction, then 2 corrective moves A->B and C->D and AB size should be equal CB and some other fine details(relations all should be fibos), but these can be thrown out the window when things like FOMC ECB and NFP are there to totally distort a picture that's been formed over one full month...
I can prove that the setup was already there on Aug 30th as I had already uploaded the gartley to imageshack then and warned some other fellow traders pre-NFP to look out for it...turns out I was right and after exceeding the pre-planned origin by just 40-50 pips (considering we're talking 4 weeks dimension here and a target that's about 400 pips that's just fine...) it then went for it...initial target by me was estimated for a retest of 1.8775 and then potentially 1.87675-50....
Here we are at 1.8706...
Quite amazed that it did eventually unfold, but there you go...the power of patterns.
I am sure people will find 50 other fundamental reasons for this, but that doesn't change the technical setup
Btw, there's also a smaller bullish gartley inside of this pattern, can you spot it? Was worth / sized about 200 pips...here's a hint, the continuation started at 1.8830.....can you see it? Solution: Impulse X is the A in the picture...again, it's distorted and the dimensions don't fit properly, but the move was there and hit the target area of around 1.9050 fine, too....
Aren't patterns fun
Since the image is huge I will provide a link only: Gartley
If you want to know more, there are pages on the net as well as on forums that have pretty pictures of these patterns
As you can see, on big timeframes they can be real profitable, but the hard part is spotting them as they happen! =)
Any opinions on this by other gartley fans?
P.S. I could be totally wrong on this, but since both setups seem to have unfolded just like spotted I just had to post this ;D
Trust price. Know yourself.
