please note that i post example before.
up trend the SL will be below the support line with 15 pip
down trend the SL will be above the resistant lint with 15 pip
this is my way someone else mabey have better than that
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DislikedDefinitely yes I don’t place any trading order unless I determent the stop loss. And most of the time my stop loss is the previews resistant or support line +15 pip
Ex.
In yesterday analysis 7-3-2008
We have these numbers:
Unknown area limits:
2.0110 and 2.0070
With trend targets:
2.0178, 2.0260 and 2.0340
Against trend targets:
2.0049, 1.9916 and 1.9949
Support level:
1.9917 , 1.9743 and 1.9632
Resistant level:
2.0202, 2.0313 and 2.0487
And the scenario of trading yesterday as the following:
Cable test the up limit of the unknown area at 2.0110 “you can use the 1H or 4H chart for confirm the testing result the candle open above this value”. I place the long position at this point with SL 2.0055 and TP at 2.0178.
Before the price test the first target I notes the perfect butterfly pattern on the 30 min, aiming to 2.0195 as a target then I change the TP to the first resistant which is 2.0202 and the SL to 2.0095.
Cable test the target at 2.0178 and move in very strong uptrend. I change the SL to 2.0155 and keep the TP at 2.0202. finally cable hit 2.0202 with +92 pip.Ignored
DislikedThanks.
Is there a good "Gartley etc. for dummies" I can d/ld?
TIAIgnored
Currencies have long been praised for their capacity to trend,
but in today’s market, an objective countertrend technique
might be a forex trader’s most valuable asset.
There is a market adage that describes the modus operandi of almost
all currency traders: “The trend is your friend.”
Granted, that is often the case. However, to make it more truthful, we have
added the corollary “unless the trend is about to end.” This qualifier has ever
been more appropriate for the forex market than in recent times.
Markets will trend, but research proves this is the exception rather than the
rule. Overall, markets trend 25 to 30 percent of the time, which means 70 to 75
percent of the time they move within defined trading ranges.
Historically, currency markets were more likely to trend than traditional
commodities, financial, or stock markets because policy decisions made by
central banks were coordinated, and these collective actions influenced currency relationships
for extended periods of time. In recent years, however, that interdependency has diminished
and currency price behavior has mimicked that of other conventional markets.
Psychologically, it is simple to buy an advancing market and sell a declining
market. Most traders attempt to operate in harmony with the trend, and
the news associated with such price movement serves to reinforce that tendency
and provide an excuse for its perpetuation. This is simply human
nature –– all of us want to be on the side of a winner, and the news accompanying
almost by default, it is reversed or, at least, interrupted.
Their collective countertrend activities are responsible for price exhaustion periods.
Operating against the trend is often difficult because it contradicts human nature.
Here we forecasting trends instead of following them.
In the chart below, AB=CD is an important player here in this pattern. Read my post about phycology of this pattern here #54240 .
This is an exelent article about AB=CD. http://www.tradingtutor.com/free-articles/AB=CD_Pattern.pdf
It is important if you are going to trade the Garley pattern to be familiar with AB=CD pattern.
Check chart below.
I hope this could clarify some question asked here in this thread before.
Have a nice weekend to all you, TRADERS.
DislikedSo the garley formation is a bullish sign ?...damn i thought it was bearish can someone please clarify this...Ignored
DislikedThe more you open up on your system the more I like it Riyadh. You know its great we have guys here who are open on their method of trading rather than I can not tell you my golden method because its cost me X much but this will happen, or just plain UP or DOWN.
I take my hat off to you
To quote Nav
The universal law of helping others will lead to bigger success, be lucky my friendIgnored
DislikedSo the garley formation is a bullish sign ?...damn i thought it was bearish can someone please clarify this...Ignored
Dislikedthanks, i notes you say riyadh two time, its not my name it's the city i live in ,
my name is Nizar AbuawadIgnored
Disliked
It is important if you are going to trade the Garley pattern to be familiar with AB=CD pattern.
Check chart below.
I hope this could clarify some question asked here in this thread before.
Have a nice weekend to all you, TRADERS.
Ignored
DislikedThanks for this info, Carrera.
Proportions in Gartleys etc are stricly defined, do you have an MT4 indicator which automatically checks and identifies these? I have seen a couple for sale but links were dead/authors did not reply.
TIAIgnored
Dislikeda trend is written to justify its existence. Eventually, however, the trend exhausts itself and, almost by default, it is reversed or, at least, interrupted.Ignored
DislikedNo, I don't.
This is like go to school, we have sophysticate calculators and hand computers, but the teacher said " no calculator allowed for math class".
So you have to learn manually like school. lolIgnored
QuoteDislikedI only have a tool in my platform that give me the fib ratios. But not indicator exactly.