Gartly/Butterfly patterns - All Pairs

You would place your sl just above the high of X leg.

I trade the pattern and not the trend. its a probability thing.

nice call

bullish 4hr three drives ..?

Sure is alot of confluence there... might try and get in early on this one at the 61.8 and not the ab=cd pattern. you always catch the losers if you get picky on your entry and you can only miss the winners....Keep that in mind guys that are watching and learning.................

man i missed it so far unless it comes down somemore............

Some might say this has already completed but Time Symmetry looks better for a completion soon. but it will be a retest of the area...........

Early formation..............

I know it's too late now and I'm only learning but where would you put your profit target with Gartleys and Butterfly patterns?

Many thanks - you're great.

T2 filled, position closed

I'm a learner too, but I can tell you it's the 61.8 retracement of the distance of A to D for the Gartley pattern. At least that's according to Larry Pasevento's book Trade What You See. I'm looking at that now but have n't got as far as the butterfly.

Nice work Knias and DrKyle BTW.

There are many different schools of thought. alot has to do with your personality. one way is to take partial off at 61.8 retrace of C to D completion. then final target is the distance from X to A applied to the D completion point.

Some will not take partials and just move stops up and get stoped out at some point and time. Most will tell you you can make more money not taking partials but the mind of a trader wants closure and cash or greed. so we take partials and feel better about outselfs out of error.

you also need to factor in how your money management is working for you. if your trading a % of the balance then taking partials might be a better way to go then. Because your slowly increasing your balance vs someone that is just taking each trade with 1 lot per say. Which i do not suggest at all. you need to calulate your risk and reward on each trade. if your willing to risk 500 per trade then figure out the number of pips your stop will be and calulate the amount of lots you can trade to lose 500. some trades will have a great risk to reward some wont decide what your willing to put in your business plan and dont decide by flipping a coin all decisions are based on Backtesting. what you think will happen is often not what actually happened when the hard data hits the paper and gets calulated.

Do not decide your willing to risk 500 and your going to trade 1 lot and then caluate where your stop is going to be. your fear or greed has nothing to do with where your stops or targets should be. Just market data if the market data says you need to risk 300 pips for a trade and your cant trade a small enough size to limit that exposure to 500 you dont take the trade. If your risk is 300 pips and your reward is a partial(half) of 50 pips and if a full traget is hit is another 175 on half thats 112.50 pips total with a 300pip risk probably should think about passing on that one.

Hope some of that helps

doug

Please be aware of bearish momentum and trade accordingly !

potential bullish USDJPY pattern

Looks like it wasn't gartley after all. As failed to bounce. Would you have any idea what might happen now or do we need to wait a bit to see if new pattern is forming?