hi guys what do you think about the yens?
- #62
- Jun 13, 2010 10:01pm Jun 13, 2010 10:01pm
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
hi guys what do you think about the yens?
All bear on the jpy.
Know when to hold em, Know when to fold em!
I wish I knew Gartley patterns, thats my next animal, beast what have you. From what I have seen the JPY's are on a nice reversal. Look at chfjpy daily nice and bearish. I am short jpy. Take a look at gpbjpy, same picture there
All bear on the jpy.
- #66
- Jun 14, 2010 7:05am Jun 14, 2010 7:05am
hi guys what do you think about the yens?
There is difference between MT4 and your charting software (GFT) on gartley but Point D is the same (notice Point D has been shifted from 111.99 to 112.78)! Your example of EURJPY 2Hrly in MT4 appeared as below:
Regards,
Toyogo
- #69
- Jun 14, 2010 7:37am Jun 14, 2010 7:37am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Thank you very much for your insight I hope we are correct on them
No problem mate, lets make some money
. Well anyway, I would like to venture into Gartley patterns for moving from swing trading to longer term trading. Might you be able to point me in a direction, my money is tied up in my fx trading acct so I dont want to really spend money on materials for learning. I am not a huge FIB guy I tade mostly trend and trending breakouts and trend reversals. I manage my stops when the trade comes to a range for some relief.
I would like to really have a look at these gartley's though.
Thanks
Know when to hold em, Know when to fold em!
- #70
- Jun 14, 2010 7:53am Jun 14, 2010 7:53am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
- #72
- Edited 9:01am Jun 14, 2010 8:25am | Edited 9:01am
No problem mate, lets make some money
Well anyway, I would like to venture into Gartley patterns for moving from swing trading to longer term trading. Might you be able to point me in a direction, my money is tied up in my fx trading acct so I dont want to really spend money on materials for learning. I am not a huge FIB guy I tade mostly trend and trending breakouts and trend reversals. I manage my stops when the trade comes to a range for some relief.
I would like to really have a look at these gartley's though.
Thanks
I think the book called "Trade What You See" by Larry Pesavento is a good read. I like this video link to explain how to trade gartley that follow the trend:
Inserted Video
I follow it with an example on recent USDCAD trade on 1hrly chart: The entry rules are:
a. major resistance @1.0380,
b. downward trend line touch, and
c. bearish gartley formed.
A multiple confluences will be a more reliable confirmation of the gartley pattern formation. Of course, the other way is to see a lower lows and lower highs on the lower time frame (5/15mins).
Regards,
Toyogo
- #73
- Jun 14, 2010 8:36am Jun 14, 2010 8:36am
- Joined Feb 2010 | Status: Helping Others | 1,668 Posts
Know when to hold em, Know when to fold em!
- #74
- Jun 14, 2010 10:20am Jun 14, 2010 10:20am
Yep yer right about determining point D... however, the more extreme it moves out... the different pattern it will represent... ie extreme fib extensions will produce crab and bat patterns.. which i prefer over standard gartley patterns as they tend to be really ob/os. since I was a big pivot trader before I also use pivot levels as a daily reference point... I'd rather take a trade at a pivot level if a pattern completes near one. But the major component that has really helped me is using divegence to help me tell if the pattern is goin to hold or blow thru.
I also use OB/OS RSI(10) to help with pattern confirmation... for example... if a bat bearish forms and rsi is OB, I will wait for the next candle that has an rsi value less than the previous. stop will be 5 pips past recent high... 1st target is 23% fib of that cd leg... I partial close and let rest run to 38% and50% fib levels... moving up stop as I go.
Also, I use korhormonics indie for my patterns.. i find it a bit more accurate than zup or any other indicator that i've found... I still look at the pattern to make sure it has the right ratios... (never let any indie take over your brain )
i'm glad this thread active again !
I also use OB/OS RSI(10) to help with pattern confirmation... for example... if a bat bearish forms and rsi is OB, I will wait for the next candle that has an rsi value less than the previous. stop will be 5 pips past recent high... 1st target is 23% fib of that cd leg... I partial close and let rest run to 38% and50% fib levels... moving up stop as I go.
Also, I use korhormonics indie for my patterns.. i find it a bit more accurate than zup or any other indicator that i've found... I still look at the pattern to make sure it has the right ratios... (never let any indie take over your brain )
i'm glad this thread active again !
Hi reynante,
I also use daily/4hrly/1hrly chart. However, whichever timeframe used, one of the most difficult entry condition is how to determine the Point D as very often it keeps shifting up for bullish and down for bearish gartley and you don't know at which point marks the completion of gartley pattern formation. Do you have any other rules/conditions that help you to determine a more reliable point D? (the last few jpy charts have the same problems!)
Regards,
Toyogo
Nice chart, my indie has a bullish batman pattern on that gu as well. plus that those nice candle patterns... doji on yours.
I'm actually surprised more people don't use gartley patterns since its totally fib based... and theres a ton of fib traders. plus its easier and much more rigid to implement than elliot wave.
I'm actually surprised more people don't use gartley patterns since its totally fib based... and theres a ton of fib traders. plus its easier and much more rigid to implement than elliot wave.
Thank you everyone
Please look at this one finished forming: it's pound/usd weekly reversal formation, looks we have our bottom for now.
- #77
- Jun 14, 2010 10:45pm Jun 14, 2010 10:45pm
Thank you everyone
Please look at this one finished forming: it's pound/usd weekly reversal formation, looks we have our bottom for now.
I assume you are basing on the HH HL price action to determine the completion of wkly bullish gartley formation. On daily chart, it has the 1st HH HL and now forming the 2nd HH. Thus the next retracement to the 2nd higher low will be a good entry point. However, there are still few issues:
a. shall we wait for the breaking of the downward trend line ?
b. the stop loss will be very big - assuming the 2nd HL entry point is around 1.4500 - 1.4550 and the stop loss is at point D which is 1.4250 or a potential stop loss of about 250-300pips. The target must be about 500pips to make a good reward ratio for the trade.
Any comment?
Regards,
Kim
