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trading forex using Gartley Patterns

  • #81
  • Jun 15, 2010 2:12pm Jun 15, 2010 2:12pm
Hi Queenfx

Round number 1.5000 is very close to the 1.618 fib of BC and the 61.8 fib of XA (both at 15033). These also tie up with the a top downward channel line.

Continuation of down trend.

could sell off of 15033 zone with a stop at 15045

(if i tear myself away from the worldcup)

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  • #82
  • Jun 15, 2010 3:48pm Jun 15, 2010 3:48pm
I've already got a small short in at R1, got some decent divergence on my indies, I'll add again if it gets to R2.

should be good for at least 60-100 pips

Quoting queenfx
what do you guys think?
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  • #83
  • Jun 16, 2010 12:20pm Jun 16, 2010 12:20pm
looks like a trade set up
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  • #84
  • Jun 16, 2010 4:14pm Jun 16, 2010 4:14pm
Do you guys think DOW will bounce from 10400?
  • #85
  • Jun 16, 2010 10:45pm Jun 16, 2010 10:45pm
Quoting queenfx
Do you guys think DOW will bounce from 10400?
Hi Queenfx,

Few analysis reports I've read are all talking about a possible H&S formation on DOW (see chart), which is also a 61.8% retracement @10700

Regards,
Toyogo
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  • #86
  • Jun 16, 2010 10:55pm Jun 16, 2010 10:55pm
Hi Queenfx,

For Butterfly Gartley formation, I understand the D point shall not extend more than 1.618% of the XA leg. However, is there a number of period constrain on the "D" point formation? i.e how long can the point "D" extend? the following chart shows that it has taken 230 bars (daily chart) to form the point "D"



Regards,
Toyogo
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  • #87
  • Jun 16, 2010 10:58pm Jun 16, 2010 10:58pm
Quoting queenfx
looks like a trade set up
Hi Queenfx,

Sorry, I don't understand your trade setup as there is no gartley formation! Is it a "Channel" trade setup?

Regards,
Toyogo
  • #88
  • Jun 17, 2010 12:29am Jun 17, 2010 12:29am
personally I think trading the Eurchf is crazy. too much intervention on that sucker for any normal patterns to be valid. Hard to trade that pair.

Quoting toyogo00
Hi Queenfx,

For Butterfly Gartley formation, I understand the D point shall not extend more than 1.618% of the XA leg. However, is there a number of period constrain on the "D" point formation? i.e how long can the point "D" extend? the following chart shows that it has taken 230 bars (daily chart) to form the point "D"



Regards,
Toyogo
  • #89
  • Jun 17, 2010 1:23am Jun 17, 2010 1:23am
Quoting toyogo00
Hi Queenfx,

Sorry, I don't understand your trade setup as there is no gartley formation! Is it a "Channel" trade setup?

Regards,
Toyogo
it is, I didn't see gartley but looks like a nice trade
  • #90
  • Jun 17, 2010 2:05am Jun 17, 2010 2:05am
Quoting reynante
personally I think trading the Eurchf is crazy. too much intervention on that sucker for any normal patterns to be valid. Hard to trade that pair.
Hi reynante,

I'm not referring to any particular pair but only use that gartley parttern as an example to illustrate my question.

Regards,
Toyogo
  • #91
  • Jun 17, 2010 2:27am Jun 17, 2010 2:27am
this is gartley in progress looking to long it @ 1.4550-80 area
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  • #92
  • Jun 17, 2010 10:42am Jun 17, 2010 10:42am
I had a bearish BAT showing on AJ and took it but wasn't very comfortable with it overall as market was quite bullish and don't want to fight the trend. When I checked a few hours later, I had got lucky and had tp1 & tp2 done. I had to look twice to realise that the signal had reversed and turned to a bullish Gartley. I sq'd up the third tp, and now long. It's with the trend but my s/l is just under the figure, which may be too tight. Let's see what nyk afternoon can do...
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Catching a falling knife, no, I'm just trading the Gartley!
  • #93
  • Jun 17, 2010 10:53am Jun 17, 2010 10:53am
Hey toyogo,

thats cool, I've just been burned a few times this past year on that sucker. perfect patterns would a appear... then bam! intervention takes out my stops.

Quoting toyogo00
Hi reynante,

I'm not referring to any particular pair but only use that gartley parttern as an example to illustrate my question.

Regards,
Toyogo
  • #94
  • Jun 17, 2010 11:03am Jun 17, 2010 11:03am
I don't like taking small time frame trades due to the choppiness but when something looks good, and with jpy crosses all looking a bit bearish, it becomes a good probability trade. I believe it's more a BAT rather than Gartley as per the indi... X-B <.5, & X-D close to .886, let's see if short covering can continue
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Catching a falling knife, no, I'm just trading the Gartley!
  • #95
  • Jun 17, 2010 5:48pm Jun 17, 2010 5:48pm
Good butterfly at resistance.
butterfly is a good reversal formation when seen at top or bottom of a trend.
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  • #96
  • Jun 17, 2010 8:39pm Jun 17, 2010 8:39pm
Quoting Naijafx
Good butterfly at resistance.
butterfly is a good reversal formation when seen at top or bottom of a trend.
nice pin bar helps initiate a short position while x-d 1.34 is at the minimum of 1.27-1.618, x-b .786, cheap s/l above the pin
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Catching a falling knife, no, I'm just trading the Gartley!
  • #97
  • Jun 18, 2010 4:02am Jun 18, 2010 4:02am
I wanted to thank you everyone for your contribution to this thread. I thought I was the only one stuck on Gartleys Thank you all Gartley professionals.

Here are two more Gartleys, please let me know your opinion, thank you.
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  • #98
  • Jun 18, 2010 5:00am Jun 18, 2010 5:00am
Quoting queenfx
I wanted to thank you everyone for your contribution to this thread. I thought I was the only one stuck on Gartleys Thank you all Gartley professionals.

Here are two more Gartleys, please let me know your opinion, thank you.
For GBPUSD, I'm more favor on daily chart, it will be a downward trend line touch, 61.8% retracement of XA leg @1.5020ish... but it may take another day - next Monday to materialize...


Regards,
Toyogo
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  • #99
  • Jun 18, 2010 6:31am Jun 18, 2010 6:31am
I may have jumped in to early and should have waited for 70 to break, and hope the good support line at 90.55ish holds for a test higher, and an ok looking bull candle.... it's Friday so may just fizzle out. If no major move before NY lunch will sq and start again next week, ratio's look good, x-b=.78, x-d=1.27
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Catching a falling knife, no, I'm just trading the Gartley!
  • #100
  • Jun 18, 2010 6:41am Jun 18, 2010 6:41am
Quoting queenfx
I wanted to thank you everyone for your contribution to this thread. I thought I was the only one stuck on Gartleys Thank you all Gartley professionals.

Here are two more Gartleys, please let me know your opinion, thank you.

Boris Schlossberg is on CNBC bullish the AUDUSD up so that should help your bear scenario play out...
Catching a falling knife, no, I'm just trading the Gartley!
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