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trading forex using Gartley Patterns

  • #161
  • Jun 23, 2010 9:41am Jun 23, 2010 9:41am
Quoting toyogo00
Hi,

That 1hrly pattern I posted was 1:30am EST time, it was a failed gartley and I've stopped out for -36pips!

Regards,
Toyogo

ah, but the 60 odd positive pips in the AU will diminish that small pain...
Catching a falling knife, no, I'm just trading the Gartley!
  • #162
  • Jun 23, 2010 9:56am Jun 23, 2010 9:56am
with the double top at 1.4940ish, and the 4H gart still valid I have gone short at 1.4900 and see what the next few hours can bring. I'm not looking to achieve the maximum pips here as I expect there will be many trading opportunities on both sides so max tp is at 50% of C-D (which is still 5* risk). Most likely I sq everything up if no major downside move begins in 24-36 hours (or I'm stopped).
Attached Image (click to enlarge)
Click to Enlarge Name: gu bear-gart h4.gif Size: 44 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #163
  • Jun 23, 2010 9:58am Jun 23, 2010 9:58am
Quoting ChinaWombat
ah, but the 60 odd positive pips in the AU will diminish that small pain...
I lost -36pips on USDCAD, but I hit the P1 @.8760 for AUSUSD...

Not too bad, at least I'm break even now and really for the next setup!!!http://cdn.forexfactory.com/images/icons/icon6.gif

Indeed, I'm looking hard at USDCAD now on a possible 4hrly bearish gartley at 1.618% of XA leg, major 38.2% resistance, major downward trend line touch.


Regards,
Toyogo
Attached Image
  • #164
  • Jun 23, 2010 10:20am Jun 23, 2010 10:20am
Quoting toyogo00
I lost -36pips on USDCAD, but I hit the P1 @.8760 for AUSUSD...

Not too bad, at least I'm break even now and really for the next setup!!!http://cdn.forexfactory.com/images/icons/icon6.gif

Indeed, I'm looking hard at USDCAD now on a possible 4hrly bearish gartley at 1.618% of XA leg, major 38.2% resistance, major downward trend line touch.


Regards,
Toyogo
yes, i'm tempted to short it in front of significant daily S/R at 1.0455 which coincides with the .618 from june 7th high...just wanting something else to confirm, just not sure what that is...maybe a nice engulfing bear candle
Catching a falling knife, no, I'm just trading the Gartley!
  • #165
  • Jun 23, 2010 10:22am Jun 23, 2010 10:22am
Hi,

I found that the higher time frame has a more reliable signal on gartley pattern, GBPCHF has a daily bullish gartley formation and it is also at the major 61.8% fib level support and upward trend line with bullish hammer candlestick.

I missed the entry by only 7pips where I queue @1.6400 but the low was 1.6407. Now the price is 1.6560!!!


Regards,
Toyogo
Attached Image
  • #166
  • Jun 23, 2010 12:17pm Jun 23, 2010 12:17pm
I agree with toy, the lower time frames i think are better used for timing the entry... from my experience anything lower than 4h charts tend to not hold as much unless there is some serious convergence with s/r or major fib levels.

that usdcad setup 30m charts from above charts wasn't a good setup... price action was clearly up... the candles were still big and most indicators were still moving up.

Quoting toyogo00
Hi,

I found that the higher time frame has a more reliable signal on gartley pattern, GBPCHF has a daily bullish gartley formation and it is also at the major 61.8% fib level support and upward trend line with bullish hammer candlestick.

I missed the entry by only 7pips where I queue @1.6400 but the low was 1.6407. Now the price is 1.6560!!!


Regards,
Toyogo
  • #167
  • Jun 24, 2010 2:11am Jun 24, 2010 2:11am
here is my current trade today on a lower timeframe using M5 and GBJPY currency .. still going

Sell-
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Click to Enlarge Name: bearishm5.gif Size: 31 KB
  • #168
  • Jun 24, 2010 6:32am Jun 24, 2010 6:32am
Quoting tankbeta
here is my current trade today on a lower timeframe using M5 and GBJPY currency .. still going

Sell-
that turned out to be a nice pretty trade... out of interest did you sell into the rally, or wait for it to test n fail then sell?
Catching a falling knife, no, I'm just trading the Gartley!
  • #169
  • Jun 24, 2010 8:38am Jun 24, 2010 8:38am
Quoting ChinaWombat
that turned out to be a nice pretty trade... out of interest did you sell into the rally, or wait for it to test n fail then sell?
what do you mean? sorry if i dont get you.. what i do is everytime a pattern appear, i trade until to its maximum price level.... then when it reached the maximum price level i trade for the retracement.....


thanks
  • #170
  • Jun 24, 2010 10:04am Jun 24, 2010 10:04am
In my experience these patterns work the best with the long term support and resistance, especially If you time the patterns with major S and R zone and it's 1 hour or 4 hour pattern then it brings the most pips. I also enter all my trades on 15min charts with confirmation on 2 min charts, works really well.
It is also why I look at 8 hour GFT charts not to find more trades, like someone mentioned, but to confirm and time my daily Gartley pattern, without putting 200-300 stop loss, usually if next 8 hour candle opened below major resistance, 85% chance it will go down and vice versa.
  • #171
  • Jun 24, 2010 10:22am Jun 24, 2010 10:22am
Hi,

There are 3 potential gartley pairs that I'm looking now:

GBPUSD 4hrly bearish gartley,
AUDCHF daily/4hrly/1hrly bullish gartley and
USDJPY daily/4hrly bullish gartley

Regards,
Toyogo
  • #172
  • Jun 24, 2010 10:38am Jun 24, 2010 10:38am
daily and weekly aud/chf looks really heavy
  • #173
  • Jun 24, 2010 11:03am Jun 24, 2010 11:03am
is this the pin bar that i've been waiting for so patiently at 1.618 XD for some tasty canadian crab? 1.0455 is good s/r
Attached Image (click to enlarge)
Click to Enlarge Name: cad bear-crab m30.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #174
  • Jun 24, 2010 11:18am Jun 24, 2010 11:18am
looks like you got it Should be really nice with some white wine LOL
  • #175
  • Jun 24, 2010 11:27am Jun 24, 2010 11:27am
Quoting queenfx
daily and weekly aud/chf looks really heavy
Could you please show me the chart?
Cant get the fibs to match.
  • #176
  • Jun 24, 2010 11:38am Jun 24, 2010 11:38am
to me it looks like it wants a piece of the daily 200 EMA, I think it may be a good pattern, but timing is the question
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 6-24-2010 5-34-41 PMaudswissy2.png Size: 37 KB
Click to Enlarge Name: 6-24-2010 5-35-09 PMaudswissy.png Size: 37 KB
  • #177
  • Edited 8:38pm Jun 24, 2010 7:21pm | Edited 8:38pm
I really don't like the ratio's on this one from a 4H perspective, and wouldn't usually trade it, but it's been a good week, and with a few extra coins in the cash box, we can afford to have a flutter on the last day of the week. We have a nice bullish thrust up from good daily support 89.00-20. So for a low confidence trade let's see what can occur. The daily's BAT ratio's are a lot more convincing but would need to get above 90.00 to confirm. Possibly the 4H given an early signal to get into the daily trade....we shall see
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj bull-gart 4h.gif Size: 35 KB
Click to Enlarge Name: uj bull-batd1.gif Size: 44 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #178
  • Jun 25, 2010 2:07am Jun 25, 2010 2:07am
some good s/r around the .8600/10
Attached Image (click to enlarge)
Click to Enlarge Name: au bull-bfly 60m.gif Size: 35 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #179
  • Jun 29, 2010 2:17am Jun 29, 2010 2:17am
waiting for pullback, hope we'll get it someday, shorted pound of the top b/e now, see what's gonna happen
Attached Image (click to enlarge)
Click to Enlarge Name: 6-29-2010 8-14-18 AMpounddollargartleydaily.png Size: 43 KB
  • #180
  • Jun 29, 2010 5:41pm Jun 29, 2010 5:41pm
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.
Hi ChinaWombat,
Re my aussie Gartley a week ago
just wondering what's Boris's opinion of my Gartley now 0.85 PT reached...
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