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trading forex using Gartley Patterns

  • #241
  • Jul 15, 2010 5:21am Jul 15, 2010 5:21am
Quoting ChinaWombat
it can get up to 3.618, with xd 1.618, if they come together, and other supporting confluence, or candle, then worthwhile to consider



for kor (not sure if i can post it here) http://tradingarsenal.com
Superb ! Appreciate it , thx
  • #242
  • Edited 7:20pm Jul 15, 2010 8:21am | Edited 7:20pm
Quoting pipmyride
Sorry is this KOR available for mt4 ?
Hi pipmyride,

I like your picture - it really looks cool! http://cdn.forexfactory.com/images/icons/icon6.gifhttp://cdn.forexfactory.com/images/icons/icon6.gifhttp://cdn.forexfactory.com/images/icons/icon6.gif I hope we all could trade like this!

BTW, simply google korHarmonics, you should be able to find all information needed.

Regards,
Toyogo
  • #243
  • Jul 16, 2010 2:35pm Jul 16, 2010 2:35pm
Quoting ChinaWombat
nice work!
Thanks China, The other postion stopped out at break even. I've been concentrating on this one particular set up and it seems to be fairly consisitent so for. One thing i won't have to worry about is over trading lol You all have a good weekend . Tex
  • #244
  • Edited 10:48pm Jul 17, 2010 10:35pm | Edited 10:48pm
Quoting ChinaWombat
it can get up to 3.618, with xd 1.618, if they come together, and other supporting confluence, or candle, then worthwhile to consider



for kor (not sure if i can post it here) http://tradingarsenal.com
thanks for this korharmonics china... it looks like this indicator is more accurate and better than ZUP indicator ... ill use this indicator for now ... btw china what chart is the best in using korharmonics?
  • #245
  • Jul 21, 2010 8:18pm Jul 21, 2010 8:18pm
Quoting tankbeta
thanks for this korharmonics china... it looks like this indicator is more accurate and better than ZUP indicator ... ill use this indicator for now ... btw china what chart is the best in using korharmonics?
Chart? you mean currency, or time frame? On the liquid mains they work down to 5 mins, but it's always nice to have confirmation one frame higher, and also only for London time zone...trying 5 min charts in asia will just destroy your account, and soul. From my p+l stats for trading, usdjpy and kiwi give the worst results, while eu,ey,gy,ay are simply fantastic. Hence, while there is a dirty great green bull butterfly on usyn 4h+daily, I have no position in it, even though it's done the right things for the 1.27 extension. Maybe at 1.618 I'll have a look at it. The price action has been less than flattering for a long position. Much happier to trade the yen crosses, especially if no corresponding signal in the major.

For the preservation of a trader's sanity, I generally use 15m-30m-1h-4h on majors, and 1-4 hours on the lesser crosses due to the spread. As I can watch opportunities daily I don't mind the smaller frames, but those with a longer term focus should find ample opportunities on 4H up.

Kor isn't perfect but I think it allows more successful opportunities to come into play. The ozchf attached 5e pattern also becomes a gartley when done by hand. Without the 5e pattern showing up, it would have been easy to miss, and plotting by hand gives a double support for a short position. With TP1 done, it's now a free trade...http://cdn.forexfactory.com/images/icons/icon14.gif

(btw, you've probably seen it happening but the 'e' does repaint, so need a supporting candle, s/r, or a harmonic to help confirm)
Attached Image (click to enlarge)
Click to Enlarge Name: audchf bear gart 1h.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #246
  • Jul 22, 2010 6:30am Jul 22, 2010 6:30am
my entry trade in gbpjpy crab bullish pattern and abcd bullish in eurusd..
the higher entry in gbpjpy as you can see is a bad trade coz last night a bullish pattern showed but it failed .... and i forgot to closed it before i fell asleep last night anyway im just waiting my trade to be in positive before ill close it...

@china
correct me if im wrong the exit computation is .618 * CD= then the value you will get will be your take profit ??
i read it in the "Trading gartley 222" pdf that you posted

Attached Image (click to enlarge)
Click to Enlarge Name: crabbullish.gif Size: 28 KB


Attached Image (click to enlarge)
Click to Enlarge Name: abcd bearish.gif Size: 25 KB
  • #247
  • Jul 22, 2010 6:40am Jul 22, 2010 6:40am
funny thing is, gartley himself never used fibs!
  • #248
  • Jul 22, 2010 6:45am Jul 22, 2010 6:45am
Quoting pipmyride
Sorry is this KOR available for mt4 ?
i'd like to know this as well.
  • #249
  • Jul 22, 2010 8:36am Jul 22, 2010 8:36am
Quoting witsnpips
funny thing is, gartley himself never used fibs!
yup, that's very well known...he used 1/3 n 2/3, which doesn't take too much to extrapolate into fib's...as Larry and Scott have done and refined, with Scott breaking the patterns further down into precise formations which have their own seperate characteristic's (and shouldn't be called failed gartley's)
Catching a falling knife, no, I'm just trading the Gartley!
  • #250
  • Jul 22, 2010 8:47am Jul 22, 2010 8:47am
@china
correct me if im wrong the exit computation is .618 * CD= then the value you will get will be your take profit ??
i read it in the "Trading gartley 222" pdf that you posted

my t/p's are usually 1.5/2.0*risk and then move to be+1, .618 AD, and then around .786/.886 AD, depending on other support points in the region...

these are a bit conservative compared to some others that look for 1.27/1.618...

the article used .618cd for it's analysis, but you can pretty much use whatever suits your trading style.
Catching a falling knife, no, I'm just trading the Gartley!
  • #251
  • Jul 22, 2010 8:51am Jul 22, 2010 8:51am
I just started reading Scott Carney's book harmonic trading vol 2. goes on to explain the "failed gartley's" interesting so far, although first 50 pages goes into some history of those failed patterns.
  • #252
  • Jul 22, 2010 8:53am Jul 22, 2010 8:53am
Nice trade... what are you doing to confirm those patterns on the 15m timeframe? I haven't been too successful with 15m patterns. I know some people will take the trade if its withing the predominant trend... but on the gj chart (which is going sideways on daily) did you take that trade because of that support price near 131?


Quoting tankbeta
my entry trade in gbpjpy crab bullish pattern and abcd bullish in eurusd..
the higher entry in gbpjpy as you can see is a bad trade coz last night a bullish pattern showed but it failed .... and i forgot to closed it before i fell asleep last night anyway im just waiting my trade to be in positive before ill close it...

@china
correct me if im wrong the exit computation is .618 * CD= then the value you will get will be your take profit ??
i read it in the "Trading gartley 222" pdf that you posted

Attachment

Attachment ...
  • #253
  • Jul 22, 2010 10:55am Jul 22, 2010 10:55am
Quoting reynante
Nice trade... what are you doing to confirm those patterns on the 15m timeframe? I haven't been too successful with 15m patterns. I know some people will take the trade if its withing the predominant trend... but on the gj chart (which is going sideways on daily) did you take that trade because of that support price near 131?
thanks reynante, but i think my trade on gbpjpy is just a lucky trade bec the trend that day is going down, as you can see i have trade on top that i left overnight. then the next day a big crab bullish pattern appeared which a good sign of retracement

about confirmation of patterns, i dont have any idea on confirming patterns, which i like to learn right now because some patterns i trade in m5 and m15 failed (i hope you guys teach me on this)
  • #254
  • Jul 22, 2010 11:35am Jul 22, 2010 11:35am
Attached Image (click to enlarge)
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Maybe we will have an opportunity for a sale if this pair get this high.We have a descent structure to the left as well. Tex
Attached Image (click to enlarge)
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  • #255
  • Jul 22, 2010 9:47pm Jul 22, 2010 9:47pm
while kor and zup are useful tools to help find patterns, nothing beats doing some manual prep for your self...

kiwi
the first chart shows my initial workings of a kiwi bat formation using b finishing at .38 and then adding in Scott Carney's price projections for XA.886, and BC2.618 confluence around .7270 area.

the second chart shows the indicator logging b at .618, and thus suggesting an initial sell point at .786 retrace according to gartley fib pattern rules

By being patient, and without receiving a confirmation sell candle at .786, you can then focus on the .886/2.618 as the target zone at .7270ish.

I got lucky, and now short at .7270 (high .7275). Haven't reached tp1 so it could still go pear shaped.

While the indictor also get's you in a short position, by working through the PRZ yourself, you can aim for a better entry point, which reduces your s/l amount, allowing for a larger position than if entered on break of candle, or entered on conventional gartley rules at .786, with s/l above x.

This also shows the highly subjective nature of where do you mark B and the ramifications it has for finding D
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: kiwi h1 bear bat kor.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #256
  • Jul 22, 2010 10:18pm Jul 22, 2010 10:18pm
Quoting ChinaWombat
while kor and zup are useful tools to help find patterns, nothing beats doing some manual prep for your self...

kiwi
the first chart shows my initial workings of a kiwi bat formation using b finishing at .38 and then adding in Scott Carney's price projections for XA.886, and BC2.618 confluence around .7270 area.

the second chart shows the indicator logging b at .618, and thus suggesting an initial sell point at .786 retrace according to gartley fib pattern rules

By being patient, and without receiving a confirmation sell candle at .786,...
Super post Wombat - appreciate your analysis greatly - any more detailed explanations would help immensely.

Thx
  • #257
  • Jul 23, 2010 1:57am Jul 23, 2010 1:57am
China that nzd looks nice on the 4hr as well. Thanks for sharing.

Tex
  • #258
  • Jul 23, 2010 4:09am Jul 23, 2010 4:09am
Quoting tex123
China that nzd looks nice on the 4hr as well. Thanks for sharing.

Tex
it's giving you a chance to get in at nicer levels than me, bit frustrating watching it rally back, but still holding (fingers crossed) while everything else rallies...good luck
Catching a falling knife, no, I'm just trading the Gartley!
  • #259
  • Jul 23, 2010 4:23am Jul 23, 2010 4:23am
Quoting ChinaWombat
it's giving you a chance to get in at nicer levels than me, bit frustrating watching it rally back, but still holding (fingers crossed) while everything else rallies...good luck
Hi China

What would be a good/safe tp1 for nzdusd as per your analysis?

Regards

Syed Ali Raza
Raza
  • #260
  • Jul 23, 2010 5:00am Jul 23, 2010 5:00am
Quoting shr5
Hi China

What would be a good/safe tp1 for nzdusd as per your analysis?

Regards

Syed Ali Raza
i guess it depends how you define good and safe... Good = lots of pips, or quick n easy pips and squaring up before the weekend?

depending on the number of lots your trading, tp1 for a safe tp would be 1*1 RR, or near todays low, but definitely before .38 of AD. Failed patterns tend to be unable to break through .38 which can give an early warning signal. .38 @ .7190 has a number of hourly highs there as well which means it may take some time to break support (if it does decide to go that way). If it does get to .7190 all your other positions should be moved to at least BE... imho
Catching a falling knife, no, I'm just trading the Gartley!
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