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trading forex using Gartley Patterns

  • #261
  • Jul 25, 2010 7:32pm Jul 25, 2010 7:32pm
UJ short with the following confluences

1. possible trendline bounce
2. 61.8 of the large swing
3. good resistance level
4. bearish gartley at resistance
5. bearish butterfly at same entry as above
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 16 KB
  • #262
  • Jul 26, 2010 12:01pm Jul 26, 2010 12:01pm
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
Stopped out on the nzd---2 wins and 2 loses so for. Tex
  • #263
  • Jul 27, 2010 1:18am Jul 27, 2010 1:18am
Anyone using scott carney's RSI BAMM trade setup? looks pretty good in back tests.
  • #264
  • Jul 28, 2010 2:38am Jul 28, 2010 2:38am
Quoting tex123
Stopped out on the nzd---2 wins and 2 loses so for. Tex
yup, seriously considering removing kiwi and $jpy from my portfolio

btw, how do you define win?
Catching a falling knife, no, I'm just trading the Gartley!
  • #265
  • Jul 29, 2010 3:47am Jul 29, 2010 3:47am
Quoting ChinaWombat
yup, seriously considering removing kiwi and $jpy from my portfolio

btw, how do you define win?
Very similar the way you do it. I'll take profit at the 38.2 are if there is structure before it i'll take it there 1st postion---#2 postion to break even. A good setup with nice equal swings i'll use 2 x atr as stop,and norally that will put me over the previous swing high or close. I notice the chf/jpy had a descent set up yesterday on the hourly i just missed it. Tex
  • #266
  • Jul 29, 2010 11:04am Jul 29, 2010 11:04am
Quoting tex123
Very similar the way you do it. I'll take profit at the 38.2 are if there is structure before it i'll take it there 1st postion---#2 postion to break even. A good setup with nice equal swings i'll use 2 x atr as stop,and norally that will put me over the previous swing high or close. I notice the chf/jpy had a descent set up yesterday on the hourly i just missed it. Tex
cool thanks... gbpchf had is a nice one as well...almost perfect ratio's,

can't win a trick on kiwi, or $jpy, but nzdjpy works out so far...go figure?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf 4h bearbat.gif Size: 28 KB
Click to Enlarge Name: nzdjpy h1 bearbat.gif Size: 29 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #267
  • Jul 30, 2010 12:09am Jul 30, 2010 12:09am
the 30 mins kor is giving a bullish gartley has formed now at .786XA...and has given a bull candle signal which might be enough to get it to turn higher.

if i take the calc's a step further into the ratio's for a Carney Bat, as B has failed at .618, then .886XA should be the ideal PRZ, suggesting 61.70, which is also AB=CD 100%, and 2.618BC comes in at 61.58. 61.70 is also .786 of the bearbat (still have 1 position running on that puppy TP3). I know the picture looks like a dog's breakfast but could be interesting to see if we can get better levels to buy (and also to TP3!)

On euyn b = .618 so the .786 buy area becomes valid, and it fills out a real gartley requirements with bc 1.618 just missed by a whisker.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy h1 bullbat.gif Size: 53 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #268
  • Aug 2, 2010 1:07am Aug 2, 2010 1:07am
some interesting (or confusing) signals popping up early this week, which should be clearer as the days progress...

Daily....is it a bat or a gartley?

depending on your view of point b is obtained (near enough is good enough .8858 <> .8882) then we're at D with .786 = 9100, though right in the middle of BC expectations

the hourlys show a bear butterfly with 1.27XA at .9110ish, and 1.618bc .9095 giving some confluence at .9100 for a short

If you take the start of the pattern (X) at the beginning of the move down, not from the actual high (and happy to hear feedback on the validity of this) then we still have a better looking gartley formation.

If you think that B hasn't achieved .618, ie expecting a bat then we still have to expect a push higher to .886XA which comes in @9230 and 1.618BC .9200ish

so a slightly confusing, but definitely interesting, start to the week..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au bearbat daily.gif Size: 32 KB
Click to Enlarge Name: au bearbut 1h.gif Size: 32 KB
Click to Enlarge Name: au beargart daily.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #269
  • Aug 2, 2010 11:06am Aug 2, 2010 11:06am
we have crabs on eu 30m and $chf30m... eu probably has the best confluence with BC 3.618 close to 1.618 XA. $chf bc is quite far away from the 1.618XA but we have nice candles on the 30 minutes to help initiate long $ positions in both.. will the hourlys confirm in our favour?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu bearcrab 30m.gif Size: 30 KB
Click to Enlarge Name: $chf bullcrab 30m.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #270
  • Aug 2, 2010 9:56pm Aug 2, 2010 9:56pm
bearbat on EY, with BC=2.618 @114.04 and XA.886=113.98 which is nice confluence, but it's tough selling into such a bullish market sentiment... let's see
Attached Image (click to enlarge)
Click to Enlarge Name: ey bearbat 1h.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #271
  • Aug 3, 2010 8:33am Aug 3, 2010 8:33am
Im still just getting my head around these patterns but this seems to qualify as a bearish gartley on AUD/USD Daily. Can you guys take a look and let me know if this is correct
Attached Image (click to enlarge)
Click to Enlarge Name: gartley.jpg Size: 97 KB
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  • #272
  • Edited 11:08am Aug 3, 2010 10:34am | Edited 11:08am
Quoting M.A.C.Doug
Im still just getting my head around these patterns but this seems to qualify as a bearish gartley on AUD/USD Daily. Can you guys take a look and let me know if this is correct
on the right track, have a look at my 268 post..... depends on how you define B, if at .618, or if it didn't achieve it,then we're at .5, or even .38 is feasible, and on the look out for a bat and .886XA target, which has my (and your) BC targeting .9200/.9230 if BC 1.618, or .9310 if BC .38

it would help if you can mark the prices on your fibs to make it a bit clearer

i'm tending to favour it will become a bat judging from current price action...good luck
Catching a falling knife, no, I'm just trading the Gartley!
  • #273
  • Aug 4, 2010 12:36am Aug 4, 2010 12:36am
Quoting Naijafx
UJ short with the following confluences

1. possible trendline bounce
2. 61.8 of the large swing
3. good resistance level
4. bearish gartley at resistance
5. bearish butterfly at same entry as above

now that was a pretty trade...
Catching a falling knife, no, I'm just trading the Gartley!
  • #274
  • Aug 4, 2010 8:18am Aug 4, 2010 8:18am
Hello. Nice theard.
I have a question.
How do you visually define the correct leg XA?
What do you have characteristics for legs XA?
And even more difficult question. How do you define the end of the leg CD (point D)?
I understand, that we can use other tools as bar patterns, trend line etc., but still under the rules of harmoniс trade, can you answer these questions?

Thanks!
  • #275
  • Aug 4, 2010 10:10am Aug 4, 2010 10:10am
dera fxairy;for instance firstly define significant low and top or vice versa(XA).then AB leg comes.İF retracement level of ab leg is minimum 0.38 you should think that a harmonic pattern might occur.
in addition AB leg must be in range of 0.38-0.886.

and you must certainly use momentum indicators with it.
  • #276
  • Aug 4, 2010 1:55pm Aug 4, 2010 1:55pm
Quote
now that was a pretty trade...

the beauty about trading is to make ur calls before it happen and not posting charts when price is in trader's favor.

you guyz shd post ur patterns before it reaches D. this will help newbies to believe and wonna learn the method fast
  • #277
  • Aug 4, 2010 5:26pm Aug 4, 2010 5:26pm
BATs are very reliable most expecially at key levels
Attached Image (click to enlarge)
Click to Enlarge Name: bat-achf.gif Size: 16 KB
  • #278
  • Aug 5, 2010 1:06am Aug 5, 2010 1:06am
Quoting fxairy
Hello. Nice theard.
I have a question.
How do you visually define the correct leg XA?
What do you have characteristics for legs XA?
And even more difficult question. How do you define the end of the leg CD (point D)?
I understand, that we can use other tools as bar patterns, trend line etc., but still under the rules of harmoniс trade, can you answer these questions?

Thanks!
For me I like to have an implusive looking move XA, and then BCD are the correction. You can use absolute highs n lows but sometimes if price is waffling around near an extreme you can see the impluse wave beginning later and I will meaure from there. For working out D, you need to know the ratio's and expectations... http://www.harmonictrader.com/price_patterns.htm (if i'm allowed to post it here?) has them all.... then you can either just watch price action into the potential reversal zone, and enter on a significant candle, or you can just leave orders with sl beyond X (different for butterflys and crabs).
BATs I find are the best value to trade, as you have only 15% s/l of the move, and if successful indicates double top/bottom.
Catching a falling knife, no, I'm just trading the Gartley!
  • #279
  • Aug 5, 2010 1:11am Aug 5, 2010 1:11am
are you guys making bats if ab is under .618? and cd leg .886?, that audusd is closer to a gartely than a bat no? I find crab patterns when cd leg is wayy extended can produce massive pippage.

Quoting Naijafx
BATs are very reliable most expecially at key levels
  • #280
  • Aug 5, 2010 1:54am Aug 5, 2010 1:54am
I just found this thread and I am really loving what I have read so far. Harmonic Trading is perhaps one of the best methods of trading the forex due to low risk of entry @ point D!

Well I use the 15m Charts for entry and it is working great. Thanks to all the contributors.
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