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trading forex using Gartley Patterns

  • #321
  • Aug 16, 2010 4:25am Aug 16, 2010 4:25am
potential bat formed on the hourlys, and has tested 100% XA.
i'm leaving a stopentry order above the pin bar. This is the third test of 1.6180 on the 4H chart, and which was also a roof for 3~4 rallies prior to that.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf bat 1h.gif Size: 35 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #322
  • Aug 18, 2010 11:15am Aug 18, 2010 11:15am
bearish gartley on euruad

confluences

1. trendline bounce
2. resistance
3. top of bearish channel
4. good symmentry
Attached Image (click to enlarge)
Click to Enlarge Name: eaud.gif Size: 19 KB
  • #323
  • Aug 18, 2010 8:28pm Aug 18, 2010 8:28pm
potential bearish bat appearing.... ok confluence with .886XA and 2.618BC, 13 pips, and trendline resistance bisecting these levels... .6170 is also the .382 retrace from last months 64.60 high

it could be a formed bearish gartley as has done .618 and nearly .786 61.40 (missed by 5 pips) and BC 1.27 came in at 61.30
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy bat 1h.gif Size: 27 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #324
  • Aug 19, 2010 5:26pm Aug 19, 2010 5:26pm
Quoting Naijafx
bearish gartley on euruad

confluences

1. trendline bounce
2. resistance
3. top of bearish channel
4. good symmentry
Been watching this pair since you made the call Mike..Price escaped our gartley and shoots up to the 88.6 fib zone setting up for what i call the Viglo pattern...

I expect price to dip from here to either the 38.2 fib or 6.01 fib[ 88.6 fib of wave AB] and rally back to 113 @ 1.443 for a full formation for a short.

This might also be a guide for breakout traders..if price play into this trap, then we'll expect some good pipping in the green zone as indicated on the chart.....
Watching for confirmation to go short on this to 1.426 as first TP. SL=1.4460
Attached Image (click to enlarge)
Click to Enlarge Name: ea.gif Size: 61 KB
God's Love For You Is Sure Never You Doubt It
  • #325
  • Aug 20, 2010 3:58pm Aug 20, 2010 3:58pm
Quote
Been watching this pair since you made the call Mike..Price escaped our...

Nice contribution !

I'd like to add dat, the pattern is still gartley............. if u look at my chart, u will note the bullish crown. it played to its natural fib target at 1.618 and that is the more reason price consolidated around 1.4407 before diving like a rock.

the trend in play is still the bearish channel and we will continue to play it until its exhausted.

final note. dont trade patterns without confluences...........
Attached Image (click to enlarge)
Click to Enlarge Name: ea.gif Size: 23 KB
  • #326
  • Aug 22, 2010 2:14am Aug 22, 2010 2:14am
I'd like to add dat, the pattern is still gartley.............

Hi Naijafx,

it's all blurred to me. Would you please help me get this thing straight: where does your Gartley begins and where does it end? As far as I know, the BC leg should not move past the A point...

Please, note that I'm still getting my feet wet with harmonic patterns and I'm still having a hard time spotting a properly formed pattern. Is your Gartley the same as Scott Carney's?

Have a nice day, AT67.
Aut tace aut loquere meliora silentio
  • #327
  • Aug 22, 2010 9:30am Aug 22, 2010 9:30am
Hi everyone,

Allow me to join this thread, I am not a harmonic expert and still trying to find the best entry strategy to trade with Harmonic pattern. Hope I can get an idea in here.

As My contribution, I like to introduce a pattern named Harmonic Impulse Wave from Scott Carney (HaromonicTrader.com). But I like to rename it as Impulse Harmonic, so I short it as IH rather then HIV.
Suri Dudella (SuriNotes) also has similar pattern, SeaHorse pattern. Since the SeaHorse is in within the IH pattern Limit, I combine those to and just name it as Impulse Harmonic.

Here the example pattern in current GBPUSD H4. The pattern is also build a WolfWave pattern. let see if it work. The D is within 1.618 - 2.24 BC. The 2.00 BC is the ideal target, and I found several resistant cluster at that level.

The Pattern might be fail if the 1.272 BC become a strong resistant.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD H4 IH.gif Size: 72 KB
  • #328
  • Aug 22, 2010 4:45pm Aug 22, 2010 4:45pm
Quote
I'd like to add dat, the pattern is still gartley.............

Hi Naijafx,

it's all blurred to me. Would you please help me get this thing straight: where does your Gartley begins and where does it end? As far as I know, the BC leg should not move past the A point...

Please, note that I'm still getting my feet wet with harmonic patterns and I'm still having a hard time spotting a properly formed pattern. Is your Gartley the same as Scott Carney's?

Have a nice day, AT67.

hello AT

if u read the call made, we anticipated a gartley based on 61.8 failure and our entry was at 78.6 of XA. ideally, PO would have been placed at 78.6 with stop above X.

stop was able to withstand the pressure and wasnt taken out. as long as our stop wasnt taken out, it is a successful trade.

looking at price action wise, its alwayz adviseable to understand wave pattern or trend analysis. taking a closer look at euraud, u will see a bullish crown that reversed the trend from support to resistance of the channel and the crown target was hit to the pip.

when i saw this as well, it further strengthens my bias for a dive as i knew that our entry level was a take profit level and as well as continuation for bearish as signalled by the bearish channel

for me, i'd like to know the trend before trading any pattern!

hope my explanation is clear enough

lastly, scott carney is my harmonic mentor and i trade strictly by his harmonic definition but will ignore any-one that doesnt sync well with price action/trend direction
  • #329
  • Aug 22, 2010 11:13pm Aug 22, 2010 11:13pm
hi NaijaFX,

i am always scare to place order limit in my harmonic setup. Usually I look the price action when reach the Harmonic Level, and enter on candle setup, but this will miss some good entries.

What does make you confident to place order limit ? And where is the stop loss if you trade on Butterfly or Crab setup ? What do you want to see before placing the order limit ?

I completely agree with you that price action and trend are the first analysis before Harmonic Pattern analysis.

Thank you.
  • #330
  • Edited 12:15am Aug 23, 2010 12:04am | Edited 12:15am
Quoting kissaki
Hi everyone,

Allow me to join this thread, I am not a harmonic expert and still trying to find the best entry strategy to trade with Harmonic pattern. Hope I can get an idea in here.

As My contribution, I like to introduce a pattern named Harmonic Impulse Wave from Scott Carney (HaromonicTrader.com). But I like to rename it as Impulse Harmonic, so I short it as IH rather then HIV.

Welcome Kissaki,

I think, with all due repect, we should keep the pattern's name as Scott described it, as recognition of his work and research, and not to have multiple names for patterns. It would also make it easier if you could also adopt Scott's labelling so that we have consistancy in the thread.

You have forecast a BAT, but yet we do not have any reason to establish a B point (at a minimum .382 retrace from the low at 1.5463 if it holds)

if you're using a HIW, then your a,b,c should be x,a,b...which would make for a valid HIW set up. Why did you not use point 1 as the X as the ratio's are similar. I think you have mis-constructed the woolfe waves as they're into the trend, not a wedge against it.

Thanks for bringing the pattern to our attention, though I'll wait until we test 1.5668 before trying to assess what we have.

For entry strategies Scott goes into these in much detail. Once you have multiple confluence, (and have watched these patterns repeat themselves consistently with a demo or live account) entries become very routine. As I'm based in China, I leave orders over night at confluence levels, and they get set. They do not always work, sometimes we get stopped out, sometimes they miss by a few pips, but the degree of confidence that Harmonics gives you makes it a remarkable structure for your trading, and most importantly, your P&L, which is the name of the game.

For BAT's and Gartley the stop levels are well know. For Crab's and Butterflys, use confluence, trendlines, resistance, support, candle structures.
Catching a falling knife, no, I'm just trading the Gartley!
  • #331
  • Aug 23, 2010 12:33am Aug 23, 2010 12:33am
china is highly detailed..............
any pattern forming?
  • #332
  • Aug 23, 2010 2:02am Aug 23, 2010 2:02am
the .382 from the july low has been established,and now has been tested providing a double bottom.

so if we know that we have B @ .382 then we have to run through the various patterns that can play out from here. Most probable is for a BAT so there is now a BAMM opportunity presenting itself. Targets should be .786/.886 and maybe 1.618 (though crab will be low probability).

where to sell? 1st case is at the .382 low however with the election over the weekend it was prudent to avoid initiating a position. So we could simply sell now.

if we want to finesse (or reduce risk) maybe there are higher levels to get short at. I have experienced it frequently that .236 provides a good bounce/rebound opportunity to sell if .382 provides short term resiliance, with targets .786/.886/1.618 which provides a nice R*R ( -3*25=75 versus tp1 of 55 (78.6-23.6), tp2 65 (88.6-23.3) , tp3 65 or 138 (161.8-23.6)

23.6 comes in at .9004. we also have a down trend line coming in there as well.

on the 30 minutes (and this is where it is a bit more subjective depending on where you make X) we have a potential BAT forming as well with .886XA @ .8997 but BC 1.618 only at .8978 (which lines up with .786 XA).

if you make the 30M X at .9078 high (ie where it touches the trendline) then .886 XA is at .9051, and 2.618BC comes in at .9054

so I believe either .90045 or .9045 provide interesting levels that may provide the top with a target of .8420 for a BAT or if I allow myself the indulgence of a longer term .7760 crab target...

i believe that harmonically the better case is for the test of .9045/55ish but lets watch price action
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd 4h bamm set up.gif Size: 28 KB
Click to Enlarge Name: audusd 30m bamm set up.gif Size: 35 KB
Click to Enlarge Name: audusd 30m bamm set up altb.gif Size: 36 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #333
  • Aug 23, 2010 2:23am Aug 23, 2010 2:23am
I never could get wolf waves to work.....

Quoting kissaki
Hi everyone,

Allow me to join this thread, I am not a harmonic expert and still trying to find the best entry strategy to trade with Harmonic pattern. Hope I can get an idea in here.

As My contribution, I like to introduce a pattern named Harmonic Impulse Wave from Scott Carney (HaromonicTrader.com). But I like to rename it as Impulse Harmonic, so I short it as IH rather then HIV.
Suri Dudella (SuriNotes) also has similar pattern, SeaHorse pattern. Since the SeaHorse is in within the IH pattern Limit, I combine those to and just name it as...
  • #334
  • Aug 23, 2010 5:58am Aug 23, 2010 5:58am
First, thanks a lot to NaijaFX for his kindly replying me. I see I still have a lot of work ahead of me...

To China: what if the BC leg of your BAT on the 4H chart might still be forming? In that case, a BC retracing .382AB would imply a C point around .8981 and a BC retracing .500AB would come with a C around .9025

If this was the case your first 30M BAT alternative view would fit for a short in the sub .9000 area, slightly below your projections.

Just trying to add a small contribution, pal...
Aut tace aut loquere meliora silentio
  • #335
  • Aug 23, 2010 2:28pm Aug 23, 2010 2:28pm
Great thread all. I have been following with interest since the start
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  • #336
  • Aug 24, 2010 2:08am Aug 24, 2010 2:08am
Quoting At67
First, thanks a lot to NaijaFX for his kindly replying me. I see I still have a lot of work ahead of me...

To China: what if the BC leg of your BAT on the 4H chart might still be forming? In that case, a BC retracing .382AB would imply a C point around .8981 and a BC retracing .500AB would come with a C around .9025

If this was the case your first 30M BAT alternative view would fit for a short in the sub .9000 area, slightly below your projections.

Just trying to add a small contribution, pal...

A nice contribution...

The BC on the 4H could still be forming however I was focused on BAMM strategy and I had a confirmation of my B point already. So the initial position should have been to be short audusd looking for .886XA(.8420) on the downside.

Where C finished (which would have been D), is where a second, more finely tuned position could have been entered.

On the 30 min we had 3 scenarios, .9004, .9045, or .8978 which unfortunately I didn't place as strong an emphasis upon (but BC 1.618 only at .8978 (which lines up with .786 XA))

While it is in hindsight, we have learnt, or had a re-confirmation of why confluence is so powerful. Both BC 1.618 came in at .8978, and .786 was at .8980 with the market failing at .89826.

So even though we didn't get a BAT and perfected entry, we had confluence for a Gartley,and subsequent price action with a nice bearish engulfing candle on 15m, 30m, and 1H, depending on your time frame. This would have been a very low risk trade if you were awake and watching it (I wasn't).

So you could trade this as a 30M pattern and have some nice pips in the bank, and be at least break even, or it could be part of a more strategic entry for the original .8420 target, or both.

Appreciate your contribution, if I had seen it a bit earlier, I may have been able to get some extra pips on board. Fresh eyes and idea's are always welcome
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 30m bamm set up.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #337
  • Aug 24, 2010 3:04am Aug 24, 2010 3:04am
Could anybody tell me if this is valid on the ujh1?

It is clearly counter-trend and weak in terms of additoinal confirmation such as trendlines, although possibly at lower bound of falling channel.

http://i625.photobucket.com/albums/t...eilly/ujff.jpg
Everyone is entitled to my opinion.
  • #338
  • Aug 24, 2010 4:45am Aug 24, 2010 4:45am
we can show a bearish bat and bearish butterfly forming up through two patterns...

1) BearBat. Our B point travelled .382XA so we should expect attempt at .886XA at 1.3325/30 which is also a previous 4H pivot. 2.618BC comes in at 1.3595 so around 30 pips spread on confluence

2) Bear Butterfly Our B point travelled .786 of XA so that warns us to expect 1.27/1.618 for D. As above 2.618BC is 1.3595, which matches 1.618XA 1.3595 for nice confluence.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad 1h bearbat.gif Size: 31 KB
Click to Enlarge Name: eurcad 1h butterfly.gif Size: 30 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #339
  • Aug 24, 2010 6:02am Aug 24, 2010 6:02am
Quote
we can show a bearish bat and bearish butterfly forming up through two patterns...

1) BearBat. Our B point travelled .382XA so we should expect attempt at .886XA at 1.3325/30 which is also a previous 4H pivot. 2.618BC comes in at 1.3595 so around 30 pips spread on confluence

2) Bear Butterfly Our B point travelled .786 of XA so that warns us to expect 1.27/1.618 for D. As above 2.618BC is 1.3595, which matches 1.618XA 1.3595 for nice confluence.

china, this is an excellent call and would be A+ trade if we can retracement to that level.

it has several PA confluences which i so much love

1. supply level
2. flip beween support n resistance

this shd be an excellent trade
Attached Image (click to enlarge)
Click to Enlarge Name: ecad.gif Size: 15 KB
  • #340
  • Aug 24, 2010 10:48am Aug 24, 2010 10:48am
i'm struggling to get excited about audcad...haven't really got strong confluence between XD and BC, .9416 & .9435, it's 19 pips which isn't too bad but have seen better. However there is great supply on the dailys though so will watch the price action on this one.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audcad 1h bearbat.gif Size: 36 KB
Click to Enlarge Name: audcad 1h daily supply point.gif Size: 30 KB
Catching a falling knife, no, I'm just trading the Gartley!
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