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trading forex using Gartley Patterns

  • #341
  • Aug 24, 2010 11:03am Aug 24, 2010 11:03am
we may have a triple top in the gbpcad thanks to some nice price action over the last few hours... the 1.618 BC is in-between our butterfly and bat targets, and confluence is a bit messy.

with B @ .618 then we're looking for either a gartley or a butterfly, but as confluence is pretty bad for a butterfly then i'm going with a gartley. If the gartley fails, ie above X, then i wont be looking to resell for the butterfly.

bearish candles are the deciding factor for a short position for me along with the potential triple top.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad 1h bat.gif Size: 34 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #342
  • Aug 24, 2010 11:11am Aug 24, 2010 11:11am
bearish bat on gbpaud with nice confluence and supply.... has been in a range for a while and neglected to check it..missed a nice chance
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud 1h bat.gif Size: 35 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #343
  • Aug 25, 2010 4:28am Aug 25, 2010 4:28am
just a heads up as we haven't even established C, but we have B at .786, so now a butterfly is on the cards...probably check back at the beginning of next week as a time frame to watch closer. Once C forms then we can work out BC, and if confluence at either 1.27 or 1.618 then there is nice supply levels at both
Attached Image (click to enlarge)
Click to Enlarge Name: euraud butterfly.gif Size: 30 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #344
  • Aug 25, 2010 4:58am Aug 25, 2010 4:58am
the B point for this pattern indicates we should be looking for .886. However with confluence at .786 and 1.618BC coming within a few pips i did make it a gartley
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdjpy gartley.gif Size: 29 KB
Click to Enlarge Name: nzdjpy gartley trendline.gif Size: 26 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #345
  • Aug 25, 2010 5:55am Aug 25, 2010 5:55am
Quoting ChinaWombat

...

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
Hi China,

thanks for your kind words. You know, fortune is often on the beginners' side...

I was considering to subscribe to Scott Carney's Harmonic Trader member site, as soon as I have finished reading his books. Did you or anyone else find it useful?

As far as MT4 programming - many of the newest Scott's patterns (i.e. the 5-0 pattern) don't seem to be supported in the current charting softwares (i.e. Trading Arsenal). What would you do?

Have a nice day.
Aut tace aut loquere meliora silentio
  • #346
  • Aug 25, 2010 6:09am Aug 25, 2010 6:09am
bullish butterfly on audnzd....a bit far away but worth to keep an eye on... excellent confluence at XA1.27 & BC 1.618, nice supporting up trend line, along with a significant number of hi and low's around 1.2500
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd butterfly.gif Size: 29 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #347
  • Edited 7:19am Aug 25, 2010 6:44am | Edited 7:19am
Quoting At67
Hi China,

thanks for your kind words. You know, fortune is often on the beginners' side...

I was considering to subscribe to Scott Carney's Harmonic Trader member site, as soon as I have finished reading his books. Did you or anyone else find it useful?

As far as MT4 programming - many of the newest Scott's patterns (i.e. the 5-0 pattern) don't seem to be supported in the current charting softwares (i.e. Trading Arsenal). What would you do?

Have a nice day.
I've got the 5-0 pattern on Kor (see below) but I haven't used it. Maybe it's switched off on your indi? It's a difficult one to use manually on MT4 (for me at least) so I haven't really gotten to grips with it as it's quite a busy day with just the basic patterns on 22 currency pairs to plot through manually takes a long time. The 3 drives pattern on Kor is probably the most consistent that I've noticed. In fact I'm considering just using that alone on one chart.

I'm just concentrating on the basic patterns, 3 drives, and BAMM set-ups at the moment as they are providing many good opportunities.

I haven't subscribed to Scott's site but I'm sure it would be worth it. He has some one on one training as well if you wanted a quicker introduction.
Attached Image (click to enlarge)
Click to Enlarge Name: 5-0 bullish.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #348
  • Aug 25, 2010 7:13am Aug 25, 2010 7:13am
depending on if you think this is a BAT or Gartley set up, both 2.618BC and 1.618BC come in around .8718/22, some trendline support, so the bearish larger time frame may be delayed to provide one more rally
Attached Image (click to enlarge)
Click to Enlarge Name: audusd gartley.gif Size: 30 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #349
  • Aug 25, 2010 7:40am Aug 25, 2010 7:40am
after posting that 5-0 on the eurusd showing the 50% retrace, I played around with the gartley and came up with this... .886 and 2.618BC come in at 1.2615/18.

I'm struggling here for other confluence especially with that significant trend line break. I can't see to much in the way of support apart from the low a few hours previously. Is the 5-0 pattern going to give me that confluence?

stay tuned...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd gartley.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #350
  • Aug 25, 2010 8:36am Aug 25, 2010 8:36am
Hi guys new to Gartley.. can some one label this chart with posibale short entry point
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  • #351
  • Aug 25, 2010 8:39am Aug 25, 2010 8:39am
Thanks guys..
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 59 KB
  • #352
  • Aug 25, 2010 10:29am Aug 25, 2010 10:29am
Quoting Moxie
Thanks guys..

If I'm not wrong it's a bearish butterfly. PRZ is as follows: 1.270XA, 1.618BC and possibly an alternate 1.618AB=CD pattern. Please, do yourself the maths, since I don't have access to any platform right now...

I'm a novice too; you'd better served waiting for some of the grown ups to express on the chart, pal.
Aut tace aut loquere meliora silentio
  • #353
  • Aug 25, 2010 11:16am Aug 25, 2010 11:16am
Quoting At67
If I'm not wrong it's a bearish butterfly. PRZ is as follows: 1.270XA, 1.618BC and possibly an alternate 1.618AB=CD pattern. Please, do yourself the maths, since I don't have access to any platform right now...

I'm a novice too; you'd better served waiting for some of the grown ups to express on the chart, pal.
LOL Hi AT67.. no problem ill sit at the front off the class see what I can learn... Years of siting at the back hav'nt done me any favours..

Moxie
  • #354
  • Aug 25, 2010 11:37am Aug 25, 2010 11:37am
the area in blue is the only point i could consider selling usdcad based on the butterfly formation as is... no other confluence i can see..
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad butterfly.gif Size: 39 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #355
  • Aug 25, 2010 11:54pm Aug 25, 2010 11:54pm
on the smaller time frame i have BAT formation on M15/30 for eurusd. in a perfect world it will drop to give me at least a BE trade and still keep my long eurusd position open (which is now a BE trade).

nice tight convergance 1.2713/15, and nice supply 1.2725/30ish

at worst it will stopout and we have a break of the supply level which is still happy days.
at best it drops to all TP's and then heads higher leaving my original long position open.

at medium it drops lower to take me out of my BE long position but that means my 3 TP's have been done.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 15m bat.gif Size: 31 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #356
  • Aug 26, 2010 5:01am Aug 26, 2010 5:01am
http://i834.photobucket.com/albums/z...ngo77/tyui.png
  • #357
  • Aug 26, 2010 5:34am Aug 26, 2010 5:34am
Zimba what pair is that pattern on..?

Good work

Moxie
  • #358
  • Aug 26, 2010 5:41am Aug 26, 2010 5:41am
Quoting Moxie
Zimba what pair is that pattern on..?

Good work

Moxie
Cheers Mox...it`s on usd/cad.
  • #359
  • Aug 26, 2010 9:47am Aug 26, 2010 9:47am
Quoting ChinaWombat
on the smaller time frame i have BAT formation on M15/30 for eurusd. in a perfect world it will drop to give me at least a BE trade and still keep my long eurusd position open (which is now a BE trade).

nice tight convergance 1.2713/15, and nice supply 1.2725/30ish

at worst it will stopout and we have a break of the supply level which is still happy days.
at best it drops to all TP's and then heads higher leaving my original long position open.

at medium it drops lower to take me out of my BE long position but that means my 3 TP's have been...
Hi China,

now, let's see... you've been stopped out on the 30M trade for a 10ish pips loss trade but still in on the 4H trade for a nice 100ish pips gain, right? If so, you did miss to double score by a few inches!

I was in Hong Kong back in 1996, really loved it...
Aut tace aut loquere meliora silentio
  • #360
  • Aug 26, 2010 10:45am Aug 26, 2010 10:45am
Quoting At67
Hi China,

now, let's see... you've been stopped out on the 30M trade for a 10ish pips loss trade but still in on the 4H trade for a nice 100ish pips gain, right? If so, you did miss to double score by a few inches!

I was in Hong Kong back in 1996, really loved it...
yup, the market gods never give you what you want, but you get what you need.... apologies to mick jagger now we just wait n watch...must be some paint drying somewhere to keep us occupied.. and it's still a great town!
Catching a falling knife, no, I'm just trading the Gartley!
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