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trading forex using Gartley Patterns

  • #421
  • Sep 11, 2010 4:23am Sep 11, 2010 4:23am
pink ab=cd
blue 1.27bc
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy bear gartely #5.gif Size: 26 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #422
  • Sep 12, 2010 1:08am Sep 12, 2010 1:08am
Quoting ChinaWombat
pink ab=cd
blue 1.27bc
Thanks ChinaWombat, i'll keep a close eye on that aj area.

Here's a gu h1 gartley to watch on the re-open. I will not consider entry until ab=cd = 886XA or 1.5230ish, which is also the S2 daily pivot. Reasonable RR from there.

http://i625.photobucket.com/albums/t...oreilly/gu.jpg
Everyone is entitled to my opinion.
  • #423
  • Sep 12, 2010 5:32am Sep 12, 2010 5:32am
that's a very interesting trade on the gbpusd, (I think you had a transposition error and meant 1.5330). There are also a couple of ABCD's,grey and gold on my chart, and (grey) C has a small gold ABCD as well, which would fit into Kor's parameters for a correct structure & positioning... plus lot's of confluence with previous S/R, triangle trendline, and .382 of the larger rally at 1.5315 (1.4226-1.5990)

as you say, it has good R/R with lots of supporting arguments
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd bull gartley.gif Size: 36 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #424
  • Sep 12, 2010 8:46am Sep 12, 2010 8:46am
Quoting ChinaWombat
that's a very interesting trade on the gbpusd, (I think you had a transposition error and meant 1.5330). There are also a couple of ABCD's,grey and gold on my chart, and (grey) C has a small gold ABCD as well, which would fit into Kor's parameters for a correct structure & positioning... plus lot's of confluence with previous S/R, triangle trendline, and .382 of the larger rally at 1.5315 (1.4226-1.5990)

as you say, it has good R/R with lots of supporting arguments
oh yes, i meant 1.5320, where the abds end.

one negative on the trade would be the time of week.
Everyone is entitled to my opinion.
  • #425
  • Edited 1:05pm Sep 12, 2010 10:07am | Edited 1:05pm
it also have bullish crown convergence
  • #426
  • Edited 8:19pm Sep 12, 2010 7:28pm | Edited 8:19pm
Quoting ChinaWombat
that's a very interesting trade on the gbpusd, (I think you had a transposition error and meant 1.5330). There are also a couple of ABCD's,grey and gold on my chart, and (grey) C has a small gold ABCD as well, which would fit into Kor's parameters for a correct structure & positioning... plus lot's of confluence with previous S/R, triangle trendline, and .382 of the larger rally at 1.5315 (1.4226-1.5990)

as you say, it has good R/R with lots of supporting arguments
This is my take on GBP, also with fib and pivot support and excellent risk reward. Im long at 1.5370 at todays early Asia. I know this is an incomplete pattern but I have traded the C-D leg long before I knew anything about harmonics. What do you guys think?

entry 1.5370
stop 1.5270
tp1 1.6370
tp2 1.7070
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd1.jpg Size: 126 KB
Click to Enlarge Name: gbpusd2.jpg Size: 107 KB
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  • #427
  • Edited 8:22pm Sep 12, 2010 8:03pm | Edited 8:22pm
Quoting M.A.C.Doug
This is my take on GBP, also with fib and pivot support and excellent risk reward. Im long at 1.5370 at todays early Asia. I know this is an incomplete pattern but I have always traded the C-D leg before I even knew anything about harmonics. What do you guys think?

entry 1.5370
stop 1.5270
tp1 1.6370
tp2 1.7070
Hi M.A.C Doug.

One of my favourite patterns is the Quasimodo, your long entry is a textbook QM entry. Posting link here but not sure if it will be removed http://www.nobrainertrades.com/2009/...r-pattern.html. Good luck with your trade, it looks good to me.

I am waiting for CD to equal AB, as I thought this was a minimum requirement for the gartley to complete, but it looks like I may be missing the boat (gu now 1.5407). Oh well, such is life.

I really like the idea of trying to identify C points and trading the CD leg, and have been working on this strategy myself but can't find much info out there. If you had any pointers that would be great. At this point I am looking for .788 retracements, then will fade the .788 retracement of that retracement in the event of a forming butterfly. I like this method as it seems a slightly different way to trade harmonics, and fades the way most people trade (ie I am fading the retracement traders and capitalising on their failure). Seems to me the C points are less crowded than D, and I am tired of sitting with a limit at D, almost certain that price will get there yet not making any pips on the move.

Does anybody know if there is an indicator that scans the market simply for certain retracements? I am not looking for patterns, just precise retrcements?
Everyone is entitled to my opinion.
  • #428
  • Sep 12, 2010 11:49pm Sep 12, 2010 11:49pm
Quoting mofo
Hi M.A.C Doug.

I really like the idea of trying to identify C points and trading the CD leg, and have been working on this strategy myself but can't find much info out there. If you had any pointers that would be great. At this point I am looking for .788 retracements, then will fade the .788 retracement of that retracement in the event of a forming butterfly. I like this method as it seems a slightly different way to trade harmonics, and fades the way most people trade (ie I am fading the retracement traders and capitalising on their failure)....
I guess you've read Carney's BAMM,from Harmonic Trading 2, which introduces this type of strategy, which covers Bats, but where I guess you can substitute Bat for Butterfly?

in general I like to play the .786/.886 of AB once B has formed which is really just a S/R play against A.

shame about the gbpusd this morning, the little abcd might have got you in for a small trade but as a pilot friend of mine says, it's always better to be on the ground wishing you were flying, rather than the other way around...
Catching a falling knife, no, I'm just trading the Gartley!
  • #429
  • Sep 13, 2010 1:46am Sep 13, 2010 1:46am
Quoting ChinaWombat
I guess you've read Carney's BAMM,from Harmonic Trading 2, which introduces this type of strategy, which covers Bats, but where I guess you can substitute Bat for Butterfly?

in general I like to play the .786/.886 of AB once B has formed which is really just a S/R play against A.

shame about the gbpusd this morning, the little abcd might have got you in for a small trade but as a pilot friend of mine says, it's always better to be on the ground wishing you were flying, rather than the other way around...
yeah, a shame about that, but i stuck to my plan and there will be other trades.

your aj looking good chinawombat, well done.

i actually haven't read that bamm stuff, but will do so...thanks for the tip.
Everyone is entitled to my opinion.
  • #430
  • Sep 13, 2010 1:57am Sep 13, 2010 1:57am
Hi everyone,
good to see so many people are interested in Gartley As for pound I have a feeling we'll visit 1.5130 first before a strong move up
  • #431
  • Sep 13, 2010 3:24am Sep 13, 2010 3:24am
Quoting queenfx
Hi everyone,
good to see so many people are interested in Gartley As for pound I have a feeling we'll visit 1.5130 first before a strong move up

welcome back, we've missed you!!!
Catching a falling knife, no, I'm just trading the Gartley!
  • #432
  • Sep 13, 2010 3:29am Sep 13, 2010 3:29am
Bat and crab have their respective XA's around .7340, plus lots convergence levels between .7315~.7340. Just waiting for bearish candle pattern to confirm short entry

4H also has bearish ABCD completing at these levels.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd bear.gif Size: 37 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #433
  • Sep 13, 2010 3:48am Sep 13, 2010 3:48am
early days, but could be a bearish butterfly in the making here on the ucad H1.

i am having a go at the cd leg on the basis of the QM pattern. fingers crossed.

http://i625.photobucket.com/albums/t...lly/ucad-1.jpg
Everyone is entitled to my opinion.
  • #434
  • Sep 13, 2010 4:05am Sep 13, 2010 4:05am
Quoting mofo
early days, but could be a bearish butterfly in the making here on the ucad H1.

i am having a go at the cd leg on the basis of the QM pattern. fingers crossed.

http://i625.photobucket.com/albums/t...lly/ucad-1.jpg

sorry guys, this was stupidly early and now we have made a fresh C. i scratched my long and will wait for any shorts
Everyone is entitled to my opinion.
  • #435
  • Sep 13, 2010 2:48pm Sep 13, 2010 2:48pm
I just posted my approach to Gartley's AB=CD (Price x Time):
http://www.facebook.com/pages/Tradin...27059470640778
  • #436
  • Sep 13, 2010 3:43pm Sep 13, 2010 3:43pm
here is little euro/gu short, I like that it holds 78.6% fib of the previous 4 h move down from September 3rd, hope we'll get enough sellers to break the trendline it formed on the bottom of the 4h charts
0.7760 looks like a nice bottom of 2008 range
Attached Image (click to enlarge)
Click to Enlarge Name: 9-13-2010 9-35-38 PMeurogushort.png Size: 77 KB
  • #437
  • Sep 14, 2010 1:15am Sep 14, 2010 1:15am
http://img829.imageshack.us/img829/5155/40406017.jpg

Uploaded with ImageShack.us
Everyone is entitled to my opinion.
  • #438
  • Sep 14, 2010 1:18am Sep 14, 2010 1:18am
Quoting ChinaWombat
welcome back, we've missed you!!!
Thank you
  • #439
  • Sep 14, 2010 1:59am Sep 14, 2010 1:59am
nice ab=cd in price and time obtained overnight so can now add to original position....
Attached Image (click to enlarge)
Click to Enlarge Name: audusd bear ab=cd.gif Size: 37 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #440
  • Sep 14, 2010 4:24am Sep 14, 2010 4:24am
C includes AB=CD
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad bull bat.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
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