trading forex using Gartley Patterns

Euro just aint going down ...

yet...

possible C entry using declining 4H trendline combined with failure to recapture daily uptrend

http://1.bp.blogspot.com/_dswi7ZSR8G...%2B27jan11.gif

if the strong support area at .9820-30ish holds then some alternative scenario's may come into play


http://2.bp.blogspot.com/_dswi7ZSR8G...%2B27jan11.gif

it would be pre-mature to replace the bear suit with the viking tin horned helmet just yet... . The prior mega-pivot high combined with .618 retracement should provide a nice resistance to trouble the late arriving bulls with some selling volume appearing.

(the extended 1.618 abcd i don't put much weight on by itself, just playing with extensions, but adds to confluence points)

Hi Chinawombat,

I like the au and also see a larger abcd from the 1.0250 high. The "C" point on your pattern might also be the right shoulder of a head and shoulders pattern.

Point of caution would be the bullish trendline we are resting on at the time of screenshot.

The other thing i am watching is this cj long. I entered with m15 pattern on retest of daily abcd. Booked half, but there may be more to come if you can find an entry on the smaller timeframes.

http://4.bp.blogspot.com/_dswi7ZSR8G...%2B27jan11.gif
should be some short term resistance up here

nice trade...hope you managed to get the most of that rally!

eu m1 gartley lol, lets see

haha, isn't there a movie, gone in 60 seconds. this got stopped out in a hurry. next.

on a slightly longer tf, i have these two abcds on the swissy. good chance we will trade down to the lower, but i'm having a small look at the first level. second pattern also forms a bat.

hi, I am a fresh harmonic trader and i realy need an inspiration to get out from trade Can somebody tell my what is your exit ? please

i am working on an indicator to automatically calculate the ratios. all you need to do is draw the 4 segments of the pattern and the indicator will compute and display the ratios. it does not scan or search for pattern. it just makes it more convenient to calculate and label the many fibo levels.

it would have been more convenient to use on metatrader 5. metatrader 5 has a new feature where you can mark 5 waves of Elliott motive wave. no need to draw segment lines. just pick the vertices of the Gartley pattern.

http://3.bp.blogspot.com/_dswi7ZSR8G...%2Bfeb0111.gif
abcd @ 1.27 XA plus prior resistance

http://2.bp.blogspot.com/_dswi7ZSR8G...B4h%2Bcrab.gif


confluence within crab
prior ABCD
previous congestion level
.618 of Jan rally just above PRZ
daily trend line support

http://3.bp.blogspot.com/_dswi7ZSR8G...py%2Bbat4h.gif
.886XA = abcd with some daily resistance trendline.... possibly the wrong time of the week to initiate a position though

http://2.bp.blogspot.com/-i2UN9cmape...y%2Bgbpusd.gif
ab=cd @ .786 and declining trendline resistance

trade follow up

TP1 already banked...need to watch price reaction when/if gets to A for TP2 n 3. BE+1

at least the audusd and gbpusd help make up for the cadjpy

edit. stopped out at BE+1 for the balance..

http://3.bp.blogspot.com/-nq_tWdw_Dn...h%2Bnzdusd.gif
rising daily support @ ABCD

TP1 is just 1.5 times risk
tp2 is .618 of CD


my broker doesn't provide gbpnzd cross but fingers crossed it is bearish!!

just to follow up... we didn't get stopped on the push down overnight which should be a good sign. However with the daily trendline support now turned to resistance, prior 4h pivot support now turning to resistance, and the steep decline trendline i'll square up now and bag my 5 pips (woo hoo) while the probabilities of resistance hold. Will be looking for selling opportunities until it can regain strength above the mentioned resistances.