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trading forex using Gartley Patterns

  • #741
  • Mar 10, 2011 8:06pm Mar 10, 2011 8:06pm
Quoting ChinaWombat
Hey mofo,

can you post your daily ABCD chart? i don't see it unless your talking about the rally big one beginning with the A point is 4th Nov and B 19Dec

i can't post charts today as i'm travelling (at airport)
long nzdusd at .7335 s/l .7315 tp1 .7380 tp2 7460
long audusd at 1.0 s/l .9960 tp1 1.007 tp2 1.0120 (bullish engulfing on 4H oz chart currently)
China,

Here it is on H8 as it's a bit hard to see on the daily. Note, the swing in AB leg is not visible on the daily. I wouldn't let it worry your long, more than likely this will fail (particulary as the chinese data wan't too bad), just playing the trend until it does.
Attached Image (click to enlarge)
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Everyone is entitled to my opinion.
  • #742
  • Mar 10, 2011 8:32pm Mar 10, 2011 8:32pm
Quoting mofo
China,

ere it is on H8 as it's a bit hard to see on the daily. Note, the swing in AB leg is not visible on the daily. I wouldn't let it worry your long, more than likely this will fail (particulary as the chinese data wan't too bad), just playing the trend until it does.
thanks, have to respect the trend, so with a bit of luck i can get to BE soon and at least tp1 done, though tp2 is above the trend so it probably wont work this time. ideally we can get a kick back to the trendline and have another set-up materialise... it's quite premature but a bearish bat could be setting up and we have established B at .7363, c @ .7345, just not sure if X is .7415 or .7395.... that said will move mytp2 to .7395 and re-asess when i'm of the plane
Catching a falling knife, no, I'm just trading the Gartley!
  • #743
  • Mar 10, 2011 8:37pm Mar 10, 2011 8:37pm
Quoting ChinaWombat
have to respect the trend, so with a bit of luck i can get to BE soon and at least tp1 done, though tp2 is above the trend so it probably wont work this time. ideally we can get a kick back to the trendline and have another set-up materialise... it's quite premature but a bearish bat could be setting up and we have established B at .7363, c @ .7345, just not sure if X is .7415 or .7395
thanks chinawombat, i think you should be fine. au doesn't want to go down. asia doesn't seem to buy dollars lately, and with friday and all we will probably grind higher.

anyway i am still happy with the au trade regardless of the outcome. rr is good
Everyone is entitled to my opinion.
  • #744
  • Mar 11, 2011 6:46am Mar 11, 2011 6:46am
Quoting mofo
the little au m5 butterfly could be testing the back of broken h4 tl. 1.0038 is also the 38.2 retracement from the previous swing high. so i took a short at 1.0032 with 15 pip stop, target 1.00 AB (.9911)
This worked out reasonably well, however the trade didn't appear to be working and seemed a little obvious after the horrific news from Japan, so I exited early with just a small runner left on for full target .9911. However I did manage to get more position on with fakeout and small abcd, so good result especially for a friday. Max stop was 15 pips so RR not too bad.

China, I now give this pair permission to rise.
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Everyone is entitled to my opinion.
  • #745
  • Mar 11, 2011 7:59am Mar 11, 2011 7:59am
Trying to ride the CD leg of this possible aj bat. Bought pullback after break of B, avg 82.30 target 82.80 (3R), where I will look to get short.
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Everyone is entitled to my opinion.
  • #746
  • Mar 11, 2011 8:47am Mar 11, 2011 8:47am
Quoting mofo
Trying to ride the CD leg of this possible aj bat. Bought pullback after break of B, avg 82.30 target 82.80 (3R), where I will look to get short.
exited early +16 as i had the bat wrong and my stop was almost hit...just a fluke this one

balance (1/6th) of my au short stopped out so glad i got out when i did, and half nu stopped out b/e (china well done i think that means you got t1).

seems like a good day all round.
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Click to Enlarge Name: ajbat.jpg Size: 89 KB
Everyone is entitled to my opinion.
  • #747
  • Mar 11, 2011 9:06am Mar 11, 2011 9:06am
last one, eu m30 bat 1.3829, not sure if i will push my luck with this one, it's late friday
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Everyone is entitled to my opinion.
  • #748
  • Edited 10:19am Mar 11, 2011 10:05am | Edited 10:19am
Quoting mofo

China, I now give this pair permission to rise.
and a big thankyou for that...there is something to be said for being forced to stay away from the markets when you have positions on... a few constructive hours spent couped up in a plane had my $Cad, Nz$, and A$ all happy chappies. If i wasn't in the plane I may have bailed out of the aussie at the lows of the day which wouldn't have been a pleasant experience.

sq'd 1/2 $cad at TP1 .9800 and just now for the balance @.9770.

all sq kiwi at TP's so that has been a good ride the last few weeks

tp1 done on oz at 1.007, and now at sl 1.002 and tp2 at 1.012

so just the one audusd position over the weekend...

and you had a good day as well so happy gartley traders all around!
Catching a falling knife, no, I'm just trading the Gartley!
  • #749
  • Mar 11, 2011 11:13am Mar 11, 2011 11:13am
audusd tp2 done so all square and a very enjoyable weekend to all
Catching a falling knife, no, I'm just trading the Gartley!
  • #750
  • Edited 11:18am Mar 14, 2011 7:46am | Edited 11:18am
just looking at this set-up for the moment...

daily .786 1.3980
4h .786 1.3975
supply zone 13960-85

previous ABCD in similar position



update: as you notice it's a .786XA which means an alternative count could be for a Bfly set-up, so if I'm wrong on the ABCD set up then we can look for the B-fly set-up of AB=CD @ 1.4125ish and 1.27XA around 1.4115ish
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #751
  • Mar 14, 2011 11:08am Mar 14, 2011 11:08am
Entry at support till top of channel.

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  • #752
  • Mar 14, 2011 11:14am Mar 14, 2011 11:14am
Attached Image (click to enlarge)
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  • #753
  • Mar 14, 2011 11:04pm Mar 14, 2011 11:04pm
multiple points of confluence
larger time frame dynamic declining resistance
4H AB=CD .9890
BAT 1.27abcd .9880.786XA .9896
1.62abcd .9926 .886XA .9926
Attached Image (click to enlarge)
Click to Enlarge Name: mar15 bat+ abcd 4h usdcad.gif Size: 34 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #754
  • Mar 14, 2011 11:20pm Mar 14, 2011 11:20pm
trade update
just change tp targets following the rally above our entry point
Attached Image (click to enlarge)
Click to Enlarge Name: mar14 abcd 4h #1.gif Size: 29 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #755
  • Mar 15, 2011 1:47am Mar 15, 2011 1:47am
bearish crown + gartley+dynamic resistance with triangle
Attached Image (click to enlarge)
Click to Enlarge Name: mar15 bearish crown gartley gbpaud.gif Size: 39 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #756
  • Mar 15, 2011 1:58am Mar 15, 2011 1:58am
gartley + bullish crown within triangle
Attached Image (click to enlarge)
Click to Enlarge Name: mar15 bullish crown gartley audnzd.gif Size: 33 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #757
  • Mar 15, 2011 5:04am Mar 15, 2011 5:04am
Quoting ChinaWombat
gartley + bullish crown within triangle
audnzd stopped out just like running into the All-Blacks
Catching a falling knife, no, I'm just trading the Gartley!
  • #758
  • Mar 15, 2011 5:08am Mar 15, 2011 5:08am
Bat or gartley at dynamic resistance
Attached Image (click to enlarge)
Click to Enlarge Name: mar15 bat 4h usdcad.gif Size: 36 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #759
  • Mar 15, 2011 5:09am Mar 15, 2011 5:09am
Attached Image (click to enlarge)
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  • #760
  • Mar 15, 2011 5:09am Mar 15, 2011 5:09am
Quoting efeezeefx
Attachment

Attachment
nice
Catching a falling knife, no, I'm just trading the Gartley!
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