trading forex using Gartley Patterns

usdcad, gbpaud & audnzd all stopped out in, eurusd had 1 tp, and one b/e so overall not a flash evening...so on to the next trade

probably way to early to even consider, however with increasing volume on dips indicating strong demand (if it was selling why are the low's higher? and lack of supply at tops) maybe we should start to consider potential targets for a b-fly set up....so ab=cd and 1.27xa then @ 1.4104 and @ 1.4112 respectively so long now with those as targets...probably will need a few weeks if it is to work...

NZD/USD

Weekly gartley, will post a chart later as not at platform now.

possible gartley setting up though it's possible ABCD will fall short of .786, especially with prior pivots at ABCD level, and dynamic rising support. currently short due to a bearish crown on 15 mins

i like the look of this

also like this echf daily. nice wick develpoing on both daily patterns

Trying to short the cd leg of m15 butterfly into D of the daily gartley.

wow, that reversed pretty aggresively. luckily i heeded the warnings of the strong bullish candles and still got out with +95 pretty quick pips

Nice stuff mofo. Wtg

Heres what i got on nzd/usd

Nice lazyboy, i have that one too, thinking i might have to buy high, even here at .7230 w .7170 stop or something. will probably just wait though.

I was thinking the same but given the size of the pattern and the general market situation I opted for waiting to see if there's and opportunity to get in a little lowe. Failing that a pull back on h4 / daily once the move is underway.

Also trying to short cd on this possible EG bullish butterfly, but as you can see it's not going too well. Think I'm about to get squeezed as eu breaks 1.3980 arghh.

4HR:

Price is bearish, so looking for possible retracement to resistance at 0.50 fib level before next dive.



1HR:

Possible bearish BAT here with possible entry at 0.786 fid level converging with 4hr 0.50 fib level and possible trend line rejection. Good luck guys...lol

Daily:

Bearish Jumbo Gartley.



4HR:

Bearish butterfly. Short entry at 1.4100.

long eurchf gartley formation... after last nights price action I did wait for some alternative confirmation (which i don't usually do or bothered with) which has me entered 50 pips worse than I would usually be hapy with...

update eurusd. s/l moved to 1.3915
usdcad tp1 done, sl at .9910 on bal

your bearishbutterfly looks valid, though you have no AB=CD to qualify your daily gartley...1.4405 is where it comes in, so case for a bearish bfly then arises. a very speculative look at what would be required for a be bfly shows almost perfect fib confluence at 1.27XA @ 1.4662 & 1.27ABCD @ 1.4669 which is a remarkable confluence on a daily range...just something to keep an eye out for should we retrace higher... but that is some weeks away (though I shall keep a tiny long position open for it unless stopped prior)
good luck with your pips..
i couldn't get a daily to fit in so had to do a weekly (still don't know how to make an MT4 chart that isn't constrained by prior highs and lows)

Very nice thanks for the updates

Do you prefer to enter? hit the levels or wait for P.A to confirm?

Many thanks awesome thread.

if i have enough confluence then i'm more than happy to leave a resting order a couple of pips in front of the confluence. everyone is different and it really depends on your confidence in your set-up, or what you're using as secondary confirmation. I use volume, dymanic SR, and churning pivots, which I feel is enough.

some people use candles which i think is pretty useful and the best secondary confirmation process though i have found on average (if your set-up is solid then there is no extra advantage in it except for say loopy price action where you may want to wait eg eurchf trade last night, and s/l goes at the pivot low). Candles with solid bodies should be treated cautiously if they are coming to your entry point. Check volumes on them to see if better to pull the order (like the failed USDCAD trade where I should have cxled the order when I saw the increasing volume pushing up through resistance).

some people wait for macd/stochs/ma's to turn over which i personally think is just a duplication of price action (which is all those indicators are in fact just derivatives of price)...and then you should actually be entering on a candle basis as a better confirmation

one chap, and he has some followers, have entering on a break of the B point, with price targets of A, 1.27XA, 1.618XA...heck, my first tp is around B and BE then...

if you're waiting for confirmation, then you give up some profit balanced with a reduction in risk. initally this theory sounds solid, but through personal experience, confirmation just isn't 100% fool proof,and i have seen numerous 'confirmed trades' get stopped out, where as if entering at the confluence points, they either got to BE+1, and maybe TP1, possibly TP2.

i'm only hitting around 45-50% success rate on my trades (success = .618 AD) and probably could improve that to 55-60% but then my RR would decline...

it's a personal choice, experiment with something different, and report back the results....

edit. just to qualify the one point where i do tend to be flexible on using candles will be if ABCD has A and C are close to each other (ie double top or bottom) and D is expected at .5/.618 so that there is aggresive continution potential....

Not sure what anyone makes of this. I'm having a flutter with a 15 pip stop as I agree with previous posts that we may trade over 1.41.

just tightening up the stops, have now taken 1/3 profit at 1.4060, balance at 1/3 at 1.41,(abcd) 1/3 at 1.4160 (1.27abcd)