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trading forex using Gartley Patterns

  • #781
  • Mar 17, 2011 9:25pm Mar 17, 2011 9:25pm
Quoting ChinaWombat
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)
Nicely done China, my short is not looking good.
Everyone is entitled to my opinion.
  • #782
  • Mar 17, 2011 9:30pm Mar 17, 2011 9:30pm
Quoting mofo
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.

i prefer abcd to be either 1.0 or 1.27 at 1.27XA but then i crap at b-flys without other trendlines in the background...will watch with interest, especially with the solid candle there on that has pushed up through supply with minimal volume.

good luck

looking for a scalp if can get back to 1.4035ish which is .618 plus prior resistance now possible support
Catching a falling knife, no, I'm just trading the Gartley!
  • #783
  • Mar 17, 2011 9:57pm Mar 17, 2011 9:57pm
yeah, there is the possibility of a little abcd terminating at old high support 1.4047
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Everyone is entitled to my opinion.
  • #784
  • Mar 17, 2011 10:18pm Mar 17, 2011 10:18pm
just got tp2 done from the bearish crown so now looking for ABCD to get long
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Catching a falling knife, no, I'm just trading the Gartley!
  • #785
  • Mar 17, 2011 10:19pm Mar 17, 2011 10:19pm
Quoting mofo
yeah, there is the possibility of a little abcd terminating at old high support 1.4047
fail, lost 26 pips
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Everyone is entitled to my opinion.
  • #786
  • Mar 18, 2011 12:19am Mar 18, 2011 12:19am
mmm, wasn't paying attention and think i may have missed this one but lets see if fft wants to be a buyer
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #787
  • Mar 18, 2011 12:48am Mar 18, 2011 12:48am
have had a rethink about this one.... and looks like a lot of overhanging resistance that will frustrate a long position...

it doesn't have original gartley conditions to be long (ie bullish crown formation) and trend is still down so discretion is the better part of a positive p&l

so s/l to BE, and tp now at the abcd, i think it will be an active triangle trading opportunity with the abcd @ .786 of bounce providing bear gartley
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #788
  • Mar 18, 2011 3:14am Mar 18, 2011 3:14am
with the trend....ABCD finished near resistance so have labled as gartley but probably more correctly just an ABCD
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Catching a falling knife, no, I'm just trading the Gartley!
  • #789
  • Mar 18, 2011 4:02am Mar 18, 2011 4:02am
8Hrs:

Price dipped to give us a new low and retraced to bearish trend line.

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4hr Gartley:

We are short on this gartley with our stop 15pips above X.

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  • #790
  • Mar 18, 2011 4:25am Mar 18, 2011 4:25am
I saw this late last night and didn't have time to post it after placing my trades as i had to leave the office and run home to my family....lol.

Anyway...here's what we see:

Daily:

Price broke out of triangle south. We were looking for short on this pair on retest of the base of the traingle.

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1hr:

We saw a possible BAT coming up and since this looks good and we are following the trend and we also have AB=CD formation, we decided to place our POs and leave for the day.

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Follow-up:

Our entry was triggered and we are short....

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  • #791
  • Mar 18, 2011 5:38am Mar 18, 2011 5:38am
nice combination of prior support, now turned resistance, and tight abcd @ .786 all provide strong confluence

you really don't need to worry about secondary confirmation when you have the set-up like that...

The only cause for concern is the solid, widespread up candle, which means it contains buying as confirmed by the volume bar (and obviously is intervention).

The lack of any following up candles with volume to confirm further buying interest is helpful, though it is Asian session so can't put to much weight on it, but the lack of any significant retrace (plus Friday) would mean that topside might still be at risk.

if it wasn't an intervention day then i'd be quite happy to join the trade...

good luck with it!
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #792
  • Mar 18, 2011 5:43am Mar 18, 2011 5:43am
tp 2 done (very lucky at 1.4100)

s/l on final 1/3 moved to 1.4038. 15 mins has possible bearish crown trade setting up which could give a retrace back to under 1.4000 so will reassess there if it occurs...
Catching a falling knife, no, I'm just trading the Gartley!
  • #793
  • Mar 18, 2011 6:04am Mar 18, 2011 6:04am
i'm probably over analysing this bloody pair...any way all sq and now looking for gartley selling opportunity..
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #794
  • Mar 18, 2011 6:21am Mar 18, 2011 6:21am
gbpusd and gbpcad
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Catching a falling knife, no, I'm just trading the Gartley!
  • #795
  • Mar 18, 2011 9:25am Mar 18, 2011 9:25am
squared it now...
Catching a falling knife, no, I'm just trading the Gartley!
  • #796
  • Mar 20, 2011 4:05am Mar 20, 2011 4:05am
Quoting ChinaWombat
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....

China,

Thank you for your time in writing such a full and informative reply.

So far my entries are a mix of either PA on a lower t/f than the one the pattern appears on or if the cluster is tight enough leaving an order at a level and I have been finding that this has been working well as `i can have a pretty tight stop with the potential of decent rewards.

I should also mention I'm not really looking at any charts sub H4 (occasionally the H1 if i get a chance)

Are you using zup or kor to spot patterns? I have tried them but sometimes the parameters are a bit loose and I'm not sure how to change them, also the don't find crown patterns I think which although fairly rare and I find hard to spot can be very powerful.

All the best for the coming week and thanks for all the work on the thread to all.
  • #797
  • Edited 10:37am Mar 20, 2011 10:17am | Edited 10:37am
Quoting lazyboy
China,

Thank you for your time in writing such a full and informative reply.

So far my entries are a mix of either PA on a lower t/f than the one the pattern appears on or if the cluster is tight enough leaving an order at a level and I have been finding that this has been working well as `i can have a pretty tight stop with the potential of decent rewards.

I should also mention I'm not really looking at any charts sub H4 (occasionally the H1 if i get a chance)

Are you using zup or kor to spot patterns? I have tried them but sometimes the parameters...
i have both zup and kor running, and are very useful when first learning this to use to guide your eye to the patterns...however without manual calculations, and 'fit into the trend' then they can be dangerous especially on repaints from gartleys to bats, and b-flys to crabs. I tend to favour Kor as it has abcd's and a few other handy patterns that it looks for. I look for all my patterns manually now then run the indi's to see if anything that i have missed..sometimes they spot something that you miss (especially if you get a blinkered view on the direction, they can help spot warning signs in your set-up)

the crown pattern i have seen very little on, but for me it's actually the Gartley A pattern, (with the Gartley B pattern which Larry Pesavento quantified, and then Scott Carney further enhanced with fib ratio's). The only info I've found is attached, and the author obviously got his 'gartleys'mixed up and is describing the Gartley A pattern, but confuses it with the B pattern. I hope to get a better understanding of this as time goes on.(unfortunately the author of the article was busted for a ponzi scheme a few years ago so can't rely on his article to much, he may have been curve fitting, especially using lagging indicators) so still testing from first principles...

i have looked at time frames greater than 4H~dailies and they are a bit too long for me, in both mental energy used up waiting for completion, and trade management. Also difficult to use if using a FIFO broker. 15m ~4H provides plenty of opportunities for me... good luck
Attached Image (click to enlarge)
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Attached File(s)
File Type: pdf Crown_hd&shldr.pdf   524 KB | 3,784 downloads
Catching a falling knife, no, I'm just trading the Gartley!
  • #798
  • Edited Mar 21, 2011 1:58am Mar 20, 2011 4:23pm | Edited Mar 21, 2011 1:58am
Quoting ChinaWombat
i have both zup and kor running, and are very useful when first learning this to use to guide your eye to the patterns...however without manual calculations, and 'fit into the trend' then they can be dangerous especially on repaints from gartleys to bats, and b-flys to crabs. I tend to favour Kor as it has abcd's and a few other handy patterns that it looks for. I look for all my patterns manually now then run the indi's to see if anything that i have missed..sometimes they spot something that you miss (especially if you get a blinkered view on...
Thanks for that article China, I have read it before and heard all about DB Ponzi scheme from someone who was very close to it!

I learnt all I know about fibs from Mark Braun and I learnt about the crown from him too.

I agree Re zup and Kor, I find they are good for scanning several markets and then manually confirming them. I will look into Scott Carneys work now.

Thanks.
  • #799
  • Mar 20, 2011 9:05pm Mar 20, 2011 9:05pm
two aussie patterns coming in at tl resistance 1.0120
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Everyone is entitled to my opinion.
  • #800
  • Mar 20, 2011 9:57pm Mar 20, 2011 9:57pm
Quoting mofo
two aussie patterns coming in at tl resistance 1.0120
i've got 1.618abcd = .786XA and 3.0BC arriving a little lower down @ 1.0055-60ish , though agree with the resistance levels. i'm not that convinced that we made it to .382 for b, but will keep an eye on it...

worse thing that could happen is we don't get to 1.0060 and sets up B for a gartley..
Attached Image (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
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