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trading forex using Gartley Patterns

  • #921
  • Jun 29, 2011 8:40pm Jun 29, 2011 8:40pm
Quoting chromeie
any tips for EURUSD ?
no tips (try the euro thread for that) but these are the various harmonic points that i'm watching at the moment in relation to the trend

garltey crimson is 1.27abcd @ 786
other crimson are ab=cd's which are also tradeable for the right set-up

the wedge that is forming up will provide coming opportunities for trading s/r combined with harmonics
Attached Image(s) (click to enlarge)
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Catching a falling knife, no, I'm just trading the Gartley!
  • #922
  • Jun 30, 2011 4:38am Jun 30, 2011 4:38am
might get a short opportunity on EUR/CHF,
Attached Image(s) (click to enlarge)
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  • #923
  • Jun 30, 2011 5:20am Jun 30, 2011 5:20am
Quoting bstay2
might get a short opportunity on EUR/CHF,
yup, will be watching 1.2105 prz like a hawk...
Catching a falling knife, no, I'm just trading the Gartley!
  • #924
  • Jul 1, 2011 7:53pm Jul 1, 2011 7:53pm
@China and @bstay, those are some nice setups...I'm new to the forum, and look forward to posting some patterns as I see them emerge...hope you guys have a good weekend!
I always trade what I see, which could be contrary to what I think.
  • #925
  • Jul 2, 2011 1:03pm Jul 2, 2011 1:03pm
Hi everyone, I just started studying the Gartley pattern. Its not my bread and butter in forex but it looks like it will provide a great synopsis of what the market is doing and provide some nice price targets. I've attached my first Gartley discovery below. Please let me know if I did it right and if the target for D is supposed to be 38.2 to 23.6 of the XA leg?

Also, I understand that this is a weekly chart and will take a long time to reach the D target zone, but if I'm in the right direction then at least I can position some well placed sell stops at some critical pivots on the way down.

Thank you in advance for your expert opinions.
Attached Image (click to enlarge)
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  • #926
  • Jul 2, 2011 1:40pm Jul 2, 2011 1:40pm
Hello, firstly, i believe the pattern you are showing isn't a gartley but a crab pattern. Why? Because to form a gartley AB must be CD, which is not the case here. Also point B didn't reach the 61.8 retracement , which is needed to form a gartley. So it's too low, also point C is too low.
In my opinion point D has not yet been reached, being a crab it should go much higher. To answer your question regarding the target zones, u have to measure the whole pattern, x not included..
38.2 and 61.8 are your profit zones then.

Ofcourse u don't have to follow my thoughts
Old Habits Die Hard.
  • #927
  • Jul 2, 2011 2:16pm Jul 2, 2011 2:16pm
Thanks for your reply Shaggy. I've carefully read your post and compared it to my chart and you're right. This was the reason for my post, to get direction like this. Thank you very much. Although, now I realize that I must learn the crab pattern

Can you elaborate a bit on "measuring the whole pattern excluding X" to find target price? Also, when you say price target 38-23, do you mean of the XA line?
  • #928
  • Jul 3, 2011 6:07am Jul 3, 2011 6:07am
Quoting UncagedEagle
Thanks for your reply Shaggy. I've carefully read your post and compared it to my chart and you're right. This was the reason for my post, to get direction like this. Thank you very much. Although, now I realize that I must learn the crab pattern

Can you elaborate a bit on "measuring the whole pattern excluding X" to find target price? Also, when you say price target 38-23, do you mean of the XA line?

Hi, the 23 fibonacci is of no importance when making a price pattern and also not used for take profit zones.
You have to eyeball the 38 and 61 of the A low and D high swing (in this case) That's the pattern. So A to D not X to D.

I mostly buy 3 lots at a valid D, take profit at 38, then 61, the last one i stop loss above 50 fibby and let it run. When my account gets bigger i double it, 3 lots become 6, 12, 24 and so on.

I tell u..
This is why i don't use indicators that show price patterns (like I've mentioned above) it shows u a pattern but it is invalid to the rules. So many traders who blindly follow this will get burned sooner or later.
Been there, done that...

I don't want to trade the easy way coz i only believe in the rules and what my brain leared from past mistakes.

But again, it's your choice, take care.
Old Habits Die Hard.
  • #929
  • Jul 3, 2011 3:02pm Jul 3, 2011 3:02pm
this is a gartley trade i'm currently into, but am not so sure if it will hold, jumped in at the 161 extention, sl of + 1
Attached Image (click to enlarge)
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Old Habits Die Hard.
  • #930
  • Jul 3, 2011 9:47pm Jul 3, 2011 9:47pm
Quoting UncagedEagle
Hi everyone, I just started studying the Gartley pattern. Its not my bread and butter in forex but it looks like it will provide a great synopsis of what the market is doing and provide some nice price targets. I've attached my first Gartley discovery below. Please let me know if I did it right and if the target for D is supposed to be 38.2 to 23.6 of the XA leg?
when your B point only reaches 50%, you should start to think of the probability that it may be potential BAT set-up. The failure of the AB=CD pattern (which was valid in it's own right as trade) indicates that we should be looking for .886XA as possible next set-up. Only upon a break of X, and then we should start thinking of crab. while we have pretty poor confluence with conventional abcd extensions,1.46abcd shows it's head, and 1.62bc falls @ .886. Prior tops to the left in crimson, shows that X was a false breakout. The subsequent sharp decline confirms that is the case.

Attached my alternative pattern set-up.
Attached Image (click to enlarge)
Click to Enlarge Name: july 01 chfjpy be bat weekly.gif Size: 50 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #931
  • Jul 3, 2011 9:57pm Jul 3, 2011 9:57pm
Quoting Shaggy_rock
this is a gartley trade i'm currently into, but am not so sure if it will hold, jumped in at the 161 extention, sl of + 1


hope i'm wrong, but could be looking at a bearish Kane set-up B=.685, and tgt 1.46XA, with a 2.0abcd, now that X looks like it has broken, good luck
Attached Image (click to enlarge)
Click to Enlarge Name: july 04 nzus be kane 4h.gif Size: 49 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #932
  • Jul 6, 2011 11:22am Jul 6, 2011 11:22am
Kane ? never heard of that , i figured if it passes this 161 exp it would become a bearish crab and go much higher. But i see usdx is holding this uptrend and nzdusd not going down like other pairs do/did. So i'll look for better opportunities now. cheers bro
Old Habits Die Hard.
  • #933
  • Edited Jul 8, 2011 6:07am Jul 7, 2011 9:07pm | Edited Jul 8, 2011 6:07am
Quoting Shaggy_rock
Kane ? never heard of that , i figured if it passes this 161 exp it would become a bearish crab and go much higher. But i see usdx is holding this uptrend and nzdusd not going down like other pairs do/did. So i'll look for better opportunities now. cheers bro
Jim Kane introduced the .886XA to Scott Carney so became the foundation to the BAT pattern. He basically describes a pattern which I call the "missing link" between the Butterfly and the Crab with the main components b=.685/XA=1.46. I'm crap at trading crabs, but the Kane pattern is very useful.

Unfortunately his verbosity in explanations make it a slog to work through his writings. The Kane pattern PDF is 187 pages long in it's explanation, and even then it takes a while to dig through what he was saying. You need to draw the pattern in yourself whenever you see a .685 B point and have in the background it's expansion to appreciate it's significance.
Catching a falling knife, no, I'm just trading the Gartley!
  • #934
  • Jul 8, 2011 9:17am Jul 8, 2011 9:17am
Quoting ChinaWombat
Jim Kane introduced the .886XA to Scott Carney so became the foundation to the BAT pattern. He basically describes a pattern which I call the "missing link" between the Butterfly and the Crab with the main components b=.685/XA=1.46. I'm crap at trading crabs, but the Kane pattern is very useful.

Unfortunately his verbosity in explanations make it a slog to work through his writings. The Kane pattern PDF is 187 pages long in it's explanation, and even then it takes a while to dig through what he was saying. You need to draw the pattern in yourself...
Hi, .685 ? Haven't seen that ratio been used for the harmonics. I use the .707 (also for crab pattern, c point). Yeah Crab is difficult, it can easily trap u if not patient enough. I think the butterfly pattern is the safest to trade. Anyway thanks. I'll post some charts this weekend. cheers
Old Habits Die Hard.
  • #935
  • Jul 10, 2011 6:38am Jul 10, 2011 6:38am
Quoting Shaggy_rock
Hi, .685 ? Haven't seen that ratio been used for the harmonics. I use the .707 (also for crab pattern, c point). Yeah Crab is difficult, it can easily trap u if not patient enough. I think the butterfly pattern is the safest to trade. Anyway thanks. I'll post some charts this weekend. cheers

i prefer the b/fly as well, which is how i came across Jim Kanes pattern... he makes a good case that .707/1.41 aren't actually fibo derived numbers, just sq root of 2 and its reciprocal, and does a math proof that .685/ 1.46 are the more fibo correct numbers derived from .618.

i know it's only a small difference but i have found it a very effective ratio (especially if i can't be at the pc to watch price reaction at a level) and can leave a s/l at XA1.55 on the possible pattern which gives a nice r:r on price targets
Catching a falling knife, no, I'm just trading the Gartley!
  • #936
  • Jul 14, 2011 3:39am Jul 14, 2011 3:39am
Buy at 1.5400 and place stop below D of bullish bat.

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  • #937
  • Jul 14, 2011 10:32pm Jul 14, 2011 10:32pm
Quoting ChinaWombat
hope i'm wrong, but could be looking at a bearish Kane set-up B=.685, and tgt 1.46XA, with a 2.0abcd, now that X looks like it has broken, good luck
went a little further than 1.46, so maybe it's a crab?, bc 2.62 and 1.62XA, plus larger AB=CD completes there as well
Attached Image (click to enlarge)
Click to Enlarge Name: july 15 nzus be kane 4h.gif Size: 50 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #938
  • Jul 17, 2011 5:06am Jul 17, 2011 5:06am
Quoting ChinaWombat
went a little further than 1.46, so maybe it's a crab?, bc 2.62 and 1.62XA, plus larger AB=CD completes there as well
thanks for that picture ! didn't see an abcd up there..
well, the crab went to exp 200 not 261 right? coz your C of the new abcd went (just a bit ) lower than the B of the previous crab, right?

Anyway thanks a lot for the picture
coz i already started thinking of a pennant.
i'm guessing the retrace is defenatly too little, so must come down a bit more for sure.

kiwi has been very strong lately, exept against the yen.
let's see what's next.
cheers
Old Habits Die Hard.
  • #939
  • Jul 22, 2011 8:04am Jul 22, 2011 8:04am
Daily:

Bullish Butterfly....

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4hr:

For those of us that would like to join in and have missed initial rally. We have a possible, bullish 5-0 pattern emerging. We intend to buy between 5.0 or 61.8 fib level retracement which is also know as the "Golden Ratio"...cheers!

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  • #940
  • Edited 10:24pm Jul 24, 2011 10:06pm | Edited 10:24pm
long aj 84.86, stop 84.72 limits 85.70 and 86.70
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Everyone is entitled to my opinion.
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