I see something here, but I’m not exactly sure how to trade it. Any tips would be great.
This is the AUD/USD daily chart, the yellow lines are a mostly symmetrical triangle from the high in Feb and the low in May. then the purple lines are an upward channel from the low of Sept 5 and the high of Oct 5. The orange lines are weekly high low for another strategy.
I know that these two patterns usually indicate some sort of breakout - is there something else I should use to help me know which direction it will likely break to?
Many patterns on this pair. I am hoping that the AUS/USD pair is still on an upward trend so it can fulfill the certain pattern requirements and then follow a downward spiral action. However, people on this website speculate that the AUS/USD is already on the downtrend. This is bad news for my previous pattern but good news for a new pattern formation- specifically batman.
By taking a step back and looking at the pair, you can easily spot a pennant formation. It seemed to test the support more frequently than the resistance lines. From my previous patterns (along with the original support lines), it shows breaking of the support 3 times --> speculations of a downtrend as people stated?
My plan is to enter once the pair broke through the penant (support), leading to a downtrend to a specific fib level. Buy at fib level a couple pips before to follow the upward trend. We will see as time goes.
No worries babuajee. Your USD/JPY gartley looks good but the D forms near the end of the trading week again. I just checked and it looks like it shot through to the next fib level before retracing. Nowadays I don’t like trading on Friday just because it seems so volatile and prone to fakeouts.
I have something similar elephant. I drew some potential D points on the 4 hour AUD/USD:
I see a Non-perfect Mr. Gartley forming. A daily and weekly charts shows a strong upward trend as it briefly touches the SMA. Overall, I think it will test the resistance level established mid September after the pattern has completed. In shorter time frames or larger time frames, the market is reacting within the pennant/triangle. However, with this Non-perfect Mr. Gartley pattern, approaching point D will test the pennants support line. I believe that since we are still in an upward trend it will only touch or casually test the area and shoot back up to continue the trend. If you look at the hourly time frame with your RSI, you can definitely see a hidden divergence happening (higher lows and lower highs) confirming a upward trend.
All potential reversal values within the zone seem to aggregate within the same area which helps make me believe that when price levels hit this area, reversal will continue-confirming the bullish trend.
But as of now, the market just opened being very bullish which scares me that it might make this pattern invalid…again.
Market opened really strong today… therefore, invalidating my pattern. However, another forms! Crabby forms!
The pair broke through the pennant and continues the upward trend. I will look between 1.304 and 1.307 for potential reversal moves~ we will see if this sucker will follow any of the pattern rules. Should’ve confirmed the upward trend when looking at lower time frames with the SMA.
I have a feeling it might be over bought as it tempts to reach another high this month. Most rsi and Stoch show overbought. So, I will watch and see what will happen tomorrow.
HI Everyone. I am expecting EUR/USD to reach minimum 1.313X area prior to drop. However I am going to patiently wait till price retrace to 1.3000 - 1.3025 area to long. However any fundamental or adverse news on EUR may down EUR quickly.
Woops! I think I was tired when I was drawing fibs on that one lol. I ended up not looking at the AUD/USD since thankfully.
Spotted 2 possible nicely converging patterns on the EUR/JPY 1 hour.
Convergence with 100%CD at the 38.2% XA on bigger one and 61.8% XA on smaller one (typical of EUR/JPY).
Just spotted this potential butterfly on the AUD/USD 4 hour chart. Price “breathed” a little at 50% XA where it had very strong convergence and there is strong convergence at both the 127% and 161.8% XA. (Typical D points for AUD/USD)
On the previous chart of 30 min time frame, the pattern worked perfectly! However, I did not place my orders in time or it was negligence. ON a chart outside of it, I see batman. Just in time! Point D is testing at the moment. Testing all three levels. Since we saw such an exponential buy on this pair, I wonder if this point will be the exhaustion point for buyers. Would we short? I would be careful! Why? Because by taking a step back, we would be fighting the trend! So I placed my orders accordingly to assure that it is a downfall. Good luck trading!
Here is a trade I left overnight on the 4 hour CHF/JPY. I made an entry order after my intial 50% XA retracement failed (the pattern drawn is the failed one, I forgot to redraw the pattern at the next convergence level). So it’s about half way to target. Moved stop to break even for a risk free trade.
Hello souljie
There is another Gartley I found on the AUD/USD Daily. Convergence in the area 1.056…
If price will be moving to the same direction with the same speed I think we can expect it there may be in a month.
Heres on i have been watching for quite a while, i think it is the set-up posted above by Alexaz972, but i cannot quite read the numbers in that image.
There are 2 gartleys that converge close to 1.057.
I am going to get short at 1.0563 for a long term short off the back of this set up.
Let me know if anyone else has been following the AUD and can see any problem with this set-up.
Nice pattern there Alexaz will have to keep an eye out on it.
Taylor, some constructive criticism - the first Gartley you drew the D point should be on the XA fib and not the CD% fib. The XA fib line decides where the D points are. Other than that the patterns drawn are good. I don’t think they will form though as I would consider them now invalid. There is not much symmetry as to the timing (CD has taken way too much time to form compared to AB) - remember we are trying to find reasonably symmetrical patterns in symmetrical markets.
They may still form but there is a higher chance they will fake out or fail.
