Well as long as you have a pattern that is “moving price” towards your next pattern and its target 1 has not been reached then you can implement any other strategies along the way. I don’t recommend this but it is possible if you are willing to take the risk.
Ok TMB…by the way, how do I get my 200% label to show? Not seeing it at all on the fibs.
Bank
Sorry lava man but the C you have chosen is incorrect, C must be exactly on the “true” replacement in the measurement of AB. To clarify see the image bellow with the correct pattern drawn:
Yes the difference between your C might be off by 0.5-5 pips higher and will still show basically the same convergence. But the point is for you to know that there could be no point in price from B to C that is lower then the C point. I just want you and every one else here to be exact with the technique. Besides that, good pick and hopefully this pattern develops (I definitely would like to trade it :rolleyes:)
If you have the correct fib level applied to your tool and only see a line but not the 2.000 number it self, then your platform is probably glitching and you should restart your computer (or zoom in). Maybe change the view of the chart to “fit vertically”.
Can you give me your opinion in this pattern? It’s an usd/cad 1hr. It’s just that I’m getting trouble getting my fib convergences.
Thank you!
Awesome thread btw.
Yes the difference between your C might be off by 0.5-5 pips higher and will still show basically the same convergence. But the point is for you to know that there could be no point in price from B to C that is lower then the C point. I just want you and every one else here to be exact with the technique. Besides that, good pick and hopefully this pattern develops (I definitely would like to trade it :rolleyes:)
Oh, cool. I see that. When I drew that they looked the same so I just picked one of the retracements at random. I remember thinking my C was a little lower, but I just zoomed in and noticed your C is about a pip (give or take) lower. Thanks for the heads up. If they did happen to be at the exact same point, I guess you would still pick the first one, as that would be the true retracement, and the second one would just be a retest. Does that sound right?
Here’s the pattern you drew (Very nice btw you picked the right convergence).
Looks like 127% of CD converges with the .786 of XA. Very nice convergence indeed.
Bellow we see the reason why the Cad is stalling. When we draw our X from base to wick and use the closest swing after A as B, 161% of CD converges with .500 of XA. In addition 2 other convergence points at 200% and 261% of CD are found. Expect these levels to give you good resistance (possible 30 pip trades) before it reaches our anticipated trade from above. See bellow:
Correct, and again the reason we would choose it is to be precise with our technique.
Yes its possible but very rare. It must though bounce off the 100% of XA and never pass it for to be considered a gartley.
Well I am demoing the gartley below…going good. TMB I restarted my machine and all and still cant see the 200%.
Take Profit almost Hit…
Does that book…Trade What You See…give other patterns too, like the Bat & The Crab?..
…or even the Spiderweb or the Tiddlywink?
The bat and the crab are simply Butterfly and Gartley’s that form from extremes of CD and XA. The book speaks about all possible types of Butterfly and Gartley patterns. It also teaches you how to trade them and develop a stop loss system.
Hello Fellow Trader!!! I took the same trade and it just hit tp!
I can’t wait for it, amazon says they shipped it to me yesterday. For some reason the local bookstores NEVER carry the Wiley trading books. Not sure why because they are extremely helpful.
Thanks TmB for the feedback, time and patience!
Cheers wrtm,
My TP was just hit too!!! Oh happy day!!!
Make sure that the following fibs are set as default.
Also, I believe if you zoom in to your to or out and adjust your view, you might be able to see it.
If that doesn’t work just off set that fib level to 2.001. It will slightly change your fib slightly of course but it will most likely allow you to see the fib numbers… Also note that the 2.000 line is there just that the number is not being displayed ;).
This glitch could also be caused by your resolution. I’ll look further into this problem (I had this glitch my self in the past and It did go away though, I understand how annoying it is lol).
TMB,
The levels are set as default…I did not have the 2.168, just added it, am seeing it, but not the 200…everything else is there. Probably just have to work with the line until it decides to appear.
Thanks!