So after thoroughly reading the majority of this thread and doing some looking around I decided to try and identify a Gartley that has already occured and bounce it off you guys to see if I got at least the basics down.
This is my first attempt at it so please tear into it and critique as much as you see needed. The only thing that I could say is really wrong with it is the triangles are not symmetrical but otherwise I believe it follows all the other “rules” outlined by TMB as I understood them. After meeting the assigned “D”, it turns around and would have met the assigned 30 pip T/P so it would not have been a costly mistake had I made it.
The chart is of the EUR/JPY M30 from January 4-6th, 2010
I just checked out your post. It looks good to me. From what I could see at a quick glance all the correct rules have been followed. X,A,B,C all look good and you D is at the point of most convergence. It looks like the chart did end up going back up to a higher point that has a close convergence as well then really headed south from there. Good job. You seem to be on the right track. But I’m still learning too.
Once I got the idea and rules down like you have I found spotting them before they happen the true challenge
Well I got bored with the larger time frames and dropped down the 5 min to scalp a bit using this system. Here is what I did. I just want to know how many pips you guys that use 5 min a lot aim for as a target. I just pulled out at +5 pips to be safe. It was my first time using this system on such a small time frame.
It is still very early to even mention but I have have to go to bed soon so for anyone else who might be out there keep an eye on something here is something forming on the pound and dollar. I’ll see when I wake up how it all played out.
WELCOME BACK LUIS!!!
I have been silently following this thread for around 6 months, and have my copy of ‘Trade What You See’, right here open next to me
very keen to get a consistent rhythm to my trading where i have a procedure all lined out which i can follow for money management/strategies, most of which i have simply relplicated what you have tought us, i cant thank you enough.
It was only this morning that i had wondered where you had gotten to and if this method was sustainable seeing as how we havnt heard from you, but obviously it is!
Thank you for commenting on my earlier post FXtraitor!
Here is another one that formed a “D” at 2100 EST on Jan 11th with the AUD/USD. Please take a quick look and verify that I drew this properly if you will.
BTW, the GBP/USD Gartley that FXtraitor on the hourly chart looks good but only time will tell
One more that looks like it is happening right now, stay tuned and we’ll see where it goes!
AUDUSD M15 Jan12 0400 EST
Just caught this one at 3:30 EST and it has since turned at the designated “D”. Good sign so far
UPDATE:
So it looks like the Gartley proved to work and the price reversed right at the “D” here. Would have met the 30 pip T/P before it turned back down. Take a look at the second chart labeled “Update”
FXtraitor, i was just about to ask everyone about this pattern ive been watching forming, and lucky i looked to see if someone else had already called it.
I cant post pics as i am using bootcamp for windows on a mac, but i will be watching it untill i go to bed also, which should be soon as im on Aussie time,
btw this is my first pattern which i am watching real time, i have been practising backtesting patterns, and i hope it either works out, -or- that i can learn something from it tonight!
Who knows, my demo account might even be in for a nice little workout lol
***It looks to me, now at 11.00GMT, that [D] should form around 1.6030, between 0.50 & 0.618 of XA does anyone else come to this conclusion? or have i made a noob mistake…
Thank you very much for the explanation.
From your later posts, I can see that the longer time frames
dictates the short movement. But, good point is the convergence
is at the same fibs level. I will pick different spots for D using each time
frame to judge the most accurate limits…i hope to build up this confidence
later in my days of trading…
Well the pattern I was watching form on the GBP/$ failed on me while I was sleeping last night. Oh well, that’s how things go. It was too early to really tell if it was good or not anyways. Maybe a new pattern will come of it like Taylor427 has already pointed out. Only time… BTW I can’t wait to see what new modifications Luis has made to the system!
Great to have you back and hear what fantastic results you have acheived.
I’ve been working away learning he patterns and doing a bunch of reading. My results are not consistent yet but I love trading the patterns and look forward to learning more and getting better at trading.
I also am excited to see what we’re in for with his new ideas,
and this Gbp/Usd Gartley has formed a 1.00 retracement @ C, the one which is “rare but valid” in Pesavento’s book "Trade what you see"
interesting isnt it…
Here’s one I’m watching. Because of the time it may have already turned ahead of schedule, if so then oh well. If not this could be a good one later on.
I am also watching one on the $/CAD 1H. If anyone is online and wants to know just post and I’ll give you the details. It’s just hard to keep on top of all them while trying to post
Happy Tradings
FXtraitor: I believe I have identified what you are talking about with regards to the USD/CAD H1 chart, if you would be willing to post yours so I could have something to verify with then that would be very helpful.
I plan on being on throughout the Asian and London session so if you do post anything, I will at least see it I will be sure to do the same if I see any. Thanks!
