sorry guys off topic, but i noticed this pattern on the spi weekly.
is the BC leg is too shallow for a valid gartley?
oh, and spi is the aussie equity index.
chairs.
Lol I was about to ask that. Looks like a GREAT pattern to me.
Previous 12345 EW clearly identifiable (XA) Looks like the end of a correction in there, and the fib levels are good. Donāt have that chart myself but definitely like it.
Thumbs up.
Oh, thatās great, thanks wrtm. Not that Iāll be trading it, but it canāt hurt to have an eye/view on equites. That said, I donāt think it will be as simple as risk on risk off going forward. Could catch a lot of people out, including myself on the au. Dollar seems to be taking a back seat to the eu and sterling crosses too.
Are you still short, I took more off at the figure, carrying half pos still but not liking itās behaviour today. Seems very crowded and susceptible to massive short squeeze. Employment data out tomorrow too.
But I canāt control any of that, Iām satisfied that Iāve taken partial profit, nothing more I can do.
All the best,
Modo.
Yeah It doesnāt hurt taking a look at other instruments. Gold for instance has a great behavior.
Iām still short on the aussie , half amount I closed it at 23.6%, and for the second one I donāt use a profit target, but trailing stops everytime my oscillator makes a crossover in the direction of the trade, until stopped out. Currently I have 50 pips locked for the second amount.
I use this strategy when I spot patterns with characteristics like the one you posted (The spi one). Sometimes the profit is not that much, but many times you can catch really good trends all the way up/down with great risk reward ratio. Yeah it takes time, but itās totally worth it. Now some of my trades last a few days.
As for the aussie trade, I expect price to retest the trendline that was broken before, and then to resume down, if price breaks it, well Iām out. This trendlines are like magic, try to spot them way in advance before your pattern gets completed, you probably already do this, but if you do not, just draw them and see how price reacts to them.
I see I extended myself a lot already :rolleyes:. Hope that helps.
I see what you mean about the trendline. I guess nothing travels in a straight line, and I shouldnāt be surprised to see slightly unusual (stop tagging) activity into London open, but it does concern me that gold, crude and shanghai are getting crushed, yet the aussie has been bid all day.
Oh well, the market doesnāt always have to make sense. Nothing to be gained by me jibbering like this. I like the concept of accepting a trade as a loss as soon as you place it, but I sitll have to work at it.
in fact i have a weak gartley on the 5 min x .9265 d .92455
bearish hammer on the 5 min too. tight stop opportunity.
good luck with this if you take it guys. almost there.
I booked all my long dollar trades. Probably a mistake, but itās been a great week and i thought iād get out on my terms rather than looking for the door with everybody else. I think I held for a reasonable time and think I was starting to get a bit greedy. No positions now, will be good to look for some fresh patterns and get some objectivity back.
Will see how au employment data pans out tomorrow.
Hope you have a good day.
Fellow masters,
I have a trivial question to ask.
What is the meaning of symmetrical for the butterfly and gartley patterns
that are drawn?
I see all the pattern you guys put up is not symmetrical left and rightā¦
is it the AREA, SHAPE or Perimeter?
Thank you.
Well mainly you dont want it be choppy with many possible B-C legs and you want it to flow well, like you donāt want a really long B-C leg and a really short C-D it just wouldnt look good
here is one on the uj
Here are a couple that I am watching as wellā¦ Take a look and see if any make sense to you
Consequently, one of them is on the USD/JPY but is different from the one Ogna posted. Iām kind of shaky on that one, however am pretty solid on the others!
Thanks and happy trading!
racerdude777
Racerdude:
The pattern on you AUD/USD looks valid to me; and it looks like itās just below the resistance level on the pair (which seems to be around the .9400 level). I might even take that one.
For your EUR/JPY pair, Iād wait a few more candles to see if thatās the real C, or if another develops before setting that up as an official pattern, but from what I can tell it looks pretty good to me.
I have a different pattern on the USD/JPY:
I used a higher X than you did (also Iām on the 1 hour timeframe), but I got perfect convergence on the 1.000 fib (at 91.88).
As I tested Xās going further ahead, though, I ended up with convergence on the 1.272 fib (where prices = 92.09), and the 1.618 fib (price at 92.357), so you might very well have the right price, itās really up to the market. Iāll probably set my entry around the 92.05, maybe the 92.1 mark just to be safe.
i got a similar D zone with mine 
Well, for what itās worth, here is my take on the uj.
Iāve used the second swing high as B on the larger pattern as it is the first high with a retracement greater than .236 of XA.
Both patterns give convergence around the 91.90 area, but there are also other areas with reasonably close convergence. For that reason I think Iāll pass on these patterns.
btw, itās the cad/jpy
hmm, i just noticed the convergence above at the 0.886/1.618. maybe best to wait.