I closed half of my positions at the 38.2% AD Fib retracement and I’m still short on both cable and euro. This is supposed to be the start of a new downtrend, so I’m going to trail my stop every new swing high, until market shows evidence ot the completion of a wave 5 or new patterns get formed.
So for the second amount I have no specific profit targets.
You can use your fib levels to set your profit targets, as well as divergences for momentum exhaustion, or whatever method that works the best for you.
Notice that only the best set ups retrace more than 50% - 61.8% many of your trades will only retrace at 23.6 AD at the best.
[QUOTE=But anyhow, what system do you guys use for profit targets?
//Chris[/QUOTE]
Following suit to TMB’s system, take profit is set at 30 pips from the entry.
It is my understanding that if you were to trade Gartley’s as themselves, there are three profit targets that one would aim for at certain fib levels between your “A” and “D”. I am not sure what those are even though I remember it being discussed in this forum early on.
You should note that going for more pips off the retracement would inevitably drop your win percentage where going for 30 pips would gain you less pips on a win but you would have more wins over time.
Thanks guys for the replys. At the moment im trailing my stop and lowering it when price hits the fib lelvs. Need to find a strategy that fits me Im also goind to read more about elliot waves teori. Sound like it could be very usefull
Reading reading and learning is the key
Atm 110 pips plus on the trade, my stop is at 1,3924 around 90 pip gain.
//Chris
Just wanted to chime in and say I agree with your observation. Always feels good to have some confirmation
TMB, who started this thread, seem to go for 30 pips fixed in most, if not all, cases. I also found that when you detect a solid pattern completing at the time specified by TMB, it is pretty safe to set the TP at 23.6 fib level.
For those who have already closed their positions on eur/usd, I think these days would be a great opportunity to short again for a good profit. Let’s wait for a correction and then rally the downside.
Take a look at the daily Eur/usd chart. There you’ll find a massive bullish gartley in their way to an almost perfect convergence at 1.3478.
So with this dollar behavior and last days facts we could say that this gartley is going to be completed.
50% Xa of daily has been already broken and we have no resistances until D.
I drew this pattern out a while ago which points to the same general idea that wrtm was saying but the convergence occurs lower, closer to 1.30000
Take a look
But I agree, it would appear as one could ride this pattern down to the convergence and make a few hundred pips in the process
Also, has anyone else found it difficult to find patterns this week? I assume it is given all the economic data that was being dropped (potential AUD, GBP, EUR rate changes and the NFP) but i’m just not sure
Sure! I recommend you to add 118%, it’s really useful, there are other extensions but I’m not sure at the moment which levels they are. Let me check and I’ll post that levels.
i’d be interested if anyone had an elliot wave count on the monthly to give some indication as to whether the low is in place and the daily bat is the trade, or whether we have not seen the 5th wave and we should expect fresh lows, bringing the lower two convergences are into play.
either way it appears there may be more downside. sorry to be a pest, no more posting from me today.
Im also goind to read more about elliot waves teori. Sound like it could be very usefull 
