Looks like I found a perfect gartley.
It will appear on EURUSD 30min or 60min.
XA - 1.2904 to 1.2589
AB - 1.2589 to 1.2720
BC - 1.2720 to 1.2618
CD - 1.2618 to (1.2735-1.2750 ish area)?
The BC leg was a .236 retracement of AB – it went straight threw .382.
The 50% of XA fits perfectly within the 100% of BC…
Any thoughts?
Here’s my take on this one… you must use the bid price for a bearish Gartley which would slightly skew your drawing up above.
See attached… My drawing of it benefits from being perfectly harmonic and merging with the line of resistance that is shown by the yellow line
After redoing it, it still came out the same, except minus the 3 point spread. But thanks, it did come out harmonic. Do you think that is a good trade?
I am still new to this, but I’d take another look at the EUR/USD at the X being at 1.2921 and recalculate your gartly pattern.
From there I’m seeing that it would retrace to the .618 of XA and 1.272 CD, but it looks like it might fail that and continue to .886 of XA and 2.000 CD. If you then look at a larger time frame, like the 4 hr, and go from 1.3332 down to 1.2586 you will also notice that it lands close to the .382.
Which I would be guessing here, might be setting up for a possible larger guartly.
Again, still new here to these patterns, but just thought I’d put in my 2 cents.
Pretty new to this myself, but i would say that each time frame can be independent with these patterns. As long as your take profit fits the time scale. But i see a larger butterfly pattern setting up on the daily timeframe as well.
It would be at 1.2920 (instead of 01) and it still fit perfectly. Infact on the second time after I changed it from ask to bid, I put it at 1.2920, and it still came out as D ending up around 1.2749- 50 ish
lol…this is the thing that I love about stairing at the charts…Let’s throw the whole thing out and try this one:
On the 15 min:
IF this EUR/USD decides to bust the Bearish Guartly down past the 1.2586, then keep an eye on 1.2505
X at 1.2586
A at 1.2718
B at 1.2615
C at 1.2665 which is just below .500 of XA tempting this to be a Butterfly that will land possibly at or around 1.2505
That’d be 1.618 of XA and CD extension to 1.618
I’ll be watching to see which way this one goes.
To be honest… I still think it too early to call this one, the CD leg has yet to pass the B point and so who’s to say that this is actually going to happen.
IF and only IF price begins to move up, then I would have confidence in the pattern I drew for numerous reasons. One being the harmonic-ness of the pattern. Another is the line of resistance in the vicinity of the convergence. And the final being the horizontal line of resistance on the daily pattern lying on the same line as the convergence , created by the close and subsequent open of daily candles on May 10th/11th.
I am saying this because you will come across patterns that may have one or more convergences in the future and so you must look beyond the pattern to help decide which one to put your faith in. Good luck
racerdude777
See i’m with you on the bias towards the downside. Infact I want to short right now around 2660, but I dont know if I should, it might recorrect itself towards 2750. (50% of 2920 to 2585)
Now my reason for not shorting right now and staying neutral unless it hits 2750, is because some large fundamental news is coming out in the middle of the night.
MNI says: “stops atop 2670, and large offers above 2700.”
“stops tipped around 2600, with further demands towards 2550”
In refrencing the 4hr time frame, I’m not saying that it’s changing the 1hr Gartley, I’m saying that the .382 of the 4 hr time frame is landing near the same as the .886 of XA and CD extension 2.000 makes it look to be the more likely target. But I could be all wrong and just going to have to keep an eye on it.
That looks like a great trade too. I may place two orders. One at 1.2605, and one at 1.2750, and see which gets triggered.
I believe yours may get triggered as I actually have a downside bias as well.
I wouldn’t be doing anything right now on this pair. I see that it would be nice to traid the CD leg here, but the question standing right now is, which CD lag is going on? Buy or Sell?
This is all one can do for this, is place your traids at D and see which one comes up.
Interesting point, let’s wait on some of the news, its going to be released between 3am to 9am
Yes, i’m going to stay flat unless it triggers either order. As it’s at 2650 right now – in between both stop areas. So it could go either way.
I may place a sell stop at 2605 and place a take profit at 2505 and I may also set up at buy stop at 2690 - sell stop at 2730, then another sell stop at 2749.
We’ll see. I’m liking your trade more as I have a bias towards 2500 myself.
Two potential patterns on one chart (EURUSD bid):
Moving away from the EUR/USD for now… This pattern looks to be promising. Take a look and judge for yourself
The image below lends more support to the above pattern since the price has repeatedly tested this price in the past, as shown by the horizontal line.
Quick look at the order books: EUR/USD: Sovereign names both sides; bids at 1.2580/90, offers 1.2720/30
Well, I had to get into a trade at the EUR/USD as follows on the 5 min time frame:
Our X will be at 1.2717
A at 1.2616
B at 1.2665
C at 1.2628
D at 1.2677 and possibly 1.2708
So I’ve entered long trading the CD leg at 1.2639 with a 30 pip goal of 1.2677
So far so good.