EUR/JPY 1H gartley, 127.2%CD/8=61.8XA, with daily R2.
USD/CAD target 1 lost, target 2 convergence not great (8.3 pips), target 3 looks far away. Any opinions?
update: chart:
EUR/USD entry triggered
update: + 30 pips
EUR/GBP 1H gartley, entry not triggered yet.
EUR/JPY entry was triggered but the bar is too long and strong. I’ll wait for teh 30 min close then decide to let it go or close. I was tempted to try the hedge technique again.
closed because the entry bar in the 30 min chart was above the entry fib. - 6 pip. However it went down soon for 17 pips before went up again. If based on the 1H chart, the entry bar was closed below the fib.
Turned out the second one was the right D. retraced 40 pips.
Hey all you Gartley and Butterfly fanatics. Sorry I’m not posting a pretty picture, I think it would be good for you to analyze these ones yourself. Open up your NZD/USD daily chart. Make sure to plot the bid as you are looking for some sell patterns. I would dare to say this is harmonic trading at its best. There are many convergence points with extremely good convergence for daily charts. Some less than 1.5 pips, one I believe is 0, my chart wont let me zoom in that far. The best thing is using all the last extreme’s point to great convergence at same spots. I can tell you my entries are set 5 pips lower as I want to guarantee getting in. Keep your eye out, the KIWI is working its way up there.
Also note, the last two spikes from the last couple weeks on the KIWI were accurately explained by Gartleys, unfortunately I found this out after the fact. Very important to note the fib levels of these occurrences and the fact this pair is respecting these patterns.
F.Y.I newbabyfxx , I dont mean this in any rude kind of way, but you may consider getting a trade journal instead of posting all your trades on this thread. If you only post a few you have questions about then we might be able to get some discussion in before being bombarded with 15 other trades.
so newbaby are you up or down in pips?
Hi JPY, Thanks for sharing the chart. I am not an expert, but I like the butterfly. It has potential to get large pips if the price respects the fib.
From what I learned in this thread, I would monitor the situation next monday, check the lower chart 1H/30m to get entry point based on an wick on the entry point. I would also make sure that the down trend bar near the entry point is not move too quick downward and the close price of the entry bar (30m) is on the upside of the entry point.
Hi JPY, just curious where did you get those fib line data. According to TMB, the only fib lines you need for gartleys and butterflies are: 23.6, 38.2, 50, 61.8, 78.6, 88.6, 100, 127.2, 161.8, 200, 261.8. wrtm also suggested 118.0.
I got 30 pips on Thursday but lost 10 pips on Friday. I also missed several nice gartleys on Friday.
Hey JPYJPY,
I would not trade your butterfly there. If you look at the bottom 4 points of convergence, price did not even respect any of those fibs, as it just blew through them. If your Butterfly was a trade-able one, you may not get a reversal at each convergence, but you would at least get some resistance enough to grab some pips. Also if you read the book, trade what you see as recommended by TMB, the extension points of CD should only be 1.272, 1.618, 2.0, 2.618. Seems like you have too many fib ratios there, the major ones are the ones that correlate with other traders eyes.
Newbaby, what spots are you finding these gartleys on? I have not been looking to closely, but havent been spotting too many. Like I said though, if you watch nzd closely, its doing a great job respecting the fibs, especially favoring the 50%.
DrPepperJunkie and Newbabyfxx thanks for your comments, I really appreciate them. I found the extra fib lines in "Harmonic Trading Book I & II), I have been using them for a couple of weeks to see how price behaves at those points, what I found interesting is the extra fibonacci retracement the author adds (the red one), it corresponds to the BC retracement… He calls the area, where the fibonacci retracements and extension converge, PRZ (Potential Reversal Zone). I hope it will be a good addition to the excellent information TMB has generously shared in this thread.
As DrPepper states NZD is worth keeping an eye on, especially NZDJPY, CADJPY AUDJPY.
Hi JPY, it is interesting to know other fib scales used in harmonic analysis. Did the books provided covergence or other methods for confirmation? Did you find it is easier to get D?
I longed EUR/JPY on Thursday, which got me 30 pips.On Friday, I missed gartleys in AUD/JPY 1H , AUD/USD 1H and USD/CFH 1H. After missing the USD/CFH 1H gartley, I entered long for a 15 min USD/CHF gartley but was left out lost 10 pips. It did go up after down 23 pips.
Basically they analyze different harmonic patterns (Bat, Butterfly, Gartley, etc), and their “ideal” retracements, patterns within a trend, Relative Strength Index and its relation to the completion of harmonic patterns, etc … I’m still reading so I will let you know if it becomes easier to get the elusive D…