Was anyone brave enough to enter the EUR/CAD trade? I was not sure how to find the entry point using the weekly gartley/daily gartley, so missed the chance. :26:The truth was the weekley gartley D point was very accurate, less than 30 pips breathing area. it is now more than 155 pips and seems still go strong.
I sent you a pm TMB, but not sure if it went through. Anyways, I am dedicated to learning these patterns and would love to join.
[B]And is there any sign we could have used to predict from the turning D point to before the shooting bar that it was more likely it would go up?
Come on, we really need experienced guide. [/B]
NewBaby, About the eur/cad trade. While it worked out very nicely, sticking to the TMB way of these patterns would have had you closing the trade because it closed accross the fib. But then I noticed your picture is of a 1hr chart. I changed my charts to 4 hr, and it only closed right on the fib line, making it tradeable.
My 1H and 4H entry bars both closed negatively. however the 1D chart closed nicely positively from D. Afterall, it was a weekly/monthly gartley, I guess 1D chart was proper for monitoring the entry bar. IN ADDITION, The entry bar in the 1D chart was a nice hammar. Maybe that could be a sign and together with the last three bars it looks like a very neat morning star if today closes above Tuesdayâs opening, which would be very likely continuing the reversal.
Sup, Iâm confused about where is the best place for X, B aways need be the next HH after A ?
I think the best place for D is 127% of 0.500 becouse got a nice resistence.
Hi TMB, fantastic thread here, I just âdiscoveredâ it this past week and have been reading the pages from the beginning. This type of trading is very appealing to me and am committed to learning the ins and outs in the next months. The book you rcommended Trade What You See is on the way, but would like to join you for your live trading. Congrats on the thread and wish you the best in 2012.
Hi Braindamage, X is either the extreme high (low) point, and/or can be a high (low) before a sharp price move. in a bearish pattern, A is the LL between X and B, B is the HH between A and C, (or the first HH is there are more than one equal to same HH). B cannot higher than X, C cannot lower than A. B and C must be located at a fib line (if X is too extreme I guess you cannot get the B on the fib). CD must at least equal to AB, and the convergence point of Fib XA and percentage of AB fib (CD) is the D. Please read through the thread, all the anwsers is there. 
Good luck,
Hi Newbabyfxx, thanks for the reply,my inglish suck,I could not explain my question as it was to be.
I know about the basics gartleys/butlerfly,about A you explained very well.My main doubt is about X,if you expand the chart EUR / JPY TF 30, you will see that it is too long,if I put my in X 123.318 which is the peak, I rarely go find some retracament on CD,my doubt is always X will be the HH(LL)?how do you do on EUR/JPY.
I was away from my computer when the retracement happened.
This one is NZDJPY 1H. It looks very promising if the C point doesnât change.
Hey BraindamageâŚFirst of all you have to change B (see below). About where to place X, sometimes itâs hard to decide where to put it. When Iâm undecided I create the same chart, same time frame but with the X moved, to the next higher high or lower high, and watch how the price reacts when reaches the resulting fib convergences before reaches âmy proposedâ DSee Below.
I just entered LONG on USD/JPY @ 76.76 (20 pip SL, 175 pip TP).
Itâs RISKY, as I am doing a C to D move (entering around CâŚmy TP1 is actually a XA fib, while TP2 is the actual D).
Good luck to myselfâŚ
[B]Update:[/B] I have moved the SL to BE (so itâs now a free trade), and will hold over the weekendâŚcurrently up 14 pips, high was 22 pipsâŚ
I would greatly appreciate an invitation!
Hey Stupip,
Just wanted to point something out. I would look back through thread and find typical fakeouts and make sure this isnt it. Simply because I dont want you to get burnt, the 20 pip SL is tight and 175 is ambitious. That said if you can bank 175 pips more power to you!
For example,
4H chart
The red bartley is a valid pattern in 4H chart (it also valid below 4H), while the blue butterfly is also there if you use a big screen or a narrow scale bar space.
1D chart
The red gartley is also valid in 1D chart, so is the blue butterfly.
1W chart
In the 1W chart, the red pattern is not valid anymore but the butterfly matured nicely.
1Mn chart
At last the butterfly is not valid in the 1Mn chart.
So how do we actually define the right frame a pattern is in? Is it the highest TF we can see the pattern (minimum two bars of the shortest leg) (e.g. the 1D gartley, 1W butterfly), or we should define as more than x bars in the shortest leg), or define it as the second highest TF (e.g. 4H gartley, 1D butterfly)? (you wouldnt have a monthly pattern by this definition at the current data base provided by the brokers unless you make a exemption).
AUD/USD 1H gartley
When I found the gartley it was already passed the entry D point, however based ont TMB rule that the entry bar is positive when it closes, I entered two hours later at the entry D point. So far so good. When I am typing it is +17 pips. I should have TP when it was reached +20 pips, but I may be greedy to want get 30 pips.
update: I taken profit of 20 pips.
Anyone has an opinion of reentering the EUR/CAD based on a 15m gartley? it is convergend with the 61.8 XA retracement.
Come on guys. The live trading learning space is limited. I also like to get an invitation to join it. but if we have not got it, we could help each other on this thread and get help from the experienced gurus.
In a gartley or butterfly pattern, the assumption is that if D is developed nicely to more than 100%, 127.2 et al of AB, AND converges with the a specific Fib of XA, D is more likely a reversal point. It does not assume that if there is XABC valid, the price will go to D. There are other ways to trade from C to D point, but is not based on the processing CD leg of gartley and butterfly. (off course you could still suceess, but the chances may be lower.)
What a beauty! The symmetry of my original gartley in case of the B point was not good. I even tempted to move the B to the next HH (a few pips lower than the B) to make it looking symmetrical, which is violate the rule. The market was the master, the delay of D point made it almost perfect.
I did not close the trade initially because the 5m entry bar was positive. however after the price went down deep (-17 pips), I closed the trade after it moved up to b/e and set another pending order at the previous LL, assuming the market would go back to test the area again. What do you think of this strategy in general?
update: the market did go down the second time to test the lows and the pending order was triggered. The 5m entry bar was closed positively, and the 15m entry bar closed positively +15 pips. I have more confidence for this trade now. I am aware though it may be back to test the area again but as the second entry is lower to the 61.8 XA resistance, I have more room to breath. I will not move the SL to b/e as yesterday I was knocked out twice at b/e SL, but eventually the price went positive to the targets.
update: The london close was a violate trade. And I suddenly remembered it was Friday. So I closed the trade +5 pips. dont want to be stuck over the weekend.
Have a nice weekend everyone!
