Whats a Bartley? is it a homer simpson harmonic pattern… I always thought Homer was a Genius!
I think, after you go long on the Euro, you may need to watch for a reversal at the bearish minor trend line that has established itself all day today. I think unless some good news erupts from Greece, it may continue going down. but there is some news breaks from the US at 0:30 (AEST), that might help smash it out of the bearish line…
All in all, I think if you enter, at D for a long, cash in at the line and see what happens, if you get a break, you could always get back in at an opportune moment… It would be a shame to lose the profit gained at that point.
Nice trade Sunjoz. I have become a little obsessed with the major trend theory. Like I said, the gartley was just like a feel better confirmation, the basic behind it is the major trend and fibs. The major trend is up, so the question is when it would reverse to up again. 0.618 (your TP point) or 0.8786/0.886 revearsal? Then comes the gartley, it said 0.886 reversal, it goes with 200%CD. But whether it is or not, who knows. Maybe experience would increases the probability.
Bye the way, my EUR/USD gartley was triggered, so I hope you are right that the 0.618 of the AUD/USD is the right turning point. (afterall, they are connected).
I would keep a very close eye on it if I were you… the break is not convincing at all, but then sometimes it takes a little consolidation before it shoots off… good luck…
Personally, I would prefoer to wait and see on this one. The major uptrend line has not been hit yet, but the good news is the bearish trend is busted… but an uptrend has not yet been established, so keep an eye on it in case it comes back down through the bear line, and runs to the major uptrend before turning back up.
Yes, I am aware of the major resistant around 1.3080. Actually when it breaked my 1m trendline I did terminate it and took a small profit. (this time I used the Gann angle to monitor the trend, and it is quicker than draw slope lines.
The bearish trend is continuing, but as long as it does not break the 1.3093 (the nearby fractal), it would still condiser a up-trend? If it breaks it, and breaks the 1.3080 resistance, the trend may be then reversed to down trend?
not sure about fractals and gann’s, but looking at the trend, I would still consider this to be aproaching the apex of a wedge… neither up nor down has yet been really established. However, the latest trend that I can see that is yet to be broken, is a downd trend.
Aussie is doing you good, it hasnt even come back down to my bullish trend line so I can enter - nice pick!
I am not sure either. I only use the Gann angle for helping me for the trend lines. so I dont haave to draw lines everytime when it breaks a trend. Fractal the same puppose.
Yes it seems the down trend is continuing, but long term trend of up hs not broken yet.
Was anyone on here in TMB’s lesson on skype today. I missed it, I believe. How was that supposed to work, I tried sending TMB a IM but didnt get a response? Should I be receiving an invite to a conference call or chat? and what did I need to connect to the mikagoo session? I dont want to miss it next week. Also, do you need skype credit for this and a microphone? This is my first experience with skype.
If you were in todays lesson, did you gain any insight on how to better trade these patterns?
My skype id is: pip_magnate if anyone wants to chat about these patterns.