thanks, but i was looking to embed the images in the page [so people wouldn’t have to click through in a link]
this used to be possible in babypips, but seems like this is not the case anymore?
you used to be able to write [img] and then [ /img] (without the space) and your image would embed.
oh, and as for the classic gartley on the UJ, you are getting the hang of using trendlines i see to add confluence towards your trade, but i worry that the second point you used as your trendline might not be a significant enough high or turning point…
also, if you do take it you will have to take it the way scott m carney trades it [by examining price action in the PRZ once it hits the AB=CD, BC projection, and 78,6% fib level], you should not take it how TMB takes it because the AB projection lands noticeable above the 78.6% fib, to an extent that there is a significant chance it will not find support there…
personally, i will only trade classic gartleys where the 78.6%, the BC projection and the ab=cd projection land very close to each other. why? … if the prz is tight like this i can run a relatively tight stop and get good R:R, ofcource though I look for other confluences too before jumping into the trade.
also i will only trade classic gartleys [as a classic gartley] where is the X is coming from the extreme of price, or the extreme base price or an sma (or mva as marketscope calls it), of the 8sma or 20sma
why? because that is how TMB teaches us to trade patterns are in this thread.
I’m not saying that scott m carneys method is wrong [where he will use any peak in price as his x], …but if i use any peak in price then i have to also examine the prz reaction before entering (and cover a huge area with my stop loss) …whilst i prefer [for the most part to use TMB’s method of entering on the AB=CD and XA fib convergance]
here is an example of a previous trade i took:
View image: KEY TRADING TEACHINGS TMB AND CARNEY PATTERN GAR
i am combining both their methods and have spotted a classic scott m carney gartley, TMB would also refer to this as a gartley because the AB=CD line up with an XA fib
the X for the gartley is on the 8sma of the 4 hour chart,
the AB = CD [orange fibs] line up extremely well with the 78.6 XA, and also the BC projection [green fibs] of 1.272 lands quite close too …creating a tight prz
the various colored lines you see are msrt zones. we can see that price has respected the blue one [a daily msrt zone] and did close above it on the daily chart
this patterns can either be traded the way TMB teaches, where an entry is placed on the .786, and you close out the trade if it closes below this [and also below the daily blue line] or can be taken how scott m carney takes it [by examining price action in the prz before deciding weather to place a trade]
the benefits of taking this how TMB takes it, is that you can run tighter stops for better R:R
if you take the pattern how scott m carney takes it then technically the pattern is invalid only when price passes your X point, which gives you a large stop loss area to cover reducing profit.
looking at that chart, the best way imo is to take it how TMB takes it because it has the daily msrt running through the .768 XA giving me confidence that if price did close below this point there was a decent chance of failure and that it may be better to cut losses at this point rather than hope price would recover and go back up.
if for example the 1.000 ab = cd projection landed somewhat away from the .786 creating a noticeable larger prz then most likely i wouldn’t trade it personally as it is more more unpredictable how far price will range in that zone leading me unable to use a tight stop loss.
with the current UJ gartley, the ab = cd projection lands far enough from the .786 …imo it is unwise to trade this pattern with a tight stop loss, and you are pretty much forced to cover all the way back to your X point
the trade on the EUR/AUD that i took and posted yesterday was taken with a relatively tight SL of 70 pips, and i got 220 pips in return. only because the prz of the converging gartleys was so tight was i able to run a tight SL
A 70 pips SL might not seem like it was tight, but given the patterns size it was…