hey all, i was wondering if i was calculating this correct as i am not even out of the school yet and i thought i would get a little bit of help because i don’t think the school was as accurate as could be with gartley and the animals lol or maybe im just stupid haha.
hopefully i can finally figure these things out because i want to begin using them just like Sweetpip and Tmoneybags lol.
School is pretty accurate. Gartleys and the animals are just ABCDs with a swing high or low infront of them (the X). The first part of your ABCD is correct but the second is not. You need to draw fibs from B to C to find where D should be (1.272 extension). Also, the harmonic patterns are accurate, you just need to correctly identify which pattern is forming. Another thing some people look for in an ABCD is AB=CD in terms of length. Keep practicing and you’ll get the hang of it.
With Gartleys, etc. your X point can be quite a bit higher / lower than the other 4 points but it’s still nice the pattern to have an AB=CD pattern as part of it - apparently these are more reliable or so I’ve heard. Here’s an EUR/USD one from back in June that worked out:
I think i’m beginning to get it haha, thanks PipBandit! I think i’m onto something but im not sure, i’m going to go back to the school and reread and renote about it. I am currently not even finished the school, i’m trying my best though.
It’s too early to say with your last attachment whether an ABCD will form. Monitor it for a bit and see if price continues to drop - if it does a CD leg might start to form. Do a fib extension then from point C and see how it looks at that point.
If you’re looking for AB=CD patterns it’s best to look for something that’s underway. Look for that zig-zag shape that’s already started so you can project a possible completion point for the pattern.
Hi sweetpip, I was hoping to get a clean chart like Zak here has displayed in this example. most of the platforms i have seen and worked with are too complex looking and annoying. Would you know what he is using? or would you have a suggestion of your own? I am with fxcm right now paper trading on their trading station for past two years, its ok…but somehow not simple enough. Any ideas would be greatly appreciated. Thanks. Dan.
Testing out different charts is a great idea to see what’s the best fit for you. Each platform will have its own strengths. Since you mentioned Trading Station, I wanted to make myself available to you to answer any questions you have about the platform :22:
For example, if you wanted a chart that looks similar to the one in Zak’s example, you can do that on Trading Station as seen below.
To make Trading Station charts white, right click on the charts and go to Options.
Then in the Options window, go to Color Schemes and select Light (White).
Let me know if you had any other questions about configuring the Trading Station charts, and feel free to hit me up in the Broker Aid Station.
Doesn’t get better than this. Check out the u/c daily chart. Looks like a perfect setup for the ABCD pattern happening now! My only concern is CD is slightly longer than AB but other than that the fibs confirm it is very very close.