Hahahah and I promise they’ll speak and write english properly.
Not much of a Gartley spotter, but this one on the dollar index caught my eye.
The fibs laid over it perfectly as well.
Any thoughts as to how high it might go up?
It’s at 80.200 right now, and the highest point is at 80.880
Makes the euro look very attractive for a short.
edit: That’s the hour chart over the last 4 days. I apologize for the poor resolution. That platform doesn’t have any way to save the pic, so I have to print the screen.
Less than optimal quality results.
Hi Master Tang!,
I’m not sure if this is what you mean.
If this is the case, from my humble opinion the pattern already had its momentum where the red circle is, and it went up well until the 50% AD fib level.
So, at the moment I don’t see a clear pattern, not enough information to give an opinion from where the index is at right now. The pattern has already worked and the momentum is gone for that particular pattern.
There is a very nice bullish gartley on the weekly GBPUSD…maybe look at a long bias for a little while, but first it may want to retest the low at 1.4780?..IDK…lol
At the moment I’m checking out this bearish butterfly…maybe a bat…on the hourly EURJPY.
wrtm…it’s at the daily high and MR1, but not a convergence of fibs. The 127.2 on both fibs converge higher up, but not really at a pivot…hmmm…
Well I might as well follow my own advise and take a look at the higher timeframes :D. nice one! The only thing that I don’t like about that pattern is that it took too long for it to be completed.
I’m starting to like pivot points. Cable and kiwi patterns both converge with a pivot point, let’s see what else we can learn from ICT.
Regarding the eur/jpy, well not sure about what to think about it, l’d actually like eur/jpy to go higher, but still waiting for a bullish pattern on that pair.
Hi wrtm_19
Thanks for pointing that out.
A quick question, that circle got my attention, but why the significance there as opposed to calling the last wave done now?
That would explain my error in judgment:D
I had the last move pegged as just completing, but I’m just eyeing it, I don’t have any special software other than a fib app.
As I said, Gartleys aren’t my usual cup of tea, unless they jump up and smack me on the dome.
Cheers!
The significance of a gartley (or any other harmonic pattern I guess) relies at how price behaves at the moment of its completion.
In this case the index completed the pattern at the red circle and actually reversed for a significant amount. Not only it reversed, but you can see the behavior at that point. Large wick, hence an obvious rejection of the ‘support’ zone. (Lol I wish all of my patterns behave this way).
Once this has happened, the pattern is no longer valid.
The current swing is no longer part of the pattern. It could show support again, but not because of the pattern, but because of that area being a significant point of support (probably), you know, we have a previous gartley there, and maybe historic evidence of that behavior.
Actually how the index is behaving right now, is not typical of a working gartley. Price tends to act with high volatility in that area and the rejection happens quickly. Right now we could tell that the index is not having that kind of reaction.
I’m not an expert in the matter either, but that’s how I find that gartleys work. Anyway that’s my appreciation.
Hope that helps.
Cheers!
Hi guys!
I’ve been kind of busy, I close this baby for 100 pips, reason is it hit the 23% AD and mainly time of day, this is a time with little volatility, more than likely price is going to move sideways and if this is the case and the pair is starting a new impulsive upmove, a new pattern should emerge that allows us to ride the move.
I’ll try to post new set ups.
Something else I got from ICT back there, now I’m doing H1 charts full-time, something just clicked with those pivots, didn’t it? It’s quite hard to keep passion and the opera out of forum posts isn’t it, kind of the difference between a class presentation and a concert performance?
Oh well, back to our thing, hope it lives til’ the 100th post? The wave patterns can get very hard to discern especially in a complexing correction, and my scalping ‘get-all-the-wiggles-plus-the-slide’ attitude doesn’t help much, tends to jeopardize the future prosperity of the anglograndkids somewhat. But the pattern will always remain, 12345-impulse, ABC-correction, next fractal. Thanx to H1 (Elliot kept a H1 close DJIA chart) one can almost catch everything, what with the new hedging capabilities?
0925GMT_240310: The G$ and GY, and E$ to a correlated extent, tend to follow the same wave stage at any given time, all have failed to scale upper base channels, heading back down in wave 1 of (5) as previously counted. Alternatively, we could now be at a more sweeter point, the start of wave 3 of (5), thus bracing for a major fall for GY (the bankacc. doubler!), I wonder what EY is going to be doing in that time? Is that a pinbar forming on G$ H1. The gartley (bullish?) on the EY by Wrtm19 post#128 is likely to have held with bearish continuation – I see the same thing now - couldn’t see it the first time you posted, wave two (D) is not yet made? More side-action, adopt alternative count on total retracement of previous upmove.
Due to the prolonged break from posting, my charts are in disarray, and I lost my G$ template again have to start allover, allow me not to post charts now?
Yes the pivot thing just made click and many people’s satrategies.
Talking about complex corrections, they simply look a more difficult thing to trade/spot, since to me, it’s difficult to know the time it will take to end as long as the shape. But also I’ve seen the alternate principle to work almost all the time. You know, after a simple correction, we’ll experience a complex one, and then a simple, etc. That alone has helped me to discern the possibility of easier opportunities.
So as you said the main pattern always remain, and at the end of the day that’s what I’m looking for.
Anyway that would be great if we’d be in a wave 3 right now. Let’s see what comes out.
I’m going to take more time to post new charts.
Here’s a bullish butterfly on the GU. Pls excuse the mess as I have everything on this chart and I’m in the process of creating separate charts for different things…ie S&R levels, patterns, fibs, pivots etc. but for now this is my master…lol
Here is a weekly bullish BAT. If it holds true, then D is at 1.3903 which is 88.6% of XA, and 1.3896 which is 223.6% of AB from C…almost perfect BAT coordinates…and the confluence is 7pips apart. So you can see why I would say the price will continue going down for the next little while.
Hello everybody.
I really like trading these patterns and I am only doing these patterns for the last 2 weeks now.I am not really clued up with all of this stuff. Last week on a demo account I made 12% in 4 days untill I blew the account out. I was very heavy leveraged and averaged a position (GPB/JPY) on friday which the pair did not retrace to breakeven.
Nevertheless I really see lots of potential in these patterns and I am going to post a patterns when ever I see them and I would like feedback if possible.
http://forums.babypips.com/attachment.php?attachmentid=11578&stc=1&d=1269503585
Would this still be a valid pattern if price goes below C but not below A?
Hi Pullice, you’re right, it would be still valid if price goes below C but not below A.
This pattern failed miserably:(