NZD/USD 1 hour chrt appears to be the making of a bearish butterfly pattern. Your thoughts and comments please
[QUOTE=âPsyren;611419â]Wow, that means you have a great risk to reward ratio. Where do you place your stops? Beyond the X of the pattern? Also, it seems like the EURGBP gartley isnât doing as well as I had hoped.[/QUOTE]
My stops have been averaging 23 pips during 2014. I havenât been stopped out yet this year where the pattern completes.
I can count 4 possible other outcomes besides the one that you put out at the 1.27. Chances of it completing are slim.
You werenât wrong rockyroad, NZD has gone right through the 1.27 following the rate hike. Iâm still quite new to identifying patterns. Has anyone here found a particular pair or currency that they prefer for trading harmonics?
Hey guys! So the price is now at the D point of the daily GBPCHF gartley I posted a few days ago, also there is another gartley which is close to having its D point hit on the daily EURNZD! What are your thoughts on them?
3/14/2014 Edit: The daily butterfly USDCHF just formed a pin bar right at the D point.
Would appreciate if I could hear some input regarding the Gartley/Butterfly/Crab pattern.
Assuming both B and C retracements are to the 61.8, fitting both the Gartley, Crab and Butterfly pattern, would you still do a pending order at 78.6 (Gartley)?
Pysren Iâm watching the same butterfly on the AUD/JPY. Letâs see what happens.
Alfis, thatâs a good question, and Iâd be interested to hear more people respond to it! For my part, I look for more confirmation for a D point, such as support/resistance lines and extra fib lines, and then I watch price action around that point. If I canât decide between two D points, I will often go with the farther one. If the price doesnât reach that point I lose nothing, whereas if I went with the closer one and price ignored it I would lose out. So no, I wouldnât automatically place a pending order at the 0.786.
Here are some more patterns Iâm keeping an eye on:
AUD/USD 1H chart
USD/CAD Daily chart
USD/CAD 1H chart, with two potential D points marked
USD/CHF 1H chart, with two potential D points marked
As always, input is greatly appreciated!
Well said (from my newbie point of view). Also, I have noticed its not such a good idea to trade counter trend patterns except the Butterfly. And since I just mentioned the Butterfly, heres one:
As far as the patterns I posted earlier go, the AUD/USD pattern worked out perfectly and netted me a nice profit. The USD/CHF and smaller USD/CAD patterns would have blown past my stop losses, but fortunately I didnât take them as I didnât like the price action.
Used to trade harmonics back in the dayâŚThought Iâd give it a go again (had some âfree timeâ)âŚ
Might be a bit rusty, but I think this was pretty textbook so I wanted to share:
EURUSD M1 Gartley Scalp:
[QUOTE=âPsyren;615838â]Hello guys! I would like to hear your thoughts about these 2 patterns: 1. EURUSD Gartley <img src=â301 Moved Permanentlyâ/> 2. USDJPY Bat <img src=â301 Moved Permanentlyâ/>[/QUOTE]
Iâm bid at the 786 in the EURUSD
[QUOTE=âBertacci;615956â] Iâm bid at the 786 in the EURUSD[/QUOTE]
Also Iâm looking to sell the USDJPY at the 786. Hopefully we will hit after the wknd
Nice! Where did you place your SL on the EURUSD?
1.3690. in at 1.37127
Hi Bertacci
When you trade these patterns do you look for a particular profit target? like a certain R:R ratio or at a major retracement? or do you just watch the price action and decide when to take profit. I have found recently that I am picking patterns well enough and then making a few pips only for price to resume in the opposite direction and either break even or hit a SL. Was just wondering what your or anybody elseâs opinions on this matter this.