hey bernardo and welcome to the thread, yes the patterns can change but with the rules that i personally trade by a gartley requires an initial .618 retracement to B and then D should be the .786 of XA, a bat would have to reach the .886 of XA but B can still be between the .318 and .618, for me the ideal retracement is the .50, however i always place SL beyond X so if it changed from gartley to bat my stop would be safe. and if it fails it fails. no system is 100% accurate, i wish there was one!!!
yep they look perfect mate, lovely trading
Sweet will look at GBPJPY. Majors have been elusive this week never completing patterns that were starting to form, but finally AUDUSD gave us a great one this morning at the 786. In at .8697. Out by noon today as it has stalled. This is at a daily 786 support level so I may look to re-enter Sunday on a retracement, as opposed to holding the position over the weekend.
EURCHF forming a nice bullish bat pattern here. Perfect confluence of .886 (X-A) and 2.13 projection of BC.
BTW, how about for cyphers. Does the D there only need to meet the .786 X-C requirement? Doesnât it need any projections from any leg to confirm it?
Hey mate. Nice bat there my only worry would be the wide bars in CD. I would like it to slow down a little before it reaches D. As for the Cypher it just need to be the .786 of XC. Personally I look for other confluence. Be it SR levels or other fib levels for a bit more reassurance
[QUOTE=âWookie1985;596671â]
Hey mate. Nice bat there my only worry would be the wide bars in CD. I would like it to slow down a little before it reaches D. As for the Cypher it just need to be the .786 of XC. Personally I look for other confluence. Be it SR levels or other fib levels for a bit more reassurance[/QUOTE]
Indeed there are wide bars. Would probably take the trade though if it reaches D and the RSI is below 19 for confirmation of divergence. For the past few weeks, I experienced that harmonic patterns are more reliable if you watch the price action first after hitting D. Only then I can know the validity of the PRZ. Well, just my two cents
i completely agree that it is better to watch PA around the PRZ for confirmation, unfortunately with my job i canât monitor the market as much as i would like, so i use limit orders. it still works for me and across 2 account (1 i trade conservatively the other aggressively) iâm up around 18% for janurary. its been a pretty good month really
[QUOTE=âWookie1985;596677â]
i completely agree that it is better to watch PA around the PRZ for confirmation, unfortunately with my job i canât monitor the market as much as i would like, so i use limit orders. it still works for me and across 2 account (1 i trade conservatively the other aggressively) iâm up around 18% for janurary. its been a pretty good month really[/QUOTE]
Thatâs nice to hear! I guess the 30 pips below D buffer is a good cushion. Well, just found this systemâs compatibility with convergence/divergence ( just started reading carneyâs vol 2). I Guess it refines the concept of PRZ.
i wanted to post this chart as its a bit of a weird one, its pretty messy which would usually make me stay out but the .786 of XA and 1.272 of BC have almost perfect confluence and AB is almost exactly equal to BC, bertacci i would be interested in your thoughts on this one its AUDCAD H4
Here is one you might like. AUD JPY is in a development of D leg on a butterfly pattern. The trend was at consolidation for a few days but daily candlestick closed with a bearish engulfing pattern and on 4hr chart we see the butterfly with all impulse legs coinciding with main support and resistance candles here is my chart. Please send me feedback on what you think.
Hey mate welcome to the thread. Im monitoring the same pattern. How are u thinking of trading it?
Yes I am Sunday open.
I am also trading this CAD CHF its in a beautiful price action short sell set up closing with a evening star bearish reversal on a main resistance level
Im sorry I forgot to mention how I plan to enter the AUD JPY trade im going to sell on sunday after the spreads gets smaller and im putting my stops above the evening star set up right above that doji on the 61.8 level giving me a great risk reward ratio
im guessing you have traded this system for a while? to be honest they are both more PA setups and personally speaking i wouldnât really take either of them, the CAD trade has to much bullish momentum for me into the pattern and its not one of the PA setups that i trade and the AUD trade isnât enough of a pullback for me, plus i would rather wait for the completion of the pattern and go long. it seems a little too much like trying to jump on the trend rather then selling into strength with the trend. just my 2 cents and if it works for you it works for you. hope they both work out and i will be following them with interest
plus your charts donât seem to be NY close and i would personally not trade any PA setups on charts that arenât NY close
