Whats the best book or best online document to read regarding gartley patterns, prefer something about 10 pages or less, thanks in adavnce.
There looks potentially like one of these patterns forming on the daily/weekly chart for AUDUSD.
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Whats the best book or best online document to read regarding gartley patterns, prefer something about 10 pages or less, thanks in adavnce.
There looks potentially like one of these patterns forming on the daily/weekly chart for AUDUSD.
this thread probably has some value but try this
http://homepages.ihug.co.nz/~peat/im...GARTLEY222.pdf
silverlight , I had a look at FPH after your post in the NZX thread and drew this.
Thats awesome, thanks, I will have a read over the next few days, you are a wealth of information!
This looks like an interesting example setting up on GBPUSD, would welcome thoughts on my analysis
X to A was 330 pips
A to B was 230 pips (or 70% of XA, textbook should be 61.8%)
B to C was 125 pips (or 55% of AB, textbook 61.8 - 78.6)
C to D(?) was 202 pips (or 160% of BC, textbook 127 -161.8)
A to D(?) was 306 pips (or 92% of XA, text book 78.6)
If you increase the multiplier to 15% they all fit.
A< C ? YES
C< B ? YES
B< D ? YES
D< X ? YES
So could we expect a move south of 500 pips or so?
Place a stop loss above X at 1.5530.
I just wonder if the gartley has already played out see my pic
you can see I take an earlier point for A which is still more than 61.8% retracement but then corrects before heading off to your A point which I label as D. From there we have a correction down to the 32% retracement (which is the first target point for a gartely) so I just wonder if a gartley has already happend
Arco (the expert on harmonics) used to say beware the gartley that morphs into a buttefly. A butterfly eventually retraces to 127% (which hits the stop on a gartley at the 100% point) before making the (in this case) down move.
here is a graphic of the major harmonic patterns as from Carney
So didn't take a position, but a move from the 'D' point so far of 250+ pips.
yes would've been good
the S+P completed and played out a butterfly setup
I've posted previously about the trigger point for butterflys being just below the B point as shown here in the blue rectangle. target A point was reached already here on this hourly.
I like this setup better than the gartley now as I have a objective method I can apply to it as shown in the 2nd pic (bullish butterfly)
Welcome analysis on this pattern, Daily XAUAUD (oz gold)