Just real quick here because I had not posted about this Gartley although I took it (don't have time to post every trade I take but I do my best!). The Gartley was also supported by the extended former neckline of the H&S pattern that I posted about last week. Now I know, trend lines are kind of subjective as traders usually draw them to "fit" what they want. In this case, I only extended the neckline trend line and you can see how well it's been holding as of late. So in my estimation, it still holds some influence.
The Gartley was also triggered by a piercing pattern bullish candlestick formation and also a failed break of the trend line. For now, prices should rise with the Gartley and when it does, it will run into a bearish cypher pattern which should send prices back down again back into consolidation for a while longer before finally making a push LONG.
Good Luck!
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It's really interesting this type of technique that you use, with the combination of different advanced pattern. Thank you :)
EverythingForex
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Thanks. Advanced patterns, like any other tool, works when applied properly and used in the proper way. One of the keys to using advanced patterns like I use them is to be able to recognize when the market is trending and when it is consolidating. For example, right now AUDUSD is consolidating on the TF that I am using. So therefore, back and forth patterns work well. In consolidating markets, you'll often see this happening.
But one thing I do is to always know where the market is in relation to the LONG TERM. That way, when I see patterns that are line with my long term view of where the market is headed, I can make better decisions as to whether I want to hold my positions or not. And also if the pattern is telling me that the trend is about to resume.
Hope that helps!
KlejdiCuni
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Thanks a lot for your explanation. I appreciate this.