fximperija
Long

Retesting lows @868?

FX:AUDUSD   Australian Dollar/U.S. Dollar
66 2 0
Looks like AU is going to retest the lows and rise. Time will show.
I was wondering, since for me the lower low on C to D has now made this pattern much less likely
to be successful, if your experience has found otherwise and at what point do you declare
this pattern invalid - other than D being stopped out - and move on to the next one ?
Thanks for your thoughts and insight !!!
Reply
fximperija dojitrader
As you can see the wick in the C point range didn't reach A, therefore this is still a valid pattern point and shows that the PA is turning down. The PA should not violate previous points, otherwise patterns becomes invalid. The Gartley isn't my favorite, with a success rate of 60-70%. In my experience, deep patterns like this one (deep ret. of XA) tend to reach T2's. Any PA closing below X makes this pattern invalid, closing, not a wick punch. Patterns should be used as guidelines for entries. I always place 1 position around the expected D point and save another one if the PA goes toward X. If PA stops near D and shows signals of reversal I add another position which moves my general entry even lower for better RR ratio. Should the PA violate X, I close my positions, take the blow and move on. 3 or 4 loosing trades out of 10 should make you profitable if you stick to your rules.
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out