There has been a gartley pattern formation on the AUDUSD , it's not necessarily a guaranteed reversal signal, but the reversal up bar triggered my BE+5 SL and I am out of the previous trade.I will try to re-enter short if PA can break the prior swing low. Waiting to see...
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I know, but I do loose gartley's just as warning signals, I rarely ever catch a perfect gartley ;) I take anything from .5-.8, of course .618 would definitely be a much stronger signal, but I'm used to using ZUP ;) It's weak, but along with the spinning top bar and general reversal at the 61.8-78.6 level gives me enough reason to start doubting further downside movement and pull out of the trade. PA could just re-confirm the bottom of the channel and continue downward, if it does, I have a SS ready below the prior low to re-enter and then TP at around .7413 =)
Perhaps you're right though, I probably shouldn't post loose harmonic completion patterns, might confuse some new traders, but I never trade solely based on harmonics alone so using loose harmonics works for me :)
Good idea, I was actually just about to say it's more like a bat pattern based on the ratios, but I don't go down the road of the derivations of gartley much, all the incarnations of the original gartley are simply just loose gartley formations with a different name, probably because a real gartley is rare to spot and traders always want more signals to trade ;)
btw, just curious, I know this is an age old discussion, but do you believe gartley ratios are meant to be perfect or a range? Such as when they say between .382-.618, I believe the original gartley method is EITHER .382 OR .618, not anything between the range of .382-.618.