fximperija
Long

Long on ABCD and gartley

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
121 4 0
Bullish ABCD pattern embedded in the also bullish gartley and PA respected both, might be a good sign for BTC recovery after this big drop. On the other hand, BTC might dive even more, all the way to point X @110.2 and gartley pattern will still be valid. But, since the PA dove and retraced with a big wick signifying a support around 78.6 ret. level, high probability to recover to the 61.8 ret. level @542. The targets at this point are @38.2 for T1, resp. @61.8 for T2.
dp
3 years ago
"...and gartley pattern will still be valid..."

What is the valid range for Gartley D-point (supposed to be %78.6) please?
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fximperija dp
3 years ago
There's no valid range for point D, but the validity of the pattern as a whole. Any closing beyond starting point X invalidates the pattern. Closing under 110.2 not the wick. The price may punch through but the closing has to be above that price.
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dp
3 years ago
Thanks.

So, the Gartley definition has been evolved significantly since Carney and Pesavento, I suppose?
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fximperija dp
3 years ago
Those are my rules for any pattern, just my rules, mate. Cheers
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