Alexander_Nikitin

eurgbpp. gartley pattern.

FX:EURGBP   Euro / British Pound
a potential gartley pattern points to a powerful zone that may act as a resistance. Keep in mind that harmoinc patterns always give two scenarios: 1) a bounce from the zone 2) a break through the zone. No harmonic patterns are traded with limit orders. Wait for price to test all the levels first and show the stabilization before you execute your orders.
as for the probabilities, scenario 1 has a higher probability than scenario 2 simply because consolidation and bouncing from levels is a more common (70%) phenomena than trending and breaking (30%). I mark this idea as neutral for you to keep your mind open to both possibilities.
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Comments

Is it over? it didn't hit 9194. So will it ever go back up?
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Alexander_Nikitin thameralhejailan
@thameralhejailan, you shouldn't trade these patterns because you obviously don't understand what is this strategy. learn the patterns first.
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I set my TP a little too high. Is it too late? Has the pattern completed?
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Alexander_Nikitin thameralhejailan
@thameralhejailan, the pattern is not yet completed. no actions should be taken before it completes.
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Keep up the good work sir!
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@aphish27, thank you:)
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How odd.

I pointed out this Gartley pattern to you six days ago in another of your EURGBP analysis and you clearly stated that you do not use daily charts.



Why the sudden change of mind?
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@mustard, I personally, don't trade Dailys. I symply analysed it.
+1 Reply
mustard Alexander_Nikitin
@Alexander_Nikitin, Well, you just lost credibility for me, these are your words:-

'I only use what I have tested. Using Daily for me equal to gambling because I don't know the expectancy of my methods applied to Daily. So why should I use it? I never traded it, I never tested it.'
Reply
@mustard, That's what I said above: "I personally don't trade Dailys". The method of my analysis generally works on every timeframe. I don't trade it because I personally didn't test it on Daily and never calculated teh expectancy of my methods. The fact that I didn't trade it or never tested it on Daily doesn't mean that it doesn't work on Daily.
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