Akil_Stokes
Short

EURNZD: Price Action at a Key Decision Point

FX:EURNZD   Euro Fx/New Zealand Dollar
I've been sitting in a short position on this trade since this morning and it hasn't really done much. What initially caught my attention was the fact that I was late to a deep bearish Gartley Pattern. When I looked a little closer I found that price action had moved up a previous level of structure and had refused to create a higher close.

I would like this setup a lot more if the RSI had gone oversold, but as a pattern trader my plan says to take the trade and with me only risking 45pips to potential gain 74 it was a no brainer.

Structure traders may want to check out price action on the hourly as we are consolidating at those highs with divergence on the RSI

HOWEVER, with New Zealand's ANZ business Conference at 9pm NY time, it may be worth proceeding with some caution.
Trade Empowered "Empowering Traders Worldwide"

FREE Training & Workshops - http://buff.ly/2udJgeT
My Latest Trading Video - http://buff.ly/2tJbZ8G
Educational Services - http://buff.ly/2h2c5qg

Akil, Do you trade every Gartley you see or only trade Gartley's in a channel? I read a lot about the Gartley only being traded in a channel.
+1 Reply
Akil_Stokes PRO TradersClassroom
I'll trade every gartley I see, assuming the risk reward lines up
Reply
Hi Akil,
Yes, any caution would be good for you :)
I would never consider to trade this sharp ending pattern. For me if it even do some retracement I don't care cause in my study (I studied patterns from Larry, Robert, Scott and Jim for about 5 or more years) this sharp edge on the ending of the pattern is a real killer for trading plan.
Of course I would be happy if you have this trade in plus, but for me, and I studied your work, you take too much risk ignoring this sharp edges. I have lost many trades and money doing that and when I spoke about this with Jim, he told me that in hes experience is not worth betting a trade against this kind of zones.

Anyways I would be happy if you win this, good luck !
+2 Reply
Thanks HarTm564. I'll tell you what, there are some traders out there that will criticize others in a way that's very rude. So I want to start by saying I appreciate the professionalism in your comment. The question that I have for you is how are you defining a "sharp ending pattern"This is the first I've heard of this terminology. I'm always open to learning and testing new filters out so if you can provide a brief explanation I'll be sure to keep an eye out for it and keep notes on it during my future trading. Feel free to leave a comment here or shoot me an email if that's easier. Akil@TradeEmpowered.com
Reply
HarTm564 Akil_Stokes
I'm really impress about your reaction, and yes I will correspond with you, after I'll get some sleep. Thanks for inviting me to this game of learning.
+2 Reply
pavan15589 HarTm564
Please do post a brief note here about the same....Will be really grateful....
Reply
HarTm564 pavan15589
I want to post it, but any charts almost always I do in the Metatrader4. Do you know how to post external screenshot from my hard drive or from the link, cause I can upload it as well?

I don't want to just steal anybody to some external blogs or sites. So I want to have possibility to just make chart in Mt4 and upload the image from it.
Reply
pavan15589 HarTm564
After all the hard work thats been put into this site (look at the site, its more addicting than facebook), I am so surprised how they would miss out something so simple as giving the option to post an external image.
You could just put a little theory here that gives a small idea about the sharp edged patterns.
Reply
HarTm564 pavan15589
The little idea is also inside my comment and what market have done already. You don't have to listen to me, cause market always do things and it holds the knowledge already. The ideal way is to trade, loose, then ask market great questions about it and answer comes if you give time and passion to study it. What I want to convey is ultimately to not believe books, and to study them only for the reason to question them and the real answers are in the market, nobody can have better expression of the patterns, trends, etc. than market, all is said after that, is distortion. Purest form of joy brings me always to be with the charts without anything else, without indicators and to study it. This is the reason behind my comment, to bring something real from my work and let the market do the rest. Not to just blindly follow the books and patterns, but question books and patterns.
+1 Reply
Schoem Akil_Stokes
Hi Akil and HarTm564. Please do share your comments on this "sharp edge" pattern formation. I'm assuming a sharp edge means a pattern that has completed with a sudden/abrupt movement in price action, possibly as a result of a news spike?
Reply
United States
United Kingdom
India
Deutschland
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