FX:EURUSD   Euro Fx/U.S. Dollar
169 4 4
The bullish gartley completed and PA reached the T1 @3808. PA turned down beyond the gartley completion point which eliminates the pattern for further move anticipation. What is left is a bullish AB-CD             pattern completing @366 and the bullish butterfly completing @355.

Observing the H4 chart, the AB-CD             will keep the EU still in bullish mode. That is, if the pattern holds the PA and EU reverses. On the other hand, if the AB-CD             doesn't hold, the butterfly will show that EU might change the overall trend to bearish .
dp
2 years ago
As I remember you told that Gartley still valid until Fib 1, so why it is invalid?
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fximperija dp
2 years ago
Very simple. When a pattern completes and PA hits T1, the SL should be moved to BE. When PA hits T2 SL should be moved to T1 and trailing until stopped out or upon wish. In this case, the PA did hit T1 and reversed. Than, went further down below the D point. So, the pos. has been stopped out at BE.

You could always re enter long, but I don't perform such entry because the odds of price progression in the right direction are very small. My ROE (rules of engagement) state: trade closed, T1 hit for profit, stopped out on BE. I move on to the next setup.

This is just how I trade, you are not supposed to follow my ROE, create your own ROE. As I mentioned many times before, I post setups and act upon my rules which should not be general rules for everyone.

You are free to trade your way, this is just my way. Cheers
Reply
dp
2 years ago
Thank you very much for detailed explanation, your comments are much appreciated.
Reply
fximperija dp
2 years ago
Thax, mate. Maybe I should start collecting money for my analysis. LOL
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