Akil_Stokes

Bracketing The Euro

FX:EURUSD   Euro / U.S. Dollar
It's been a rough go around for pattern trades as of late (I'll talk more about that in my Weekend Review tonight https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg) But if the pattern is valid and meets you ROE's then you've got to pull the trigger.

I'm still holding the 2nd half of my position on a EURUSD             short from earlier in the week, but today we've got both a bullish gartley and a bearish bat bracketing this pair.

For news today we want to keep an eye on 8:30am (ny) as our usual Unemployment Claims are released and then once again at 3:00pm (ny) as the ECB President Mario Draghi is set to speak.
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Great winner guys!, that's 2 for 2 on EURUSD patterns over the past few days. I've only been collecting half positions though since I;ve been holding for the bigger breakout lower which has yet to occur. But that's exactly why we want to pocket the first half and then get stops to breakeven where our worst case scenerio is getting the remaining position stopped out for breakeven.
Reply
The B retracement of your bull garley gartley pattern is 76.4
shouldn't it be 61.8 to be a valid gartley?
+1 Reply
Akil_Stokes Boutestijn
Hey Boutestljn, the 61.8 is just the minimum requirement. Unless you're looking for the perfect "222" gartley completion, it can go beyond it.
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lancecarr Boutestijn
B must retrace to at least the 61.8 (i.e. touch it) but can go past. If it touches the 78.6 then it is invalidated.
+2 Reply
Davis lancecarr
As far as I understand these patterns then B must retrace to at least 61.8 but must not violate A
That means B can touch 78.6 and still can be a valid pattern.
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Jurij Davis
but if it does touch the 78.6 level it could be also a potential butterfly pattern. In this cases watching the closing price of the candles can give clues.
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You are correct Lancecarr, the B leg cannot touch the 78.6, if so then we will be looking for a potential butterfly pattern instead of a gartley
+1 Reply
riverfx Boutestijn
fib extension of AB is 127.2
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2 weeks ago I had 15 trades and 10 were winners...
+2 Reply
Akil_Stokes WendelinProbst
Nice! Yeah that's what I've noticed with advanced patterns. Very streaky. During market consolidation we get a bunch of winners at once. When the market is trending we get a lot of failures. Exactly why we need to make sure we take what we're supposed to take and just survive the drawdowns. The problem is many traders get to the drawdown, quit trading then miss the next hot streak
+1 Reply
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