The EUR/USD has formed a Bearish Gartley on the 4-hr. chart. Also, there is a Bearish Engulfing candlestick pattern present. See chart for more information and pattern data. Happy Trading!
Note: Please remember to use good money management (risk management) when you are trading. There are whole books dedicated to risk management (position sizing...). Learn to be patient. Wait for the best trades. If you don't know what to do, stay out of the Market. : )
Isn't that a bearish Bat. I do like the short area except I like it for the S/R area. I also would have started my X point at the 1.1035. But, different strokes.
WynnFX
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I learned Gartley/Butterfly patterns from Larry Pesavento. Scott Carney came up with the different names: Crab, Bat, etc.. For me, if point D is within the XA leg, I call it a Gartley. If point D goes beyond point X, I call it a Butterfly. I usually trade a Butterfly only up to the 1.618 extension of XA but not beyond that level. The Visual appeal of the pattern is very important to me. Our eyes (and brains) can tell us so much that may be difficult to explain. Happy Trading.
russelldaily
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I've only read Carney but not Pesavento. It seems I could benefit by doing so. Thanks. I'm always willing to learn.
WynnFX
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Don't get me wrong. Scott Carney's book(s) are good. I just learned a more general way of looking at the patterns. Combined with good money management, I have had great success.
WynnFX
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The way I learned to identify profitable patterns was to find patterns that worked out from looking back at old charts, printing them out, and looking at them each and every day and making notes on the charts.