EUR/USD - Daily Gartley Pattern

FX:EURUSD   Euro / U.S. Dollar
EUR/USD - Daily Chart - Gartley Pattern

Here on the daily chart of EUR/USD             we have deep Gartley Pattern setup.

We have to be cognizant of the Greece situation, however it shouldn't effect our trading plan.
Due to expected volatility a buy limit order will be set closer to the D leg completion.

We must see a completion at D leg ( 1.064 ) before any long entry is triggered.

- SL must go below X
- Target 1 at 38.2% retracement
- Target 2 at 61.8% retracement

Good luck.
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+1 Reply
TomHall htcdesirezeurope
Are you currently Short EUR/USD?
Yes, i'm short now
+1 Reply
TomHall htcdesirezeurope
Best of luck :-)
+1 Reply
Hi Tom, just came across your idea and I have to agree about the future direction based on the observation. I've done similarly - rough sketch only but with two bat patterns instead of gartley. Without fine adjustment of my charts. I'd like to know whether it makes a difference based on your opinion. Apart from the trigger supposedly being hit earlier with the bats are there any other implications - retracement etc.?
+1 Reply
Hi Ronlb,
Many people trade advanced patterns with different ratio's, because of this traders buy or sell orders differ somewhat.
If you have back tested your ratio's and are happy with them stick to your plan.
Some traders see a pattern as a Bat and some will see it as a Gartley, their entry points will differ. For me the Bat will complete at the 88.6% and my Gartley completion is at 1.272% so yes it will have an effect from trader to trader.
I hope this answers your question, If it doesn't feel free to ask again and i will do my best to answer.
ronlb TomHall
In fact the not completely precise ratios have left me a bit in doubt about the setup. But as we're not in a perfect world and lots of other people might just draw rough sketches I assume it will become self predicting one way or the other. Thanks about the hint with the backtesting, the ratios are not backtested, rather aligned to the current situation - but I'll give it certainly a second round of analysis before finalizing the idea. Thanks for your reply - stumbled across yours when I had a look whether others have already concluded similar strategies on the current EURUSD setup...
+1 Reply
The ratio's when trading are very important as many patterns are invalid when it surpasses a particular Fibonacci.
If you need any help learning the patterns, private message me and i will be happy to help.
+1 Reply
ronlb TomHall
Thanks for your offer - I might just do that :)
+1 Reply
Thanks for the idea, im long now but if the price fills the gartley i will be there for sure
+2 Reply
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