TomHall

EUR/USD - Daily Gartley Pattern

FX:EURUSD   Euro Fx/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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FullTimeTrader
a year ago
Thanks for the idea, im long now but if the price fills the gartley i will be there for sure
+2 Reply
TomHall TOP FullTimeTrader
a year ago
I would have to agree, I see the market going north.
If we can get down to the D leg i will be happy to get long also.
+1 Reply
ronlb
a year ago
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.?
EURUSD Double Bat Pattern
+1 Reply
TomHall TOP ronlb
a year ago
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.
Reply
ronlb TomHall
a year ago
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
TomHall TOP ronlb
a year ago
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
a year ago
Thanks for your offer - I might just do that :)
+1 Reply
I pray for thats true ;)
+1 Reply
TomHall TOP htcdesirezeurope
a year ago
Are you currently Short EUR/USD?
Reply
htcdesirezeurope TomHall
a year ago
Yes, i'm short now
+1 Reply
TomHall TOP htcdesirezeurope
a year ago
Best of luck :-)
+1 Reply
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