petermp25
Long

EUR/USD Gartley Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
Entry at 1.06419

Stops at 1.03931, below X (no structure below X so in "no man's land" for stop setting)
Target at 1.09458, 38.2 of AD
Hi Peter, is there any way of reducing the risk or increasing the reward here? I don't find the RR ratio very attractive.
Reply
petermp25 AdrianRaymondFX
Hi Adrian,

I have looked at this trade a few times since I drew the Pattern a few days ago in order to find a more suitable R/R.
In terms of the Stop, I really think that’s as tight as i’d go. A lot of my patterns’ stops are based on “below X and below any structure”.
I think the stop i’ve got in place now is already pretty tight.
You could always use the ATRx2 at the point of entry to see if it gives you anything good, but that’s a risky move.

In terms of Target, I always just use the AD Leg for Bats and Gartleys (CD for Cyphers) and place the stop on or below (bullish patterns) the 38.2.
You can always use the 68.2 or 50 as many, many harmonic traders do for a second target (Target 1: 38.2, move stops to breakeven Target 2: 68.2).
But I prefer to just close everything at the 38.2 and that’s that.

I think going for Target 2 is somewhat greedy and a lot of the time can be less profitable than closing the whole trade at the 38.2.
38.2 is the safest option in my experience.
Reply
petermp25 petermp25
place the target*
Reply
petermp25 petermp25
61.8 not 68.2... too much Fib for one day ^_^
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