GBPAUD: Retest of Triangle via Bullish Gartley (+video)

FX:GBPAUD   British Pound / Australian Dollar
GBPAUD             has been a pair that we've been tracking for about a month now. For the past w\few weeks we've been waiting for the ascending triangle breakout and now that it's occurred the next chance to get long would be a retest of structure.

As the market has wiggled it's way down, we've set up a potential bullish Gartley pattern that can be used to take advantage of a longer term buy or simply just trade as the pattern that it is.

Also yesterday, I released my usual Thursday night video. It has nothing to do with this particular trade but it should provide a better idea of what I look for when analyzing a price chart. https://www.youtube.com/watch?v=TADjHIzk-_k&list=UUVveEks3MWZqOsvzTF_LGQg
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Good morning Akil. correct me if I'm wrong but the definition of a Gartley pattern according to Scott M. Carney (wich I think you base your patterns on) is :

1. Precise 0.618 B point retracement of the XA leg.
2. Precise 0.786 D point retracement of the XA leg in the PRZ.
3. 1.27 or 1.618 BC projection.
4. Equivalent AB=CD.
5. C point retracement can vary between a 0.382 to a 0.886.

The retracement of this structure is way above the 0.618 retracement and I'm wondering how can this structure be valid.

I have drawn this chart to show you what I see, even though this is not a valid Gartley for me :

Can you explain your definition of a Gartley pattern because this one is way off of what I've learned.

Looking forward to see more content from you Akil, I really appreciate your stuff and I just want to improve my trading. Have a good day.
Akil_Stokes Patrick_Tremblay
As long as the B leg does not reach the 78.6 then it's valid to me. One of the issues I have with a "precise" hit of the 61.8 is what does "precise" mean? Hits exactly, Is 1 pip above fine, is 5? I prefer to use rules that are black and white to eliminate some of the discretion
Patrick_Tremblay Akil_Stokes
Can you tell me what you think about these two then :

EURUSD H4, a pretty tight cluster of harmonic numbers near 1.119
AUDUSD H4, though it retraces for more than 88.6, the harminics points at the next resistance line in the direction of the trend.
Akil_Stokes Patrick_Tremblay
Looks, good per the rules you explained to me above. For me the 88.6 isn't a concern for the c leg and I take my D's for Gartley's at the 127
Akil_Stokes Patrick_Tremblay
apologies for the brief answer, but I wanted to respond during my live room break and only had a minute or so. Hopefully that makes sense though
Hi, Akil. Is structure the only filter you add to advanced patterns to choose those, wich are the best? Every day I find lots of gartleys, bats and cyphers. I don't take them all. I only take those, which complete at major structure levels. Even having structure as a filter I end up taking 4-6 trades a day. How can I choose the best among them in order not to take them all? Could you please enumerate some tips?
+1 Reply
Akil_Stokes Alexander_Nikitin
I don't have any filters for advanced patterns. Technically each one that i trade will have structure due to the presence of the "X" leg. in my honest opinion I would take every valid pattern that you see. Unless you've tested the filters that you've added, by picking and choosing which trades you take you may be missing more winning opportunities than the losers that you're avoiding.
Thank you for your response. Do you mean that looking at daily charts and deciding where the market is likely to go is useless when trading patterns on hourly?
+1 Reply
StefanoScoponib2 Alexander_Nikitin
Hi , Aleksandr
Also to Akil ( I see him as my mentor) I am also an advanced patern trader and I like you' re question, because even dough i have taken the advanced pattern course and I am looking for these patterns and combine these with the constallation software , frequently i find some litler paterns that are not shown by the software becaus to little , but correct me if i am wrong Akil, it is difficult to actualy decide witch patern to take or not to take, even find it difficult after having back-tested my portfoglio of 7/8 pairs and having a certain confidence that these paterns are 60% (approx) profitable , but like Akil says: some times when I select one or another to take or not take, you maight say that i am mostley wrong but yeah that is the way the markets goes , i suppose ;-)
One thing i did not back test , that is taking every patern , perhaps I chould …
+1 Reply
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