FX:GBPJPY   British Pound / Japanese Yen
A potential unified gartley is setting up on eurcad for the next week. The swing identification algorithm is prex(12) on 30M timeframe. I just redrew it on 60M because higher timeframes are more favourable in TV community.
Does price have a higher probability for continuation to 1.05XA after completion or for reversal to 0.522XA(same distance in opposite direction)?
I don't want you guys be spoonfeeders, that's why I leave this question unanswered and allow you to find the answer in your own market research. Type your comments below with you numbers.
This pattern was found by MPS-v5.5 pattern recognition software: https://mps-trade.com

The backtest of this pattern was performed by MPS-v5.5: https://mps-trade.com/market-research/

My YouTube channel: https://www.youtube.com/user/alexniquitos/
Upside. 80% to move at least half of your rectangle. Based on Scott Carney's books: "There's an 80% probability to have at least some reaction". I suppose, "some reaction" means one small bull candle. Ahahah. Although, I didn't backtest these patterns my experience (I blown two account trading these patterns) says that there's a higher probability to the downside.
Reply
@noficoul53, Yep, Scott Carney says they will reverse. Heh. You should have tested it first before trusting him, mate:)
Reply
noficoul53 Alexander_Nikitin
@Alexander_Nikitin, I did some testing manually. suppose manual testing doesn't provide objective picture.
Reply
to my mind we have a higher probability for downside move. the entry is too close to the B. If we break the B it should go lower. I didn't test it honestly:)
Reply
@ecirweqz, It is logical but it is not based on historical statistical numbers. Anyways, thank you for your answer:)
Reply
ecirweqz Alexander_Nikitin
Reply
In my backtest this pattern has a higher probability of bounce. I tested it manually. Of course, it is not that fast and accurate as automated testing but still at least something. My number is around 58% for gbpjpy.
Reply
@fothqebi, Thank you for you comment. I agree automated testing is much more accurate. It turned my understanding of pattern probabilities uside down. Good to know there are trader that are eager to do some hard work to reach success.
Reply
Guys, let's have a discussion here. What are your probabilities for this formation based on your backtest?
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out