Mikoxl.
Short

Potential bearish gartley (60M)

FX:GBPJPY   British Pound/Japanese Yen
127 4 1
Potential bearish gartley (60M)
Based on my rules for Gartley's this is too loose a fit for me to make the trade, except,
the risk at your entry makes the risk pretty low. Which brings the question ---
What is your reasoning for placing more importance on the 1.272 & 1.618
fib extension rather than the standard Gartley entry of .786 ?
Best of luck !!!!!
Reply
Yeah you might be right the .786... There is a tweezer top and a powerful move down so things could be happening as a standard Gartley.
Maybe then you could help me out... What is the normal bounce fib for a three way drive to a bottom? I find it difficult to find anything meaningful successions on the subject!
Reply
dojitrader WallStScalper
If I understand your question correctly --- I use the resistance of the previous 2 highs
as targets and not so much fibs. 3 drive patterns are often a trend change formation
so the possibility of big profits is greater with a little patience.
This is my go to website for info on patterns:
http://www.harmonictrader.com
and this was sent to me: http://www.harmonicpatterns.com/harmonic-pattern-education/ although I've not looked at it very much.
I had a good site for the Cypher but can't seem to find it just now.
Lots of pips to you in 2014 !!!
Reply
Thank you for your comment and the links!
What I was in the search of was more how far the up move normally is after a three way drive to a bottom.
You could say some statistic about. A technique or thumb of rule.
A possible one could be the normal retrace level for recent swing high and low.
The technique I use for now Is looking at where you find the most density of structural resistance - spiced up with recognizable ma's and trend lines. May wish the same for you too Lots of pips to you in 2014 !!!
Reply
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