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 !!!!!
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!
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:
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 !!!
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 !!!
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