Nico.Muselle
Long

GBPJPY 60min - Gartley Pattern completion

FX:GBPJPY   British Pound/Japanese Yen
What we are looking at here is a potential Gartley pattern that would give the GBP a little relief rally in it's otherwise bearish trend .
We have a Fibonacci confluence of the XA 886 retracement , the AB 1.272 extension and the BC             1.414 inverted extension at approximately the same level. The pattern should complete in the PRZ zone which extends down to X which is a level that is likely to be tested again before the reversal.

Personally I would go long just below the 176.00 even handle and put stops min 10 pips below X. Targets are the 382 and 618 retracements of the CD move.

We could see a potential reversal down around both targets for a move further down and a continuation of the trend.
Looking at your idea, I am curious as to how are you defining a Gartley pattern? I thought that a Gartley had a 0.618 XA retracement and the completion of the pattern was a 0.786 XA retracement. I realize that others define patterns with different retracements, but am interested to know what your criteria is.

Might I add though this is a great idea and obviously has worked out so far with the bounce off the PRZ.
+1 Reply
For the Gartley target I always take the 1.272 extension of AB, usually this kind of falls together with the 0.786 XA retracement, but if the AB retraces deeper it could go towards the 0.886. I always look for confluence of the FIB retracements (XA) and extensions (AB - CB) to see where is the highest probability for a reversal. Hope this helps.
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akhostov PRO Nico.Muselle
thanks for the description. I am new to harmonic and structural trading and have been practicing for the past few months. The description helps to clarify this idea for me.
+1 Reply
I'm also new to this stuff, but I have to say that I did a very good training on that which seems to work out for me :)
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Someone translated the whole explanation into Malay. You are now a published, translated author, famous in Southeast Asia. Well done sir, lol!
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Hahahaha, we're gonna become world famous ! :)
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Apa yang kita cari di sini adalah corak Gartley potensi yang akan memberikan GBP perhimpunan kelegaan yang sementara dalam itu sebaliknya trend menurun. Kami mempunyai kola Fibonacci retracement daripada XA 886, lanjutan AB 1,272 dan 1,414 SM lanjutan terbalik di kira-kira tahap yang sama. Corak yang akan selesai dalam zon PRZ yang berlanjutan kepada X yang merupakan tahap yang mungkin akan diuji sekali lagi sebelum pembalikan. Secara peribadi saya akan pergi lama hanya di bawah 176,00 walaupun mengendalikan dan meletakkan berhenti min 10 pips di bawah Sasaran X. adalah 382 dan 618 retracements daripada langkah CD. Kita dapat melihat perubahan arah potensi turun sekitar kedua-dua sasaran untuk satu lagi langkah ke bawah dan kesinambungan trend.
+1 Reply
Cool, now my idea is published in Malay :)
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