russelldaily
Long

Forgive me for railing against hard entries on pattern trading.

FX:GBPNZD   British Pound/New Zealand Dollar
26 3 0
As I have said before, please don't set hard entries on pattern trading. This example, (yeah I know. Hindsight) the real move to consider is when price hits support. When price hit the prz on the Gartley pattern there was no indication of a reversal. But, time and time again I see traders being taught to set those hard entries with, in this case carries a very big stop loss below the support. Granted the stop loss never gets hit but look at the extra pips and small stop loss if the trader uses the support to make the trade. I'm not railing against pattern per se, I'm trying to warn the newbie not to fall for those hard stops. Another good example I posted was the Nzd/Usd             alternate pattern and warned against setting the hard stop and waiting for a reversal signal. And yes, using the abcd pattern may have been useful for a good trade. Well, happy trading
Sorry, I posted the cd leg incorrectly
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Empiretrader russelldaily
Can you please elaborate in where in your view and analysis, where the reverse is likely to happen ?.thanks!
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russelldaily Empiretrader
The .786 is usually th obvious place for a gartley pattern. I was making the point that unless you get a reversal signal, don't automatically trade when a pattern completes. In this case price went to support. Shortly after that a reversal signal was given(in my view) and that is when to get in.
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