Short GBP/USD off of Daily Chart - Bearish Gartley Pattern
A Bearish Gartley Pattern has formed on the Daily chart of the GBP/USD. See chart for pattern data. Please do your own calculations. Stop is Above X. I always put my stop Above X in a Bearish pattern and Below X in a Bullish pattern. Happy Trading!
Note: Some traders use terms for some of these patterns that Scott Carney is credited with (Crab, Bat, etc.). I do not use those naming conventions. A pattern is a Bearish Gartley if the D point is Below X. If the D point is Above X, I call it a Butterfly pattern. The fibonacci retracements in the pattern are important to me but not as important as the overall visual appeal. Books that you may find useful: "Trade What You See", by Larry Pesavento and Leslie Jouflas and "The Gartley Trading Method" by Ross Beck. "The Gartley Trading Method" book will be of particular interest to those who would like to know more about the evolution of the Gartley pattern and how different people have contributed to it and developed their own way of trading it as well as expanding on it. Hope this helps!
Note: Some traders use terms for some of these patterns that Scott Carney is credited with (Crab, Bat, etc.). I do not use those naming conventions. A pattern is a Bearish Gartley if the D point is Below X. If the D point is Above X, I call it a Butterfly pattern. The fibonacci retracements in the pattern are important to me but not as important as the overall visual appeal. Books that you may find useful: "Trade What You See", by Larry Pesavento and Leslie Jouflas and "The Gartley Trading Method" by Ross Beck. "The Gartley Trading Method" book will be of particular interest to those who would like to know more about the evolution of the Gartley pattern and how different people have contributed to it and developed their own way of trading it as well as expanding on it. Hope this helps!
