WynnFX
Short

Bearish Gartley - GBP/USD, Daily Chart

FX:GBPUSD   British Pound/U.S. Dollar
A Bearish Gartley pattern has formed on the Daily chart of the GBP/USD             . Current D point is around the 78.6% retracement of XA and the 1.618AB=CD level. Stop above X. Happy Trading.
dojitrader
2 years ago
Just curious ~~~~~
With Pt B at only .377 and the "standard norm" for
a Gartley is .618 - Why would you call this a Gartley
when it is more likely a Bat pattern ?
Thus Pt D would be at the .886 ?
This would also have the advantage of reducing risk
with pt D closer to the resistance zone ?
Thanks for your thoughts and wishing you lots of pips
in your pocket for 2015 !!!
Reply
WynnFX
2 years ago
I learned about Gartley/Butterfly patterns from Larry Pesavento's book, "Trade What You See". I'm not as strict with the exact Fibonacci levels as some. I know Scott Carney (Harmonic Trading books) describes Bat patterns, Crab patterns, etc. It is rare, as you know, to find patterns that line up exactly on the numbers. Usually they are around or close to certain Fibonacci levels. I've been trading the ForeX market since 1999, so I'm sure I have certain patterns burned into my mind that I know have a higher probability than others of working out. I've seen these work out so many times that I hate to let a pattern like this go by, even if it does not meet the exact criteria as outlined in Larry's book or Scott's book. I might write a book one day. : ) . Thank you for the kind remarks.
Reply
dojitrader WynnFX
2 years ago
Your answer has furthered my curious questions ~~~~
How do you distinguish between patterns if your criteria is so flexible ?
How do you calculate where to put stops ?
The difference between the ratios .377 and .618, to me anyway, IS HUGE !
If everything is a Gartley that's a little like saying if you put a bench seat in
the back of a pickup truck it's a convertible. It has wheels to get you going,
but, what do you do when it rains.
I'm glad to hear you've been a successful trader for so many years.
Experience teaches soooo much !
However, if I may be so Bold, I would caution your publishing charts without such disclosures
or you may risk damaging the rookie traders who do not have the benefit
of your vast experience.
Once again wishing you loads of pips in your pockets ~~~ !!!!!!

However, I would caution
Reply
Hannes
2 years ago
I also see this as a bat pattern.
I am going to short at the 0.886 where there is also some structure looking left.
For myself the trade has better probability of going in the right direction at the 0.886.
Good luck!
.
Reply
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