FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
8 months ago
Possible formations of both a Gartley and cypher pattern on the daily GBPUSD             pair.

For me there are no fundamentals that make me prefer one currency over the other, so these harmonic swing moves are realistic.

8 months ago
Comment: Initial downward movement correctly predicted, now waiting to see if the long upward movement comes to fruition.
DUAL77
8 months ago
May I ask why in Gartley, the AB retracement of XA is 50 when it should be 61.8 and BC retraces at 61.8 of AB when it should be either 38.2 or 88.6? Also, why does CD end at approximately 1.4600 price and doesn't reach 78.6 fibo level? Because of round price number and resistance? Anyway, did I miss something when learning Harmonics or is there something I don't know about?
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olly_price DUAL77
8 months ago
With these patterns the leg can land within a range. So for my strategy the AB retracement of XA must lie between the 38.2 and 61.8 (so in thise case 50 works). And end of the CD leg should land at a 78.6 retracement of the XA leg.
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olly_price DUAL77
8 months ago
Same with the BC leg. The BC is a retracement of the AB leg and can be anywhere between a 61.8 retracement and 1.00
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DUAL77 olly_price
8 months ago
And the pattern works just fine? The success rate does not decrease?
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olly_price DUAL77
8 months ago
That's how I was taught it but I am still exploring the strategy myself, currently with a 68% success rate. That covers Gartley, cypher and bat, the success rate on Gartley is higher, and on cypher is significantly higher but the bat is lower, all three of which I allow each leg to land within a range. What is your success rate?

It is very hard to find these patterns form at exact Fibonacci levels...
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