FX:NZDCHF New Zealand Dollar/Swiss Franc
NZDCHF DAILY COMPLETED
Thanks! - That's a pretty big Gartley pattern :) I'm a new trader and have recently started looking for Gartelys and I'm still getting used to the ratio's. I originally thought the B to C leg should retrace to 61.8, but I noticed this isn't the case with this pattern. Would I be correct in saying as long as the B to C leg is above 38.2 but doesn't extend beyond "A" is acceptable? I've spotted a Gartley forming on the 1HR EUR/GBP pair which is on my radar, hopefully the C to D leg will complete in the next day or so. Thanks for publishing your ideas, I find them very useful.. especially your Gartley pattern - much appreciated. Kind Regards.
I AM afraid you are drawing your fib lines correctly.
here are Gartley Strategy Rules
Point B should retrace 0.618 from the XA move.
Point D should retrace 0.786 from the XA move and create the entry zone.
Point D should be a 1.27 or 1.618 extension of the BC move
Point C should retrace anywhere from 0.382 – 0.886 of the AB move.
Buy or Sell at point D depending on whether the pattern is bullish or bearish
Place stop either below the entry for the tightest or Risk: reward ratio or below Point X.
If the market trades through Point X, the Gartley pattern is invalid and you should exit or not take the trade.
When these rules are met, you can find yourself on the cusp of a trade at the Entry Zone. Recognizing these points in the market is truly like riding a bike. Once you get the hang of it, the levels will pop out on the chart to you.