Fibtrader786
Long

USDJPY bullish Gartley

FX:USDJPY   U.S. Dollar/Japanese Yen
406 23 5
Buy this bullish USDJPY             Gartley at 103.20. Tight stop 30 pips lower with a potential for RVR of 1:2. Sell 80 pips higher.
Comment: Profit taken on the first target. Move your S/L to break even now.
Comment: S/L moved to 103.53.
Comment: Position closed at 104.00.
It does not look like a Gartley.
Reply
Fibtrader786 Rocketman
It all depends on what books you were reading :-).
Do not make it complicated.
Reply
Rocketman PRO Fibtrader786
Scott Carney's book. The creator of the Gartley. Maybe I'll just read it again.
Reply
Fibtrader786 Rocketman
Exactly. He made up all kind of names. But there is only one Gartley. And Gartley pattern comes from the book Profits from the stock market written by Gartley itself.
So Carney has not invented any patterns. He just named them differently to be able to sell the book.
Reply
Fibtrader786 Fibtrader786
Profits in the Stock Market is the exact name of the book by H.M.Gartley
Reply
Why not?
Reply
Rocketman PRO Fibtrader786
So, you are saying that it doesn't have to exactly be a 61.8% and a 78% retracement to qualify? https://i.gyazo.com/5e5562f2e66c8887dd70151b5c177a25.png
Reply
Fibtrader786 Rocketman
Yes the number when you want to buy or sell is either 618 or 786 and is is still considered Gartley pattern
Reply
Rocketman PRO Fibtrader786
0.711 and 0.786 is what I see on your chart, though.
Reply
Fibtrader786 Rocketman
Ok it works like this, when the price does not touch 618 and retraces back to C then you buy at 618. If the A to B is more then 618 but does not touch 786 you buy at 786.
Reply
Rocketman PRO Fibtrader786
What book can you recommend for this? Scott Carney's or someone else's book? I have Scott Carney's 3-volumed book, but is this really necessary to read? He says to read the Elliott Wave Principle, which is the foundation for the Harmonic patterns. So, read that already.
Reply
Fibtrader786 Rocketman
Read Larry Pesavento`s "Trade What You See". This book is not very detailed but at least you will get the idea how it works.
In fact there is no detailed book about pattern recognition on the market. You just have to practice.
Look at my profile from time to time or if you have a question just drop me a line and I will explain what I can :-).
Reply
Rocketman PRO Fibtrader786
So, that book is about harmonic patterns like Scott Carney's? I'll check it out. Speaking about "Trade What You See." This is what I see:
snapshot
Reply
Fibtrader786 Rocketman
You have too many lines in the chart :-). As you can see I am closing half of my position at the price you are buying. I am already in the trade. Do not know many traders making money on the breakouts.
Reply
Rocketman PRO Fibtrader786
....and speaking about practice. What people need is not just practice, they need a mentor; however, there are 1 million scammers that are mentors that do not trade with big capital or for a living, even here on Tradingview (with bogus accounts) or those things online, like MTI or other book writers. The only real trader I know that trades over 50K is myself. When I was sick, some guy who I relied on turned out to be a punk behind screen that knew absolutely nothing. In the end, I remained alone. If you are a real trader, then thanks.
Reply
Fibtrader786 Rocketman
Write me a private msg. We can then talk over skype or exchange emails.
Reply
Rocketman PRO Fibtrader786
Check your private msg.
Reply
It is a nice Gartley but daily chart still shows a downtrend so i prefer waiting for price to drop to the next support before looking at going long...Goodluck though
Reply
The trend does not matter imo. Probability of these patterns is the same even though you are going against the trend. Actually the RVR is even greater when the trend is reversing.
Reply
SNB Fibtrader786
Well your point was proven, well done i will take that as a lesson. Thank you :)
Reply
on fire bro. do u have a telgram link also or no?
Reply
xofficialpage xofficialpage
telegram app*
Reply
Fibtrader786 xofficialpage
Unfortunately not :-(.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out