Deep Gartley Setup in Gold

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Short

Gold / U.S. Dollar (FX:XAUUSD)

FX:XAUUSD Gold / U.S. Dollar

gartleypattern

Hello guys,

A deep Gartley Pattern is identified in the chart.
The ratio confluences are shown.

Happy trading.

I had a similar pattern on my chart. Good spot

HamedAghajani

You too Hamed

DavoodWadi

I am usually hesitant with trading the completion of Gartley, where completed by strong relative candlesticks. unless there is a confluence of AB=CD or CD=1.272AB.

HamedAghajani

The last Hourly candle had a huge wick. I used that as the confirmation for entry.

DavoodWadi

I see that. Added to that it has a confluence with falling trend line and a support.

DavoodWadi

I would go with your pattern - but not in the next coming days / early next week. Because there is to much noise now (indexes getting on a correction session, oil price issue, Greece again, USD was too strong in my opinion) with a mix of fear in this December 2014 session - and also year end is coming, booking profit.

hi Mr Wadi

az rahnamayi dishabet tashokor mikonam,mofid bod.

Ansari

Hi Aboozar,

You did a great job pointing out those patterns for EURUSD and XAUUSD.
I would like to see more trendlines in higher and lower time frames on your gold chart to get more convergence Aboozar.

DavoodWadi

hi Mr Wadi
thank's
long term chart

short term

my target is 1254-1261

Ansari

Great charts Aboozar.
Your target is in match with the guidelines of the corrections, which is the 4th wave of the lesser degree

DavoodWadi

EURUSD chart

montly , long term

hi, may i have a question. If i short gold at $1230 and my stop loss set at $1240 and i only can risk $100 per trade, what size should i trade?

yongjui.foo

0.1 lot - Bear in mind that 1240 is a tight stop loss, I suggest you to consider above 1249. Hamed

HamedAghajani

yup, i set my SL to 1250. i just wonder how to calculate the trading size. thx for advice

yongjui.foo

I use two types of stops for trading Harmonic patterns.
The more conservative way is to put your stop above the previous high (which is the X point).
The more aggressive way is to wait for a rejection in the PRZ and put your stop above the turning point. In this case I reenter if I get stopped out and a new rejection from the PRZ occurs.

hi Davood khan

An update to what is happening, just in case anyone following this:

DavoodWadi

What makes you think that?

IvanLabrie

Here's why I think so Ivan

DavoodWadi

I see, There's significant support at 1204 if it were to fall, but I don't see it as very likely.

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