Good content, thank you Akil. This is a hard chart for me, i've had lost a lot money with it, but now i can see how professional traders like you actually do. That's awesome.
Hey Akil, Can you explain the logic behind these gartley, bat etc patterns? To me this doesn't look very reliable/consistent strategy due to, well who really knows how you should draw them. They are VERY subjective.
I'm sure this looks very fascinating and "cool" to total beginners, but why would you want to make your analysis so complicated?
Akil_Stokes
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@Thorm, Hi Thorm, they're actually the exact opposite. One of the reasons that so many newer traders flock to trading patterns is because unlike general price action trading, the strict rules of trading pattern formations (at least the way i teach them) allow for the trader to experience as little subjectivity as possible. The only subjective part in my opinion is the initial impulse leg which is the starting point of the pattern. i think the confusion lies in the fact that different traders, use a different variation of rules for their pattern trading, therefore for a newer trader who is taking in knowledge from multiple sources, it seems like the wild wild west. Hope this clears things up for you! But
PipMorningstar
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Hey Akil! Do you consider a Gartley formation without a candle close 61.8% retracement on both the second and third leg?
Akil_Stokes
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@PipMorningstar, Yes, for be the close isn't considered in that pattern