EURGBP H1 Bullish Gartley Pattern - 18 Aug 2011

18 Aug 2011

Bullish Gartley Pattern On EURGBP Hourly Chart.

This pattern is validate by 61.8% retracement of XA at B point and 61.8% retacement of AB at C point.

PRZ:
-0.786XA @0.8693
-AB=CD @0.8675
-1.618BC @0.8670

Convergence of all important fib retracement/projection at 0.8670-0.8690 provide a nice opportunity to go long on this pair. We also have demand zone at 0.8660-0.8680 which is in confluence with the PRZ. I will be looking to long this pair once price action finish testing all prz level. This setup at least should provide 1:4 risk reward ratio.

Trade Details :
Entry : 0.8670
SL    : 0.8650 (20 pips)
Target 1 : 0.8749 (79 pips)
Target 2 : 0.8801 (131 pips)








23 Aug 2011

Possibly emerging bat pattern. In the meantime we can trade this as BAMM. I had add my long position with a target on the completion of the bearish bat pattern at 0.8810.

Entry : 0.8729
SL     : 0.8690

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Posted in: Bullish,EURGBP,Gartley

EURUSD H1 Bearish Gartley - 4 July 2011

4 July 2011

Bearish Gartley On EURUSD Hourly Chart.

This pattern is validate by 0.618 retracement of XA at B point and 0.886 retracement of AB at C point. While PRZ is define by a convergence of 0.786XA at 1.4563 and 1.41BC at 1.4580. Although AB=CD in this pattern is at 1.4470 which is about 90 pips from 0.786XA, i believe 1.4580 area will provide a limit in PRZ.

Trade Details :
Entry : 1.4560
SL    : 1.4695 (135 pips)
Target 1 : 1.4380 (180 pips)
Target 2 : 1.4260 (300 pips)

Although this trade could produce 1:3 risk reward ratio i only entered 1/3 of my normal position as SL is quite big for me (135 pips). Maybe i will go for target 2 with trailing stop if this trade manage to achive target 1 level.


5 July 2011

Price action is testing demand zone at 1.4450-1.44770. SL move to breakeven.










6 July 2011

Price action challenging demand zone at 1.4410-30.Lock in profit at 1.4505.

Stopout at 1.4460 with 100 pips profit.












7 July 2011

Trade followup.

Too bad i had been stopout before target 1 been hit. Sooo hate just to watch 150+ pips just been washed away... !!!!!! grrrrrr !!!!!!.

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Posted in: Bearish,EURUSD,Gartley

EURUSD H1 Bearish Gartley Pattern

22 Jun 2011

Bearish Gartley on EURUSD Hourly Chart.

• B point at 0.618XA retracement.
• C point at 0.500AB retracement.

In this pattern, PRZ zone is define by a convergence of 0.786XA retracement and 1.41BC retracement at 1.4400. While AB=CD at 1.4450 complement the limit for the PRZ zone.

 This setup also posses pattern within a pattern formation.In 5M chart we could see a bearish deep crab pattern which formed in the CD leg of hourly bearish gartley.PRZ for 5M deep crab limit by 2.00BC at 1.4440.

Trade Details :
Entry 1 : 1.4400
SL        : 1.4450 (50 pips)
TP       : 1.4295 (105 pips)



 This trade will return at least 1:2 risk reward ratio.Remember that we still got 5M bearish deep crab which is not yet complete.I had enter 2/3 of my position on the retest of hourly bearish gartley leaving 1/3 position if price action needed to retest 5M bearish deep crab before reversal had been done.

UPDATE

1/3 of my position triggered on the retest of 5M deep bearish crab.

Trade Details :
Entry 2 : 1.4430
SL        : 1.4450 (20 pips)
TP       : 1.4210 (220 pips)






23 Jun 2011

Exit Entry 1 at 1.4320 with 82 pips profit. We have bullish ABCD on hourly chart and price action is testing demand zone at 1.4290-1.4320.

Deep Bullish Crab On M5 Chart. Price action is testing PRZ zone 1.4290-1.4300.

Exit Entry 2 at 1.4306 with 124 pips.

Total profit : 206 pips.

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Posted in: Bearish,Crab,EURUSD,Gartley

USDCHF Bearish Gartley

Bearish Gartley formation on USDCHF H1 chart.

• B point @0.618XA retracement
• C point @0.786AB retracement

PRZ Zone :

• Convergence of 1.27XA and 1.27BC at 0.8500
• AB=CD at 0.8490

Convergence of all PRZ at 0.8500 could give best opportunity to short this pair at this area.

UPDATE

Price action quickly stalled after all PRZ is tested.This should give a signal an end of predominant uptrend.

Short on 0.8493.








UPDATE

At first 1.27XA and 1.27BC at 0.8500 manage to hold price action from predominant trend, but this not last for to long. In the next candlestick price action was able to break the PRZ and stay above there for a few hours. In my oponion this could give a signal for a failed pattern.

I had exit my position on the pullback with 1pip profit. Let see next if this pattern should failed or not.



UPDATE

Failed Pattern.

In my opinion price action should reverse at least  0.236AD for a valid reversal. Although most of the time after reach 0.236AD price action will retest again the PRZ the pattern still consider valid. Inability of price action in this setup to reach 0.236AD and quickly break the PRZ is a signal of a failed pattern.

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Posted in: Bearish,Gartley,USDCHF