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Chapter 17, Part III - Gartley's Patterns. Page 11

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 21, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Also take a note that it’s very common to see smaller patterns, say ab=cd as a part of some leg – for instance, BC or CD. Most welcome is if both patterns give the same target. This gives more confidence that market will meet support/resistance in that area and chances to get profit increase.

    Pipruit: Cool. And does this pattern have some “what to watch for” moments?​

    Commander in Pips: Well, yes, in general they are the same as AB-CD pattern:

    1. Look for CD move. If it shows signs of a solid thrust – long-ranged bars, gaps through 0.618-0.88 XA retracement levels – this will mean that some shifting in market’s sentiment is happening. If market shows acceleration near 1.272 target then most probable target will be 1.618;

    2. Symmetry is also important here. If slope of CD is much greater than AB, then the 1.618 target is more probable. Otherwise, if the AB and CD moves are quite harmonic in terms of time and number of bars near the 1.272 target – then possibly the market could reverse here.

    3. Watch for the 1.618 target – moving outside it will tell that this trend has solid odds to continue further.
     
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