hi Greg, This is not the best example because this bearish gartely happened at the top of the up move. So looking at the chart the bigger move is up and then there was a bearish gartely to end that move then start the re trace of the up move. There are two ways to get the targets #1. Draw your extensions from X-A and exit at the 1.270 or the 1.618 of X-A. #2. in this example the true move is up so you want to know where the re trace will most likely end which is the .50% .618 % of the bigger move up. Using the extensions from X-A will give you 2 area then the re trace of the up move will also give you 2 areas. Look for a cluster of fibs and exit there. No matter what i would be exiting at the ,618 of the bigger up move. The bigger up move is market 1-2. So this example might be a little confusing because it was a gartley to start the correction of the bigger up move. But i hop it helps. TG989
this is to help others do personal research knowing nothing about Gartley's , but having watched many videos by Carolyn Boroden (fibonacciqueen.com) about two step patterns and never understanding their significance or ways in which to trade them...then this thread and the help that Tradergirl was offering presented an opportunity for further study and understanding Mark Braun (mjbraun.net) has a webinar available on his site that teaches the rules (confirmation & entry) of Gartley patterns. An email from Mark confirmed that this should be traded in trends, not consolidating mkts. Currently Hubert Senters (tradethemarkets.com) is sending out video emails about how he trades "ambush zones" which fits in perfectly with the patterns for more agressive trend & counter trend trading, but still not for consolidating mkts
Da-net, Thanks for the resources. I remember Carter describing how he uses the fib queen site in Mastering the Trade, but I also distinctly recall that that book didn't actually help me with any real trading setups or problems. I'm glad this thread has been helpful, and again thank Tradergirl for her help.
someone PMd and asked for the links to the "ambush zone" videos. here they are, they are still working and available as of this posting. video 1; http://www.tradethemarkets.com/public/2899.cfm video 2; http://www.tradethemarkets.com/public/2906.cfm video3; http://www.tradethemarkets.com/public/2915.cfm video 4; http://www.tradethemarkets.com/public/2910.cfm
Interesting strategy. I wonder why he doesn't wait for a penetration of his range and then emerging back above/below it. I do know of several traders that look for these confluence levels that the Gartley and similar patterns produce by drawing tons of fibs and other levels and looking for critical areas. Thanks for the videos.
%% ITSa sell if that's a daily or weekly stock index ETF; 5 minutes i have no idea on anything 5 minUtes.............................................................................I like IBD patterns for decades , but have no idea s on a subjective patterns like his cup with handles/LOL; except in 20/20 hindsight he always charts a cup with handle with plenty of profit room/room to run up, above 50dma,
Cup and Handle Thread https://www.elitetrader.com/et/threads/cup-and-handle-on-bac.356343/page-2#post-5418002