Huge gartley / harmonic pattern setting up on AUDCAD - ready to drop like Jerry Garcia's acid before a 30 minute solo. My target is the .618 retracement of the CD leg.
Kommentare
Sandeep_Gupta
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AB retracement is 0.568 of XA, quakefiend is undecided between Bat and Gartley may be that is why he has given two D's. The idea I gave was tradingview.com/v/8dQHoj3H/
quakefiend
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I probably should have put bat in the title.
quakefiend
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You're absolutely right dojitrader, and perhaps the bat is more likely. I usually say gartley-ish because some sites present ranges for retracements, while others present the patterns as *exact* spot on retracements. Sometimes you get a AB retracement of less than .618 but don't get a full bat pattern with AD at the .886. Doesn't really matter as long as you wait for the breakout. That's why I presented two possibilities.
Sandeep_Gupta
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What is Jerry Garcia's?
quakefiend
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Jerry Garcia was the lead guitarist for the grateful dead and used copious amounts of LSD =P
fxtechtrader
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Thanks, I am waiting.....I like the Jerry Garcia bit.....:-)
dojitrader
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Not sure I understand what you're proposing ~~~~~
Your headline states this is a Gartley, Yet, you indicate two
point D's. The first at the .786 - which makes sense for a Gartley,
but, you also indicate a point D at the .886 which would be consistne
with a Bat pattern and that is the more logical pattern in this case
with the A to B leg being less than .618 ?
Are you thinking this might be both patterns, in a sense,
or giving a "gartley" extra room to roam with a general area
to short and not a specific Point to enter short ?
If you're interested:
harmonictrader.com/price_patternsgartley.htm A most accurate resource - Perhaps you've seen it already ~~~~~
thanks for your thoughts and good trading in 2014 !!!!!