Good Afternoon Arco,
To my untrained Gartley eye, was there not a bearish Gartley evident on the daily AUD/USD chart, which has broken to downside to perfection in the past 24 hours?
Xerof
IMO Aud looks ready to tank lower
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Good Afternoon Arco,
To my untrained Gartley eye, was there not a bearish Gartley evident on the daily AUD/USD chart, which has broken to downside to perfection in the past 24 hours?
Xerof
IMO Aud looks ready to tank lower
Xerof
Butterfly - Well spotted.
We now need to see a break of the recent pivot low.
arco
Recent lows around .7630 complete a, .7803 seen few days ago was b, wave c now in progress IMO, and might be a chance early this week to sell (or add if already short) at around 7750, (stop above 7780) then tora tora tora, dive dive dive[:p][:p][:p]
good luck, happy trading
Xerof
edit: has become a little more convoluted so wave counts mentioned above no longer apply - curently in a c or ii to equal first a at 7803
Well, here we are in the mid 77's as forewarned. Will now run a trailing sell stop entry, as this rally might just stretch to low 78's
Xerof
IMO 7812 could provide formidable resistance,
forming the end of a 'B' wave before 5 down.
Hers a chart showing the levels
http://www.reefcap.com/ubb/uploads/04262005.gif
arco
Easy 50 pips overnight for short term traders......
Here's the chart.....I hope.
(Please let me know if its not showing).
.........Currently +64 pips
http://www.ttrader.com/mycharts/char...%20Aud.Usd.gif
not showing Arco
Thanks Xerof
A problem with the image host.
Try this now.
http://forum.tacticaltrader.com/atta...hr_aud.usd.gif
arco
Yes, the famous Gartley is there for all to see !!
Thanks Arco
someone mind explaning what the gartley is ? and how one can see it and what it means ?
*am going to buy that trading by candlesticks book at boarders, will start to play with good old FX , initial capital of 2k, risking 200 in the stop losses, using mini conracts via IG markets*
using the 2k outlay as training if i lose it all then meh only 10 weeks wages for me :D
http://www.investopedia.com/terms/g/gartley.asp will give you a brief outline, but Arco is the main man for Gartleys.
regards
Xerof
p.s. Dazza, strongly suggest you start with a demo account before tossing your capital at it. Rather see you in for the long term than blow your dough in 5 minutes and give up
Dazza
I have most, if not all, of the candlestick trading manuals. My recommendation would be Steve Nisons 'Japanese Candlestick Charting Techniques'. It is much more in-depth than the others.Quote:
quote:*am going to buy that trading by candlesticks book at Borders
There is more to candlesticks (or any price movement analysis) than just a bunch of patterns, names, formations...the other books are far too brief. I cannot emphasise this enough. IMO it is not advisable to trade on candlestick patterns alone, and you will need to use them with other indicators to confirm possible trades.
Re Gartley
One of the formations that Larry Pesavento (Fibonacci Ratios with Pattern Recognition / Profitable Patterns for Stock Trading )looks for is the Gartley pattern, which is named after H. M. Gartley who wrote 'Profits in the Stock Market' in 1935.
arco
Dazza
I should have mentioned this site which might get you started
while you wait for your choosen candlestick book.
http://www.daytradingcoach.com/daytr...ick-course.htm
arco