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
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
quote:*am going to buy that trading by candlesticks book at Borders
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.
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.
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