We will have to watch it to see what transpires..... perhaps there is another way we can determine direction in addition to this pattern. Based on the number of bars involved, this pattern may have some weight. similar to using a longer time frame for other measurements.

I prefer to not clutter charts to post in this thread with oscillators as I believe there to be a lot to be learned from the ratios only....

Looking at the chart though...... there has been made a lower high... and that indicates to me that the current upward move will be a retrace and that the downward trend will resume....

A few posts prior to this one we saw this pattern... here is an update.

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I added .707 to the Fib tool so we could see how prominent .707 is, probably the Gartley is clutter on the illustration. I left it there as the discussion started with that formation.

A great percentage of the bars in this chart end near the .707..

Perhaps you have another pair that we can 'operate ' on. lol

Suggestion.........?

I am adding another chart showing how price is bouncing from.707

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i have a set of dvds that focus on patterns and the gartley is one of them. some of them are triggers that use the 50,20, and 10 moving averages and price dips to determine when to buy and sell.

he has gartley, butterfly, bungee, 3 drives and triplet pattern, 5 dive and 5 alive pattern, and the fishing hole pattern. i havent gone through gartley or butterfly in some time but if u want i can watch it and write some notes down and send u some examples. the trades options so uses stock charts. but i can get you those examples if you would like. havent really gone over other patterns. one big reason was didnt see too many gartleys or butterfly patterns. i went to the site blaiserboy had with the patterns and never heard of the bat or crab pattern but then they seem very similar to gartley. let me know what you would like. i can also give you the site to this guys dvd set. i really like how he goes through it and i have a total of 6 dvds, that have about 30 hours, with a lot of info on them.
moe

Thanks, I appreciate your kindness....

What I have found is......... the patterns that the people use in their text books are not that easy to locate...... the ratios do not seem to be available to meet their requirements..... and these people seem to have had a lot of time to find exact patterns which are not all that common...

My feeling is that we have to look for what we feel to be similar...... and from experience develop a feel for a few favorites.....

The patterns that I look for are not necessarily those described in the books, they are ones that I have learned to look for and they seem to indicate a turn approaching.

I also think that the more we use the Fib tool. the more attuned we become to price action..... whether we can locate text book shapes or just for interest sake..... it makes us look closely at the chart...

Will be great of you to post some of your favorites.!

thats great if you can take some of the patterns and make them work for you. that is one of the things about trading what you see i might not and vice versa. ok, ill go through parts of dvd and list them for you. since you know of the gartley ill skip that one and go through butterfly. ill also give some triggers that he has, which, like i said are based on using the 50,20,and 10 moving averages. he has some really good ones. i will work on getting one trigger and one pattern up as soon as i can. i probably wont work much if any today. i work in air conditiong so pretty slow in texas during winter time.. seems like you trade for a living, how long have you been trading?
moe

I have been studying this for about ten years and trading full time for three...

I haven't devoted a lot of time to Fibs, this is a recent interest..., I am finding the Fibs to be, on longer time frames, quite useful.

I am sure this is going to be a long term interest as the ratios can show a lot.

looks like we have a double bottom on gbp. but neckline is near 38.2% fib line which appears to be holding its ground. rsi is near 70.

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if you are interested, here is the website worldtradersinstitute.com .

Thanks for that site..!!!!!!

this is what he calls a slingshot pattern. 50, 20, and 10 ma are up because 10 and 20 are above 50. price is in a strong uptrend then starts to retrace a bit. in this case, you have each new high is lower than previous high. so you could buy when price goes above the previous low. if you look at 1.9705 on this chart on feb 26 you will see another slingshot pattern. price dipped down and then shoots upward. you need at least 4 bars. the first bar is the highest point and then you need at least 3 bars following with each high lower than previous high. you could be waiting for a trigger 10 bars later as long as each high is lower than previous high. stop loss is place just below low of entry bar and i usually go for move back to high. this is a simple and great trigger.. the great thing on this one is the bar went above previous bar but then dipped down so i got in at a lower price. i put my stop loss at 1.9837 and going for profits at 1.9930. sometimes i will use the 161.8% on external fibs for a price target because a lot of times it will get hit. for now, i want to be cautious until i feel more comfortable with my trading.

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on that situation...... I would be waiting to see a lower high and then entering short on the takeout of the low prior...... that is if this is a top... and if not a top, I would be entering long on the takeout of the prior high.

At this point there is Macd divergence indicating that the run up on this time frame may be ending.

here is a great example of Fib lines showing resistance.

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yah i agree 261.8 are great fib lines but not always hit. thats why i like 161.8 because they are hit far more than 261.8.

This chart could be worth watching, price is so close to 2.618 at this time..

As the future for USD is looking grim we may get a surprise and see a nice move upwards....

Will be interesting to see what kind of accent Greg can put on this....

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