Harmonic Trading - page 267
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On cable we could still have a retrace to 1.6138 area and then back up according to the daily to 1.4 area.
Eurgbph1
EURGBPH1
Eurgbpd1
EURGBPD1
Butterfly?
buy limit @ trend line
reply for och
och
Junior Member Join Date: Oct 2007
Posts: 29
Need harmonic trader advice
ok, Here I try to answer your question basd on my experience.
once you find a pattern, use stochastic or RSI, here I use stochastic. If the price want to reverse at D zone, stochastic must get divergence first. check the former high and recent high, you can find a divergence. from candle stick, you will also find several candle together but price cannot close to high, this alway warn a big reversal.
You can just entry a short position after you see this, stop loss must put above recent high, maybe 50 pips above, depend on your risk, and make sure there is no big news released. I prefer to entry three position, the TP1 is recent low, TP2 is second low and TP3 is third low. I didnot like to close my position when I risk to profit get 1:2 or 1:3, we have to close the position logical. When the price test the form low, it may bounce. So at this level, you can close partial of your position.
4 hour bullish gartley
och
Junior Member Join Date: Oct 2007
Posts: 29
Need harmonic trader advice
--------------------------------------------------------------------------------
Hello,
How would you entry in such a case (actual) on EURUSD. Can you explain the additionnal (more timeframe, other indicator,...) step you will do, sl and tp :
EURUSD, D1 bearish
EUUSD, H4, bullish
Here is the analysis for H4 bullish. You can see stochastic cross at 20 and bounce back above 20, suggest a bottom. From candle stick. you see several candles cannot close lower, tell you no one want to sell at this level. check the right, you will see a lot of candles here, almost the 0.786 retracement, for me, I will jump into market once I saw this.
Since this is gartley bullish, you can entry three positions based on you risk, or divide your positon to three, put your stop at former low. If you real want to hold this position even price break your stop loss, the better soploss should be below X, 1.3970, almost 100 pips. Since price only break this level, the pattern will fail. As we know, the gartley pattern may become a batman pattern and the price go to 0.886 retracement.
The target should be former support TP1, now become resistance. at 1.4320. when price hit this level, you can take your TP1 and remove your stop loss to break even. TP2 can be former high, TP3, can be second high.
och
Junior Member Join Date: Oct 2007
Posts: 29
Need harmonic trader advice
ok, Here I try to answer your question basd on my experience.
once you find a pattern, use stochastic or RSI, here I use stochastic. If the price want to reverse at D zone, stochastic must get divergence first. check the former high and recent high, you can find a divergence. from candle stick, you will also find several candle together but price cannot close to high, this alway warn a big reversal.
You can just entry a short position after you see this, stop loss must put above recent high, maybe 50 pips above, depend on your risk, and make sure there is no big news released. I prefer to entry three position, the TP1 is recent low, TP2 is second low and TP3 is third low. I didnot like to close my position when I risk to profit get 1:2 or 1:3, we have to close the position logical. When the price test the form low, it may bounce. So at this level, you can close partial of your position.Thanks a lot for your reply holyskychen. I thougth, read that I should use Stochastic or RSI to confirm. It is more clear now for me. Just a question why didn't you extend your logic to TP4, TP5, TP6? Is it the divergence which invalidate the pattern from the 2011.05.23?
Eurgbph1
EURGBPH1
Bat Pattern
Eurcadh4
EURCADH4
Gbpusdd1
GBPUSDD1
I think It is 5-0 pattern
Thanks a lot for your reply holyskychen. I thougth, read that I should use Stochastic or RSI to confirm. It is more clear now for me. Just a question why didn't you extend your logic to TP4, TP5, TP6? Is it the divergence which invalidate the pattern from the 2011.05.23?
the pattern is still work if the high is not broken. divergence only tell us the current trend need correct. after that, it may continue the original trend or get reversal.
You should see a daily bullish divergence from 05.23. That is 0.5 daily retracement and very strong support. If you want to keep all you positions, look at price almost bounce back 700 pips later.
You can put your TP4, P5, or something else. Keep in mind, it need a long time to reach.
For me, I will close positions first at this level and short the bounce again.