Harmonic Analysis - page 173
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Thanks RyuShin and lobogabor for the guidance and advice.
I have read a few chapters of Scott's book as recommend and installed ZUP, and yes, I fully understand not to depend on the indicator patterns but to use them as a guide only and then do my checks.
I have attached an image of GBP/CHF 1 hour, would I be correct in saying that this is near a text book Gartley?
Thanks RyuShin and lobogabor for the guidance and advice.
I have read a few chapters of Scott's book as recommend and installed ZUP, and yes, I fully understand not to depend on the indicator patterns but to use them as a guide only and then do my checks.
I have attached an image of GBP/CHF 1 hour, would I be correct in saying that this is near a text book Gartley?SuperSic,
Just by my eye could, but really hard to tell. I do not see your timeline, neither have data for your X, so there was no way to locate it on my chart to measure it. Also just by eyeballing it, there is no AB=CD completed...but all is just guessing, you have to take first the text book and go step by step, is my XA impulse leg the right one to start with, is the B=0.61XA? Is the C= 0.382-0.886 XA? Is the C = 127-161.8 AB?
Is the D =78.6 XA
Is AB=CD?
etc...
and by the way how these are coming together in the PRZ with the prospective D?
The AB=CD and the D=0.766XA, and the D= 1.27-1.618 AB?
And if all these came pretty close, is this zone in a HTF support resistance or supply/demand zone?
Here is the pic and some relevant data for gartley verification looking for the PRZ...:
But this was all theoretical, since I did not have sufficient data to be able to look up your specific example. Maybe sby with more experienced eyes could tell if this shape complies with minimum gartley specifications or not.
All I suggest, take the textbook an measure it with all internal fibonacci ratios required for a valid gartley.
Good luck!
USDJPY D1 bear gartley/cypher in the 78% XA area.
The pattern on GBPCHF is gartley. It's rather tradable gartley on my chart because B didn't reach 61.8 XA the pattern has not completed yet. It looks like it reached 61.8 on your chart. I'm using different server to receive data that's why chart is little bit different. I recommend you drawing Fibonacci when ZUP detects patterns to make sure what pattern it is and make sure ratios are correct.
Thanks RyuShin and lobogabor for the guidance and advice.
I have read a few chapters of Scott's book as recommend and installed ZUP, and yes, I fully understand not to depend on the indicator patterns but to use them as a guide only and then do my checks.
I have attached an image of GBP/CHF 1 hour, would I be correct in saying that this is near a text book Gartley?SuperSic
I am sure your indi shows up the UsdJpy gartley as well. Check that out manually. If you are into butterfly as well, you might check that too whether the indicator is showing those according to the text book or not.
usdindex h4
Guys, thanks so so much for your help and guidance, its nice to find a thread where people are willing to help us new folk.
I have read Scott's book and about to read it for a second time and make notes.
Just wanted to ask a couple of questions if I may
1) In order to find patterns do you manually scan different pairs and timeframes? as I just read that there are services out there that tell you about emerging patterns etc
2) Do you follow the exact rules as laid out by Scott in his book or have you modified this with the experience you have now gained trading these patterns? as I have noticed on some forums/threads that people modify and apply their own rules (ratios) to the patterns
Thanks
Guys, thanks so so much for your help and guidance, its nice to find a thread where people are willing to help us new folk.
I have read Scott's book and about to read it for a second time and make notes.
Just wanted to ask a couple of questions if I may
1) In order to find patterns do you manually scan different pairs and timeframes? as I just read that there are services out there that tell you about emerging patterns etc
2) Do you follow the exact rules as laid out by Scott in his book or have you modified this with the experience you have now gained trading these patterns? as I have noticed on some forums/threads that people modify and apply their own rules (ratios) to the patterns
ThanksHi SuperSic,
All my trading Hp is based on Scott Carney's book... So Relating to the topic above I agree with Ryu regarding the Gartley and the Bat, If the B point doesn't touch the 61.8XA I consider the pattern as a bat, Lowering so my risk because the entry should be closer to X than the Gartley...
What I do to find patterns is checking some pairs that I use to follow each day... What happens is that you trade one HP and the with the reversal of one you can ofther find other pattern on the same pair... I come in the forum to see other idea and discuss some points....
For the Rules I stricly Respect the Fibo's of Carney, but for the entry it depends... I ll never enter before the pattern completion, and I ll see arround my PRZ if a got some strong support or resistance area where I can enter the trade... Ryu helped me a lot for that and the team of Jason Stapleton too.. (Structure trading)...
That's it, Im still learning but my entries becomes better than before...
Thank for the post
Hope that we will get more answer to get another point of view 
Regards
EURAUD 4h - Potential bearish shark.
Guys, thanks so so much for your help and guidance, its nice to find a thread where people are willing to help us new folk.
I have read Scott's book and about to read it for a second time and make notes.
Just wanted to ask a couple of questions if I may
1) In order to find patterns do you manually scan different pairs and timeframes? as I just read that there are services out there that tell you about emerging patterns etc
2) Do you follow the exact rules as laid out by Scott in his book or have you modified this with the experience you have now gained trading these patterns? as I have noticed on some forums/threads that people modify and apply their own rules (ratios) to the patterns
ThanksSuperSic,
1. I personally have a combination of having a radar screen showing up selected patterns on all pairs I am interested in on all timeframes(TF), as well as I use indicators and go to my pairs and switching TFs.
Also there are services sending and showing you HPs.. (e.g. AMP monitor, which is closely the same as korharmonics indi other than commercialized - pay service). Also you can visit blogs to see who identified what and why.
Concerning this point though if you are a beginner, I stongly suggest:
- Learn one pattern at a time and practice it on one time frame on one pair. You can do it on Strategy tester of MT4, or just stepping the graph. When you are comfortable on the backtest, start that on a demo test..it will be different, so you have to get used to real life speed. Meanwhile you can backtest other pair, other timeframe, or other pattern in the tester.
2. Would anybody knew other rules as for pattern definition I think we would already know that and changed that in our practice. As for pattern definitions the rules are the same, my guess some people (including myself) sometimes might overlook some ratios or candle wicks.
Your indicators e.g have a tolerance built in 2-5% i.e. if the fibo ratio is in that tolerance for B=0.618 XA for a gartley, the indi will show you a gartley even if B is less than 61,8% the same happens with people
.
Personal rules play role rather in what confirmation techniques one is using, what is the entry strategy (stop or limit order) etc..., size of entry and trade management etc..etc... many things we are doing differently, so you have to find your own way that works for you.
I did not check if Ryu had in his recommended readings, there is a book I might also recommend beside Gartley, Pesavento and Carney... it is Ross Beck - The gartley trading method.
Good luck with your jurney.