Price Patterns(Gartley,Butterfly,Bat,...) - page 27
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In response to a number of requests.. WRR
WRR,
Thank you
How can we double check that the patterns that form are the correct 'D'? I have entered several price patterns at H1 and H4 and several times it was a false pattern. Any suggestions?
for more information you can see the link Welcome to HarmonicTrader.com
I have tried to use this method, but I hesitate on when to get into a trade fearing the bars will retrace back in the original trend direction. What am I missing in how to trade this effectively?? I guess I am afraid to pull the trigger since I have been burned so much in the past.
On demo you can get into a trade and not worry if you made the right move, but in live trading, money is there to win or to lose.
What are your reliable entry criteria to get into a trade???
Dave
rather than depend on the indicator......... use price action
WRR, Thank you
hi
Could you/somebody please post ur templete ?because i do not know how i can get it as urs..i attached the indicator BUT i could not get the historical shapes ..it shows only the last shape ONLY
..
Thank you in advance
Hi,
which timeframe is the best for profitable signals? The latest ZUP v80 dont work with me. Anybody knows, which version works fine for WPR_ZUP_INFO_v02? This would be great.
Dear WRR,
Thanks for your great work.
You're welcome.
I am newie to the usage of Gartley patterns. I don't quite understand where I should enter a trade (when a type of Gartley, Bullish/Bearish Butterfly, Bat, Crab happens), where to set a profit target, and where to put the stop loss position?
Use the top of the "D Range" as a guideline for your stop loss on bearish patterns and the bottom of that range for bullish patterns. This range is the red outlined rectangle on the basic ZUP indicator and is a gray shaded rectangle on WRR_ZUP_INFO. Profit targets depend on time frame being traded. Typically, 62% retrace of C to D is a good first target.
I found these signals on your chart:
+ Better Gartly if AB = CD @1.0114 (USDCHF). What does this mean?
Some who trade the Gartley pattern believe it is only valid if AB=CD. This means the segment from A to B is the same length as the segment from C to D, for pattern X (start), A, B, C, D (entry).
+ 108.51 < Range of Price D < 108.58
One would never see the above range message. One would see "Range 108.51 to 108.58 = 0.07". This is the upper and lower boundary of the D Range and the size of that range in pips.
+ Risk : ........
Risk is difference in price between current price and extreme price of the D Range before failure. See this post: https://www.mql5.com/en/forum/173439/page8
I highly appreciate if you could explain me the ways to read and understand these patterns in order to enter a trade, set profit target, stop loss position correctly.
The level of explanation required is best handled by studying Fibonacci and harmonic patterns on the Internet and in books. I recommend you read Fibonacci Ratios with Pattern Recognition by Larry Pesavento.
What is the best time-frame to use these patterns?
The patterns work on all time frames, but tends to be more reliable on larger time frames. It depends on your trading style.
Is there any possibility that when a type of these patterns appears, then the market price moves against the pattern (for example: a Bearish Gartley/Butterfly/Crab appears, then the market price moves upwards, not downwards), then the pattern disappears ?
Yes of course. The market does what the market does. The market is the market. Anything can happen.
Or even this case happens, the pattern is still fixed, and does not disappear or does not change ?
I do not understand what you mean. What is "this"? What is the question?
I heard from a professional trader named Chris Lori of Forex Training, Currency Training, Learn Forex Trading with Peter Bain said that he usually uses Gartley patterns on Daily or Weekly chart to find a good Risk/Reward entry point for the currency pair.
So, is is the best to use these 2 time-frames?
This is a personal choice.
WRR
How can we double check that the patterns that form are the correct 'D'? I have entered several price patterns at H1 and H4 and several times it was a false pattern. Any suggestions?
Only trade with the larger time frame trend. Don't take bullish pattern trades on a smaller time frame when market is bearish on a larger time frame and vice versa. Use these patterns in conjunction with basic support and resistance and trend lines as extra confirmation, not as your only decision making tool.
WRR
hi
Could you/somebody please post ur templete ?because i do not know how i can get it as urs..i attached the indicator BUT i could not get the historical shapes ..it shows only the last shape ONLY
..
Thank you in advanceahmedazizelias,
WRR_ZUP_INFO is only designed to give alerts and data for the most recent pattern. To get historical patterns, adjust the NumberPattern setting in ZUP.
WRR
Hi, which timeframe is the best for profitable signals? The latest ZUP v80 dont work with me. Anybody knows, which version works fine for WPR_ZUP_INFO_v02? This would be great.
erdenmench,
WRR_ZUP_INFO_v02 works with ZUPv80. Use the settings shown in the documentation I posted.
WRR