Another Gartley pattern, this time it's bearish. The geometry:AB=CD, 61.8 XA, 161.8 BC. Market bounces off of this level for the second time. The stop is close and the potential is significant.
October 29, 2010
October 27, 2010
Crude Oil 4H
October 20, 2010
September 30, 2010
Crude daily
Moving on to the higher time frame we can see another Gartley pattern. This time the geometry is perfect, with B at the 61.8 XA and potential D at 78.6. The rest of the proportions are also ideal. This could mean a reversal.
Harmonic patterns are sometimes extremely accurate, so that you can place a stop very close, which allows for a bigger position. The downside to them is that often you have to play against the prevailing trend.
Harmonic patterns are sometimes extremely accurate, so that you can place a stop very close, which allows for a bigger position. The downside to them is that often you have to play against the prevailing trend.
September 28, 2010
September 22, 2010
CHFPLN
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