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Thread: Entry techniques for the Gartley pattern

  1. #1
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    Entry techniques for the Gartley pattern

    To start with, I am going to propose couple of Gartley pattern entry methods:
    1. standard, unconditioned entry at 78.6% XA retracement
    2. entry at 78.6 XA retracement with prefered confirmation method (confirmation methods presented HERE)
    3. delayed entry at 88.6 (although it's a Gartley pattern). Be patient and wait for entry at a better price level.
    4. entry in 78.6% - 88.6% Gartley XA retracement range based on condition met on lower timeframe M1 or M5. As an example: butterfly bullish pattern on M1 timeframe defines the entry level for H1 timeframe bullish Gartley). My preferred method!
    5. position size devided into N parts. When N=3, entry orders can be placed at 78.6%, 88.6%, 95%.
    6. position size devided into N parts. When N=3, first entry order can be placed at around 78.6% - 88.6% and then next 2 may be added to the winning position corespondingly.

    Note1: StopLoss placement and Exit techniques to be defined later.
    Note2: Examples for each entry method to be provided soon.


    For more info about the Gartley pattern and the confirmation methods see -> Gartley pattern - table of content
    Last edited by kor4x; 09-02-2012 at 09:29 PM.
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  2. #2
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    Gartley pattern and StopLoss hunting

    Everyone knows where StopLoss is placed for the Gartley pattern trading. Where? Just below point X (for bullish scenarios) or above point X (for bearish scenarios). Simple. Easy. Natural ...and anyway makes sense.

    However be aware that...
    Since everyone knows the Gartley pattern StopLoss position, isn't that easy to hit your stop, so you are out of the trade ... and price immediatelly truns in the expected direction.

    2 examples attached:
    Entry techniques for the Gartley pattern-harmonic-trading-failed-gartley-pattern-eurhuf-h1.gif

    Entry techniques for the Gartley pattern-gartley-bullish-stop-hunting-2012-07-03_0006.png
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  3. #3
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    Quote Originally Posted by kor4x View Post
    Everyone knows where StopLoss is placed for the Gartley pattern trading. Where? Just below point X (for bullish scenarios) or above point X (for bearish scenarios). Simple. Easy. Natural ...and anyway makes sense.

    However be aware that...
    Since everyone knows the Gartley pattern StopLoss position, isn't that easy to hit your stop, so you are out of the trade ... and price immediatelly truns in the expected direction.

    2 examples attached:
    Click image for larger version. 

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    Click image for larger version. 

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    Kor,

    I first want to say thank you for all tips and tricks that I have found of yours in various forums all over the web. I am fairly new to Harmonic trading but what I have done so far has been great! The patterns have worked better than anything I have used in the last 5 years.

    In regards to stop loss something that I do is that I place my S/L above(below) the completion pattern but I add the spread + 4 or 5 pips depending on the pair and volatility of it. I have found that this has kept me from getting stopped out to early on to have happen what you mention.

    Something that I am struggling with is the actual entry. When you have say 2 or 3 fib numbers or ABCD completion that are say maybe 5-10 pips apart how do you know where to actually enter the trade? This is one thing I have yet to nail down. Something that I have been using that works ok is I have been using the mean of all the fib numbers and the ABCD pattern

    In the attached image from yesterday you can see that my predictions for the ABCD pattern was right on. However I missed the trade because it reversed as I was actually preparing to enter it and it happened so fast that I missed it. Any suggestions on how to not miss these? I was thinking sell limit

    Thanks againEntry techniques for the Gartley pattern-july_2_question.gif

  4. #4
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    Also one other question I have is what session do you find harmonics work the best in? I have found that after NY closes many of the patterns invalidate during Australia and Tokyo session.

  5. #5
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    @gekko:
    The patterns have worked better than anything I have used in the last 5 years.
    good to hear, yes, I have also found patterns to be mandatory component of my trading. For long time I was thinking, isn't this method too complex, is it really something that Pro traders use (bank, funds). Now, as I met many, I am sure it was good choice and path that I went thru during last 5 years.

    In regards to stop loss something that I do is that I place my S/L above(below) the completion pattern but I add the spread + 4 or 5 pips depending on the pair and volatility of it. I have found that this has kept me from getting stopped out to early on to have happen what you mention.
    I am not using +4 or +5 rules as you say. Too much calculations. For whatever market trying to apply the same rule and SL size depends mainly on volatility of the market in the moment of the entry. I have very good entries, and I take my trades from lowest timeframe, even if pattern is presented on higher timeframe. So SL size is coming from small timeframe and TP comes from higher timeframe. Sometimes have many trades with small SL, but when finally I catch the wave I stayyyyyyyyyyyyy.

    Anyway, man, if you have something that works for you, do not change, just repeat and repeat and master it each day.


    Something that I am struggling with is the actual entry. When you have say 2 or 3 fib numbers or ABCD completion that are say maybe 5-10 pips apart how do you know where to actually enter the trade? This is one thing I have yet to nail down. Something that I have been using that works ok is I have been using the mean of all the fib numbers and the ABCD pattern
    1. good entry comes with experience, I think. I enter when market goes fast against me. Combine Fibonacci approach with any other entry confirmation technique. Check Supply/Demand approach that minimizes the PRZ significantly -> Supply & Demand - by Sam Seiden (my favourite)
    In one of the posts you have Probability Enhancers for download. See it, use it!

    2. Also do not worry if you miss your entery by couple of pips. Everyone would like to enter on the exact top or bottom, but it's not needed to profitable. Take 20-30% of each swing that follows harmonic and it's enough :-)

    3. I do not use exact Fibonacci measuments anymore. For us at AMPmonitor project the proper harmonic pattern is a pattern that looks good to the eye, and not one that has veryyyy narrow PRZ (Fibo confluence). Depending on your preference, you may apply different Fibo measurements to locate possible PRZ level, but than check if such pattern will look good to the eye and check point D is confirmed by for example Sup/Dem (as defined by Sam Seiden).


    Also one other question I have is what session do you find harmonics work the best in? I have found that after NY closes many of the patterns invalidate during Australia and Tokyo session.
    I think they all work the same. I can advise only, assume they are the same. Ellimiate any complexity from your thoughts. Simply and master :-)

    good luck!
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  6. #6
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    Quote Originally Posted by kor4x View Post
    @gekko:

    good to hear, yes, I have also found patterns to be mandatory component of my trading. For long time I was thinking, isn't this method too complex, is it really something that Pro traders use (bank, funds). Now, as I met many, I am sure it was good choice and path that I went thru during last 5 years.


    I am not using +4 or +5 rules as you say. Too much calculations. For whatever market trying to apply the same rule and SL size depends mainly on volatility of the market in the moment of the entry. I have very good entries, and I take my trades from lowest timeframe, even if pattern is presented on higher timeframe. So SL size is coming from small timeframe and TP comes from higher timeframe. Sometimes have many trades with small SL, but when finally I catch the wave I stayyyyyyyyyyyyy.

    Anyway, man, if you have something that works for you, do not change, just repeat and repeat and master it each day.



    1. good entry comes with experience, I think. I enter when market goes fast against me. Combine Fibonacci approach with any other entry confirmation technique. Check Supply/Demand approach that minimizes the PRZ significantly -> Supply & Demand - by Sam Seiden (my favourite)
    In one of the posts you have Probability Enhancers for download. See it, use it!

    2. Also do not worry if you miss your entery by couple of pips. Everyone would like to enter on the exact top or bottom, but it's not needed to profitable. Take 20-30% of each swing that follows harmonic and it's enough :-)

    3. I do not use exact Fibonacci measuments anymore. For us at AMPmonitor project the proper harmonic pattern is a pattern that looks good to the eye, and not one that has veryyyy narrow PRZ (Fibo confluence). Depending on your preference, you may apply different Fibo measurements to locate possible PRZ level, but than check if such pattern will look good to the eye and check point D is confirmed by for example Sup/Dem (as defined by Sam Seiden).



    I think they all work the same. I can advise only, assume they are the same. Ellimiate any complexity from your thoughts. Simply and master :-)

    good luck!
    Thanks for the response

    I will tell you my favorite pattern to trade so far is the simplest one , the ABCD method has been awesome for me so far. Amazing how the numbers seem to match up at just the right place.

    BTW any chance of getting the manual for kor harmonics 6.7.13 ?? I cannot seem to find it anywhere>>

    Thanks again

    Gekko

  7. #7
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    Let's please keep this thread dedicated to entry techniques.
    Gekko, feel free to start your own journal here Trading Journals if you would like to receive more comments to your trading and/or answers.

  8. #8
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    Quote Originally Posted by kor4x View Post
    Let's please keep this thread dedicated to entry techniques.
    Gekko, feel free to start your own journal here Trading Journals if you would like to receive more comments to your trading and/or answers.

    Sorry I did not mean to deviate away from the topic.


    Ok so as far as entry here are a few things I have found that work pretty well.

    I have already shared my S/L strategy using the spread +4-5 pips to stay in the trade

    The other thing I do , and I guess it depends on your broker is I set my entry at the spread . So for example lets say that I am trading the EUR/USD and I notice a pattern that is going to complete ABCD @ 1.2500 and the fib level has it completing @ 1.2505 setting up for a long . So my entry price would technically be 1.2503 but because my broker has a 2 pip spread I would set my entry @ 1.2505 since many times the price will come down to 1.2503 but no further therefore not hitting my limit order. This way when price hits 1.2503 and turns around I will still get in because I would buy @ 1.2505

    That has worked pretty well for me so far . Cannot tell you how many times price came down to my level and reversed only to leave me behind because of that dam spread! Also since these harmonic zones seem to be "very sensitive" most of the time price tends to reverse quickly not leaving much time to react ( this really depends on your time frame ) to the zone.

  9. #9
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    Attached is an example of the way I tweaked my methods just a little to enter a trade based on harmonics. As you can see I had a clear price projection which was hit almost exactly as projected. Based on my calculation the entry price was where the blue dotted line is. The problem I Was having is that when I set limit orders ( since during the day I work and cannot always take immediate action) the bid was not actually coming up to that point due to the spread so I was constantly missing otherwise great trades. So I started setting my limit orders to where the ASK line would be if it hit my target. As you can see the ASK line hit it perfectly thusEntry techniques for the Gartley pattern-example.gif resulting in a good entry.

    It is the little things that kill you in the markets not the big ones !

  10. #10
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    Can you envision any other methods of the Gartley pattern entry beside the ones listed in the first post? Anyone?

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