Gartley Advanced formation Tools: *Fibonacci retracements (61.8% and 78.6%) *Fibonacci extension (127.2%) Timeframes: *The Gartley Advanced formation was originally designed as a swing trading strategy. But it also works on lower timeframes. Tactics: *Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points (X, A, B, C, D) that fulfill the formation. Rules of engagement: Criteria 1 The Gartley Advanced formation starts with a market movement/impulse leg that establishes our X and A points. Once X and A points have been identified, we then look for our first criteria. Criteria 1: The market forms the B completion point by fulfilling at least a 61.8% retracement of the XA leg. Note: AB move remains valid as long as there is at least a 61.8% retracement of XA and that it does not touch the 78.6% retracement of XA. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 2 If criteria 1 has been met, then look for criteria 2. Criteria 2: The market forms the C completion point by fulfilling at least a 61.8% retracement of the AB. Note: BC move remains valid as long as there is at least a 61.8% retracement of AB and that it does not touch the 88.6% retracement of AB. Only candlewick is calculated here. Candle close is not important. Rules of engagement: Criteria 3 If criteria 1 and 2 have been met, then look for criteria 3. Criteria 3: The market forms the D completion (entry point) by fulfilling a 127.2% extension of AB. Note: D point never extends past X. Trade management: Entry, stops & targets. Entry: Limit order is placed at D completion point. Target 1: 38.2% retracement of AD leg. When attained half of the position closes & stop moves to breakeven. Target 2: 61.8% retracements of AD leg. Stop placement: Stop always goes past X. Either 113% XA extension, or 1 ATR beyond X, or 1 to 1 measured distance to the first target.
I saw this setup a bit late, but still took a position 30 mins ago after a bullish move. Will leave it on for a few hours today
patlaka2000
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Starting to follow your signals closely. This is my first signal and first trade. I'll keep posted how is it going. Thanks.
Alexander_Nikitin
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@patlaka2000, This is not a signal service. Never open a position based on somebody's ideas! I don't post every of my trades. I only post some rare examples. This selection is based only on time factor but not some reliable filter. If I have time I post what I see on the chart. The probability of the setup only works if a trades trades EVERY setup. When a trader starts to select this leads to catastrophy.
patlaka2000
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Not to worry. Just demo trading and getting feel for the patterns and recognizing them. Thank you for sharing.