EURUSD Update - Gartley Pattern

Tuesday, September 22, 2009

Hi there. As i told you before, we are now working with a new software that automatically detects some kind of patterns. On todays example, and because the pattern shows up today, we will show you the Gartley pattern, maybe one of the most powerful patterns of harmonic trading. I'm sure most of you don't even know what is a Gartley (i didn't know it last week too), but if you google it i'm sure you clear all your doubts ;). Harmonic trading basis is establish a series of relations, Fibonacci numbers based, between price AND time, and draw a 2 dimensions pattern that can be used to identify the end of movement. Of course, no pattern can guarantee new highs or new lows. The most usual to get with these is a Fibonacci retracement 38,2%; 50% 61,8%, etc... A little confuse at the beginning but the screen shot speaks for it self.

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