What is the Gargley Chart Pattern

No comment 420 views

What is the Gargley Chart Pattern

What Are Gargley Chart Patterns In forex trading there are many trading patterns that traders can choose to trade well. Ranging from candlestick patterns, Fibonacci patterns, to gargley chart patterns. Each pattern certainly has advantages and disadvantages of each, including the gargley chart pattern. Those of you who are interested in using one of these patterns as a reference, should know in advance whether the pattern is suitable for you to use at the moment or not.

Gargley Chart Pattern

What is the Gargley Chart Pattern .

Now, of the three patterns, which pattern do you think is still difficult to understand? Candlestick pattern, Fibonacci pattern, or is it a gargle chart pattern?For those of you who are not too familiar with the gargley chart pattern, here is a little description.

  1. Gargley Chart Pattern?

Gartley chart patterns are variations of Fibonacci retracement patterns that are often used in determining entry and exit levels. This method was first formulated by a trader named Harold M. Gartley in 1935 as written in his book entitled ‘Profit in the Stock Market’ so that it was also called the Gartley Pattern term. In general, the gartley pattern is actually a development of the ABCD archetype that had existed before.

Gargley Chart Pattern

What is the Gargley Chart Pattern .

If you intend to use the gargley pattern, know that the gargle pattern relies on precision in the appearance of the signal. This is because faithful legs (legs) have different criteria. so, even though this pattern can be used in all time frames, but if there is too much noise on the market, then the next pattern like Fibonacci gargle will be hard to find.

Unlike some other chart patterns in the world of forex trading, Gartley chart patterns can be applied well at all time frames so that they can be used by all people including long-term traders, daily traders and scalpers. Gartley patterns can also be used to indicate a bullish or bearish price movement, and also called Bullish Gartley and Bearish Gartley. This pattern will usually be formed if there is a correction from the movement of a price trend. At first glance, the gartley pattern will look like the letter ‘M’ (or ‘W’ in a bearish pattern), so that at this time traders can find good price level points to be able to compete in the market.

  1. Bullish Gartley

Based on this picture, price movements will form a Gartley bullish pattern if:

  • The length of AB is 61.8% of the length of XA, and the length of time from A to B is not much different from the length of time from C to D.
  • BC length is between 61.8% to 78.6% of AB length.
  • CD length is between 127.2% to 161.8% of BC length.
  • If the BC retracement is 38.2%, then the CD must move 127.2% of BC. In addition, if BC is 88.6%, then the CD must be expanded 161.8% from BC
Bullish Gartley

Bullish Gartley

This pattern is usually more widely used in analyzing good sales numbers.

  1. Bearish Gartley

Based on the picture above, price movements will form a Gartley bearish pattern if:

  • The length of AB is 61.8% of the length of XA, and the length of time from A to B is not much different from the length of time from C to D.
  • BC length is between 61.8% to 78.6% of AB length.
  • CD length is between 127.2% to 161.8% of BC length.
  • If the BC retracement is 38.2%, then the CD must move 127.2% of BC. In addition, if BC is 88.6%, then the CD must be expanded 161.8% from BC
Bearish Gartley

Bearish Gartley

This pattern is usually more widely used in analyzing sales figures

Based on the two images and explanations above, the outline between Bullish Gartley and Bearish Gartley actually does not have a significant difference. The difference between them lies only in the direction of the pattern formed. You can choose to use Bullish Gartley or Bearish Gartley as you wish.

Forex Signal 30 is the best forex system since 2009 and has been used by thousands of traders from around the world to generate profit in forex trading. This system is created by our team of Brilliant Forex Signal Team, this system is made as simple as possible for beginner and professional traders.