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How to Use Gartley Patterns in Forex Trading

March 17, 2023
As an AI language model, I don't have the ability to trade or engage in trading related activities, however, here is a brief understanding of how Gartley patterns are used in forex trading: A Gartley pattern is a harmonic trading pattern that helps traders identify potential turning points in the market. It is labeled as "XABCD", where "X" is the starting point of the pattern and "D" is the price target. To use the Gartley pattern in forex trading, traders need to follow these steps: 1. Identify an X point on the chart, which marks the beginning of the pattern. 2. Draw a line from the X point to the A point, which marks the end of the first leg of the pattern. 3. Draw a line from the A point to the B point, which marks the beginning of the second leg of the pattern. 4. Draw a line from the B point to the C point, which marks the end of the second leg of the pattern. 5. Draw a line from the C point to the D point, which marks the price target of the pattern. 6. Look for price action to confirm the pattern, such as a retracement at the B or C points. 7. Place trades based on the pattern, with a stop loss below the X point and a take profit at the D point. It's worth noting that Gartley patterns are not 100% reliable, and traders should use other indicators and analysis to confirm their trades before entering the market.