The Gartley Trading Method: New Techniques To Profit from the Market's Most Powerful Formation (Wiley Trading) by Beck Ross

Author:Beck, Ross [Beck, Ross]
Language: eng
Format: epub
ISBN: 9780470900833
Publisher: John Wiley and Sons
Published: 2010-08-19T16:00:00+00:00

In Figure 5.16, the quadrilateral is very close to the 48.6 percent Fibonacci retracement to let us know that we expect the completion of a bullish TCG486.

In Figure 5.17, the quadrilateral points to just above the 61.8 percent Fibonacci retracement to indicate a bullish TCG618.

Our last example is a bearish TCG786, shown in Figure 5.18.

TREND REVERSALS

A TRG is the pattern that most correctly reflects the rules of H.M. Gartley’s “One of the Best Trading Opportunities.” It is always a trend reversal trade attempting to trade an Elliott Wave 3. As instructed by Gartley, we will use volume analysis as part of the TRG trade setup. Though Gartley mentioned the one-third to one-half retracements, we are including the deep retracements of 78.6 and 100 percent. Even though these numbers are a deviation from Gartley’s original instructions, the TRG pattern will often occur with a head-and-shoulders pattern or a double-top/double-bottom at these numbers. We are looking for a significant trend (W-X) prior to the completion of the XABCD pattern. The TRG setup is my personal favorite, especially the TRG786.

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