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Strategies & Market Trends : Harmonic Trading with The Phoenix
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To: sandeep who wrote (701)5/26/2003 10:49:08 AM
From: the-phoenix   of 941
 
sandeep: Profit targets are listed for each setup in the Open Trades and Watch List sections of my daily articles, but basically the profit targets are just a mechanical target based on a .618 retracement of the last leg of each pattern. So in the case of the MSFT Gartley, the listed profit target is 25.35.

I think a good way to trade these patterns is to take partial profits at the initial target and then trail a stop on the remaining position, since there is nothing magical about the target and price will often continue well beyond it.

There are no time targets, but roughly speaking you would want to see price move quickly to the target area out of the Target Reversal Zone, rather than a slow, gradual retrace, which suggests nothing more than a correction, versus a trend reversal.
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