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Strategies & Market Trends : Harmonic Trading with The Phoenix -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (327)1/28/2003 6:01:16 AM
From: Rich1  Respond to of 941
 
I am clueless also..you still have us going lower I assume..



To: mishedlo who wrote (327)1/28/2003 6:47:16 AM
From: the-phoenix  Respond to of 941
 
These are all reversal patterns, so if on a low, they imply a reversal up, and vice versa. Bullish patterns are on lows, but are bullish in that they imply a rally to follow, etc.

The targets that I post are formulaic - and are set at the .618 retracement of the last leg down (or up, in a bearish pattern). This is the simple profit target formula that Larry Pesavento uses.



To: mishedlo who wrote (327)1/28/2003 10:02:37 AM
From: investsformoney  Respond to of 941
 
Thx for your reply phoenix. the retest is a great strategy for entering.

Is a completed bullish gartley always a low and a bearish gartley always a high?
Yes and Yes.

Phoenix has a good answer on the initial targets. 0.618 of the last leg is the first area of profits and you can do something like take half off the table and leave the rest for a breakeven. If it continues higher as most of them do then u can move your in fib increments.

cheers


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