To me thats what makes patterns like these so untradeable (for me). I sure do like to spot them and even make all the measurements and fib ratios line up but I cant trade them . How many harmonic patterns get called out in real time and followed through ? I like to watch Surinotes dring the day and think hes brilliant but how many times does a gartley or ABC follow through ? Looks like no more than 50% to me . That doesnt diminish anyones technical prowess Im just talking about useability as a signal .
I do see useability (for me) in variations of ABC pattern . I say variation because for me if I find
1. Price closing beyond a recent swing level , showing there is a change in power and take heed .
2. Price retracing and it could be any % as long as it makes sense in regards to SR and symmetry .
3. Price forming a flag / trendline that I can quantify as "if it closes beyond this" I have an entry .
If I was to write a textbook about how to draw a trend channel that EU 4 hr. channel would be on the cover .
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Heres how they look today . EU managed to hit 162% so I would call that a good trade . GC sure looks like it closed above the uppertrendline so if it trades above that bar its triggered long . It did however break the symmetry of the decending triangle a little first . GC is a really slippery one and tends to be a tough one to nail down so if you can make money with this sucker you got it made imho .
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Well , Im first in line to point out when Im off base . Decending triangle could be a reversal BUT is considered generally to be a continuation - my bad . Im outside my circle so its good to study these things and mistakes are a good way to learn so maybe GC IS a textbook decending triangle .
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