Aiming for the trader's success by creating awareness of the 3M's: Mind, Money & Method by 
Hi,
There are times when we get a second confirmation of an expected price movement.
We have an ongoing trade on the spot Gold, where a harmonic pattern was analyzed & subsequently the price target was confirmed by another chart pattern - the Head & Shoulders.
This chart image shows the bullish Gartley which has been in process for some time. 
In this Gartley though, the initial fib retracement of ‘B’ was not precise, but the other legs of the pattern formed accurately.
The parameters of the pattern have been laid down on the chart & I have plotted the fib projections for the expected price targets.
Price has broken the 127 fib level & we can expect a move to the 161 fib level…at least.
Should we close our trades when price gets to the 161 price target?
Ideally, yes.
Once a price objective has been met, one must always take the profits from the table.
But in this case, we can also identify a bullish Head & Shoulders pattern.
As seen in the chart, the price objective of this H & S pattern is yet to be achieved.
And it coincides with the fib projection level of 200 of the Gartley.
Now, even though the H & S objectives are usually met, there are no guarantees.
At the risk of repeating myself, we should take profits when we can, since we are traders & not astrologers -:)
Ideally, one should take most of the profits when (& if) price achieves the 161 fib level of the Gartley & still keep some positions running…in case price achieves the H & S objective.
That way you are positioned to take advantage of the larger moves & at the same time have already added to your capital.
The bottom line is that price action is never random & each & every price wave, will give you clues for the next wave….if you learn to look for the clues.
Happy trading.
Sunil Mangwani.
Hi Sunil:
The Gold charts presented in this blog have been well-analyzed and finely presented. It just amazes me how the same data can be analyzed in different ways to reach a trading decision.
I have a query, when you anlyze harmonic patterns or H&S patterns, do you use analytical tools like slow stochastics/ MACD for additional confimation?
Hi Sunil:
I was just wondering for the last few days to suggest to you if this blog focuses on becoming an one-stop source for pro-active harmonic patterns that are progressing (to point D) as well as in-progress (to point C and point D)!
I am sure those traders who have been involved in trading, fibonacci and patterns knowledge will eagarly wait for new editions of this blog!
Hi Sunil
Would be great if you could categorise your posts too - maybe based on currency pairs? This will make it easier for readers to quickly access and monitor progress as suggested by D Bista.
Regards
su25
Hi D Bista & Su25,
With reference to your excellent suggestions, let me put my thoughts -
(1) Regarding using other analytical tools, I have put in a harmonic pattern setup which answers that.
(2) As far as this blog becoming a one stop source for harmonics, it would be an excellent resource & I will try my best to keep it updated with all possible setups. But there is one point that I would like to make here. I dont like being predictive about price action, since it has been my policy to follow price rather than predict it. One must remember that once you are in a trade, it is completely out of your hands. You cannot will the market to go, where you want it to. Hence one must control the factors which are in your hands. Which is nothing but managing your trade with the correct money management principles. Now, that is a very individual decision. Given the same rules & setups for a trade, one trader will make money, while one will lose money. Hence the “predictive” analysis will not necessarily give the same results to everyone.
But I would like to analyse all harmonic patterns & would appreciate inputs from all the readers. Each & every situation will give us a different scenario & analysing those will give us the required “Chart time experience”
I would welcome suggestions, inputs, setups over here.
(3) I think that categorising the posts is an excellent suggestion & will go ahead & do it.
Thank you for your excellent suggestions & feedback.
Regards
Sunil Mangwani
well, looks like that whole thing was a bust, didnt make it anywhere
Hello Gid,
Well, it certainly did not make it to the H & S targets….as yet.
But, was it a bust?
If I may repeat the lines from the post -
“Ideally, one should take most of the profits when (& if) price achieves the 161 fib level of the Gartley & still keep some positions running…in case price achieves the H & S objective.
That way you are positioned to take advantage of the larger moves & at the same time have already added to your capital.”
As you can see in the chart today, price made it to the 161 level & got rejected precisely at that level.
So for a trader who would have been long, some profits would have been taken.
Now, I am not defending my analysis in any way. I firmly believe that once you take a trade, its completely out of your hands. Its only when you manage the trade correctly, that you ensure success. Which comes from a proper trading plan. You will never get successful trades all the times, but the correct money management approach will keep your equity ahead.
Sunil.