A Gartley forms when the price action has been going on a recent uptrend (or downtrend) but has started to show signs of a correction.
What makes the Gartley such a nice setup when it forms is the reversal points are a Fibonacci retracement and Fibonacci extension level. This gives a stronger indication that the pair may actually reverse.
This pattern can be hard to spot and once you do, it can get confusing when you pop up all those Fibonacci tools. The key to avoiding all the confusion is to take things one step at a time.
In any case, the pattern contains a bullish or bearish ABCD pattern, but is preceded by a point (X) that is beyond point D. The "perfect" Gartley pattern has the following characteristics:
Move AB should be the .618 retracement of move XA. Move BC should be either .382 or .886 retracement of move AB. If the retracement of move BC is .382 of move AB, then CD should be 1.272 of move BC. Consquently, if move BC is .886 of move AB, then CD should extend 1.618 of move BC. Move CD should be .786 retracement of move XA Read more: http://www.babypips.com/school/the-gartley-and-the-animals.html#ixzz1KF7FfzGg
As you can see from the charts above, point A should be the 61.8% retracement of drive 1. Similarly, point B should be the 0.618 retracement of drive 2. Then, drive 2 should be the 1.272 extension of correction A and drive 3 should be the 1.272 extension of correction B. By the time the whole three-drive pattern is complete, that's when you can pull the trigger on your long or short trade. Typically, when the price reaches point B, you can already set your short or long orders at the 1.272 extension so that you won't miss out! But first, it'd be better to check if these rules also hold true: The time it takes the price to complete drive 2 should be equal to the time it takes to complete drive 3. Also, the time to complete retracements A and B should be equalRead more: http://www.babypips.com/school/the-abcd-and-the-three-drive.html#ixzz1KF2jDYLI
Contemplating eurozone disintegration, renewed hostilities in Korea and an anti-inflationary clampdown in China, investors' default reaction has been a time-honoured retreat into the perceived safe havens of the dollar, Treasuries and gold. I'm not sure this makes much sense.
School children in Guizhou and Liupanshui riot after learning that the cost of dishes had gone up by 5p
"THEY are the losers in battle. When you meet with them, they give all kinds of excuses. They blame the government; they blame the weather!" Masayoshi Son, the founder and boss of Softbank, Japan's third-biggest telecoms operator, has little patience for the risk-averse managers of the country's sluggish industrial behemoths. Entrepreneurs like him "don't give excuses for how tough the battle is, and how tough the handicap is—we always fight."
More than 100,000 marchers converged on Brussels from across the EU to protest austerity measures on Wednesday, while Spanish unions took the extraordinary step of breaking ranks with Spain's socialist government by launching a general strike.
"Workers are on the streets today with a clear message to Europe's leaders," said John Monks, head of the European Trade Union Confederation. "There is a great danger that workers are going to pay the price for the reckless speculation that took place in financial markets. You have to reschedule these debts so that they are not a huge burden and cause Europe to plunge down into recession," he said, reflecting growing bitterness among ordinary people that they are bearing the brunt of austerity while bondholders have been shielded from losses.
Brazil's real has been one of the world's strongest currencies over the past two years, aggravating a current account deficit nearing 2.5pc of GDP. The overvalued exchange rate endangers Brazil's industry, especially companies that compete with Chinese imports. The real has appreciated to 1.7 to the dollar from 2.6 in late 2008, and by almost the same amount against China's yuan.
However, Standard & Poor's said the final cost for the bailout of Anglo Irish could be much higher than the €23bn (£20bn) earmarked so far and may exceed €35bn, putting severe strains on Ireland's public finances. Spreads on Irish bonds reached a record 440 points before slipping back.
There were early signs of a breakthrough after days of deadlock in Lisbon. Ex-president Mario Soares stepped up the pressure, saying it would be treason for political parties to quarrel at such a time and leave Portugal prey to speculators.
The drift in America away from marriage as the central pillar of society has reached a crucial landmark with the proportion of young adults who have never married exceeding that of married couples for the first time since records began more than a century ago.
一度も結婚したことのない若年成人の割合が初めて婚姻者を上回った。 A similarly consistent trend is found among the overall US population aged 18 and above, with married couples dropping from 57% to 52% over those nine years
Russia is our favourite," said Nick Timberlake, HSBC's emerging markets chief. "We're being offered a huge opportunity. It is not quite as good as it was after Russia's debt default in 1998, but it's excellent value.
"There has always been a discount on Russian equities because of political risk, but this widened too far," said Edward Conroy, co-head of the bank's Russia Fund. Moscow's bourse is leveraged to the global cycle. It plunged 73pc in the credit crisis, but should rebound like a coiled spring as confidence revives.
He sees vast potential for a further leap forward as 1pc of the population – twice London – moves from country to city each year, shifting up the income ladder. "There are 400 cars per thousand in the West, and 28 per thousand in China. This is a huge structural story," he said.
The rating agency said banks are at risk of a vicious circle as sovereign debt fears and financial stress feed off each other. "Banking sector woes are eroding sovereign credit-worthiness, which is in turn reducing the real and perceived capacity of governments to support weak banks," said S&P.
Chairman of bank's asset management arm is optimistic that the West can emerge from its recent troubles and grow as much as emerging markets.ゴールドマン・サックスの資産運用部隊の会長は楽観的である。西側は近年の問題を乗り越え、新興市場と同じくらい成長出来るだろうとのこと。 On China中国についてChina currency war? I say: 'What war?' The answer to it all is called Congress. In Washington it is so appealing to blame all their problems on Wall Street and China and it alternates between them. The US Treasury has Congress breathing on it, there is so much politics involved.中国為替戦争？私に言わせれば「なんのこっちゃ？」である。全ての答えは議会にある。ワシントンでは、何でもかんでもウォール街と中国の責任にして、二つを交互に叩くことが非常に魅力的なのだ。財務省が議会に叩かせてるんだ。極めて政治絡み。
The trial of a former computer programmer at Goldman Sachs that starts in New YoソースURL: http://blog.goo.ne.jp/kitaryunosuke/c/f4967c0db47f92d4cdca3604d16560cc The trial of a former computer programmer at Goldman Sachs that starts in New York tomorrow is set to shed light on the world of high-frequency trading, an increasingly influential but little-known cog in the world's financial system.
Contemplating eurozone disintegration, renewed hostilities in Korea and an anti-ソースURL: http://blog.goo.ne.jp/kitaryunosuke/c/f4967c0db47f92d4cdca3604d16560cc/1 Contemplating eurozone disintegration, renewed hostilities in Korea and an anti-inflationary clampdown in China, investors' default reaction has been a time-honoured retreat into the perceived safe havens of the dollar, Treasuries and gold. I'm not sure this makes much sense.
Portugal was crippled on Wednesday as workers staged a 24-hour strike causing trソースURL: http://blog.goo.ne.jp/kitaryunosuke/c/f4967c0db47f92d4cdca3604d16560cc/3 Portugal was crippled on Wednesday as workers staged a 24-hour strike causing travel chaos and closing schools and hospitals to protest against tough austerity measures designed to tackle the debt crisis.
PricewaterhouseCoopers (PwC) was one of the first companies to speak out over thソースURL: http://blog.goo.ne.jp/kitaryunosuke/c/f4967c0db47f92d4cdca3604d16560cc/2 PricewaterhouseCoopers (PwC) was one of the first companies to speak out over the Government's planned immigration cap. The firm's head of global immigration, Julia Onslow-Cole, presents her view now that the limit on migrant workers has been announced.
Conversation in Japan soon turns to China. The detention of a Chinese captain last month, after he rammed his trawler into Japanese patrol boats near the disputed Senkaku islands in the East China Sea, raised tensions. "Spontaneous" demonstrations in China reignited Japan's fears about its larger neighbour. While politicians worry about the Senkaku islands, Japanese business leaders talk about China's grab for natural resources in Africa and the Stans.
Japanese politicians joke that it would be nice if they could move just a little bit further away from their near neighbour. With that being a physical impossibility, the serious talk is of sending a message to China with an increase in defence spending, despite the rising fiscal deficit. The problem is that economically Japan is increasingly reliant on its neighbour.
China is now its biggest overseas market, with exports topping $148bn (£94bn). "The Japanese economy will plunge back into recession if Chinese exports don't recover," warns Yasuo Yamamoto, senior economist at Mizuho Research Institute.
No one views the redoubled efforts to cut Ireland's deficit, which stands at about 12pc of GDP even without factoring in the costs of propping up the banks, as drawing a line under the eurozone's debt crisis.
●例文It's an interesting time of the year because with tech spending, sometimes there's a budget flush at the end of the year.「年度末にあたる今の時期は、ＩＴ予算使い切りのための駆け込み需要が急増することがよくある」
●ポイント解説budgetは「予算」、flushは「ほとばしり」という意味。ここでは「予算使い切りのための駆け込み需要が急増」の意訳になる。なお、「駆け込み需要」には、rush demand、あるいはsurge in ～「～がドッと押し寄せる、～の急増→～の駆け込み需要」などの表現もある。例えば、surge in power demand/ consumer spending 「電力需要の急増／消費者支出の急増」のように使う。
＜使える表現 ２＞upturn 「景気の上昇／好転」downturn 「景気の悪化→不況」 ●例文・In an upturn people are looking at customer acquisition, improving customer service models, [and other] investments. When you have a downturn, people look at how to improve the cost performance of everything.「企業は、景気がいいときは新規顧客の開拓や顧客サービスの向上その他に投資を行うが、景気が悪くなると、あらゆることに関して費用対効果の見直しを始める」
・When they come out of the downturns, we're the place they come because we never left their side.「その結果、不況から脱出したときに彼らが頼りにしてくれたのは、彼らを決して見限らなかったわれわれだった」
●ポイント解説upturnは「（景気などの）上昇」、downturnは「（景気などの）悪化、沈滞」という意味。なお、いずれも可算名詞なので、単数・複数がある。 ＜使える表現 ３＞rationalizing 「合理化」streamlining 「合理化、効率化」 ●例文A lot of the work we're doing right now is around rationalizing and streamlining.「当社が現在手がけている仕事の多くは合理化や効率化にまつわるものだ」
●例文We'll see how 2010 unfolds.「2010年がどう展開していくか様子見といったところだ」 ●ポイント解説unfoldは「（物語などが）展開する」という意味。例えば、We watched the debate unfold on TV「討論が展開されるのをテレビで観た」のように使う。will see ～は「～の様子を見る」という意味。なお、We’ll seeのみの場合、「さあ、どうなるかな」という意味になる。また、You’ll seeのみの場合だと「今にわかるでしょう／まあ、見ていてください」。
Bill Green, the chairman and chief executive of Accenture PLC, finds he has fewer friends these days.
The world's largest standalone consulting company by revenue has seen long-time partners, such as Hewlett-Packard Co., Dell Inc. and Xerox Corp., spend billions of dollars to buy up Accenture competitors in the past 18 months. Accenture CEO Bill Green says some hardware makers are 'just trying to find growth' by buying services firms. That leaves Accenture, whose 177,000 employees resell and install computer hardware and software in addition to providing strategic consulting, with fewer independent partners at a time that the recession has slowed corporate demand for its services.
Mr. Green was part of the executive team that spun Accenture, then Andersen Consulting, out of Andersen Worldwide Société Coopérative and took the company public in 2001. Formerly a partnership, the current company has a traditional corporate structure and this summer moved its incorporation from Bermuda to Ireland. A 56-year-old Massachusetts native, who joined the company in 1977 fresh from business school and became CEO in 2004, Mr. Green said he was "surprised" by the recession's severity. In August, he laid off about 7% of his senior executives—more than 300 people—and consolidated some of Accenture's 200-plus offices.
Mr. Green is now reorganizing Accenture—such as by seeking out new hires with experience working in different fields—which he thinks will help win more business. In an interview, he discussed how he's guiding the firm through the recession and the industry's shifting allegiances. Excerpts:
WSJ: Is technology spending coming back?
Mr. Green: It's starting to come back. It's an interesting time of the year because with tech spending, sometimes there's a budget flush at the end of the year. So you can't be confused by [the fourth quarter]. In an upturn people are looking at customer acquisition, improving customer service models, [and other] investments. When you have a downturn, people look at how to improve the cost performance of everything. A lot of the work we're doing right now is around rationalizing and streamlining. People have made major investments in technology and software and systems, and many times companies are disappointed with the results they got. We'll see how 2010 unfolds. Our plan right now is [to hire] about 37,000 people. We're also positioning to aggressively hire at the very senior level as well in specific skill categories.
WSJ: Dell, Xerox and H-P have bought services companies recently. What does this trend mean for Accenture?
Mr. Green: I think any product company that gets into the service business has to take a few deep breaths because the difference is night and day. [One] company is about products, the [other] company is about people. It is a very hard thing to do to get a product company culture and a service company culture to coexist. You're going to see some Hail Marys. You're going to see some companies that are just trying to find growth. And so the natural thing to do is, "Oh, let's go into services."
WSJ: These companies are going to tell customers that if they buy the consulting services, they will get a discount on hardware too. How will you compete against that kind of bundled sale?
Mr. Green: It's hard to compete with the bundle on the surface, but customers are smart. They get that if it seems too good to be true, it probably is. We have much of our compensation tied to the results that we generate on behalf of the companies. Nobody else in this business works that way.
WSJ: What are the things you did right guiding the company through this recession?
Mr. Green: We operate the company with one foot in today and one foot in tomorrow. So the foot in today was driving our business in 2009 for the best economic results. The foot in tomorrow was [realizing] that business is going to come back. There's an opportunity to put distance between ourselves and our competitors by investing. We launched an initiative called Accenture Interactive, which is [Internet] marketing. If you think about the developing economies of the world, how do you reach them to sell your products and services? More and more marketing is going to be done through the Internet. The second thing we did is we combined our public service and our health services business. Everywhere around the world, health service and public service in all the other countries is very much married up. Only in the U.S. is it not. So we created a new operating unit to go after that market, which we think will grow two or three times faster than many of the other markets that we operate in.
WSJ: What did you do wrong over the last year?
Mr. Green: In December, we were still projecting growth consistent with our range. All the facts pointed to that. The world changed when we went into calendar 2009. People just stopped initiating anything. Frankly, I thought we responded pretty well. I do think we could have done more investing for the future than we did. There was time to do something bold, to move into entire new business areas. We did a lot of analysis on that, but we probably didn't lunge at it as fast as we should, because you're always trying to balance the short term and the long term.
WSJ: What are you doing to navigate the company now?
Mr. Green: For the last year, it's about retaining customers. I ran our telecom business during the telecom meltdown in 2000 and 2001. We never left their side, even when they didn't have money to spend, we stuck with them. When they come out of the downturns, we're the place they come because we never left their side. The first thing is making sure that our offerings are aligned with things that generate the best economic output for clients.[Hot questions now are] how do I optimize global supply chains [and] how do I take the hundreds of millions of dollars I've invested in systems to get information and now turn it into insight?