Many of you are probably familiar with the Gartley pattern; an extension of the Elliot Wave principal that conforms to the Fibonacci sequence. It looks like this:
http://furlender.com/forex/gartley1.gif.
If you are not familiar with it, look it up on google. There is plenty of information about it.
Supposedly this pattern predicts price direction with an astounding 70% accuracy. Recently however, I have been experimenting with a Gartley EA based on the ZUP86 indicator and the results have been... less than impressive.
Unfortunately I cannot post this EA because it is from the paid section of a private forum, but the indicator is free and is linked from forex-tsd.
So tell me, what do you guys think? Is it all hocus pocus and pretty lines, or is there something to it?
This appeared on the M30 EURUSD a few hours ago. Its situations like this that make me feel like this is worth investigating further:
http://furlender.com/forex/gartley2.gif
http://furlender.com/forex/gartley1.gif.
If you are not familiar with it, look it up on google. There is plenty of information about it.
Supposedly this pattern predicts price direction with an astounding 70% accuracy. Recently however, I have been experimenting with a Gartley EA based on the ZUP86 indicator and the results have been... less than impressive.
Unfortunately I cannot post this EA because it is from the paid section of a private forum, but the indicator is free and is linked from forex-tsd.
So tell me, what do you guys think? Is it all hocus pocus and pretty lines, or is there something to it?
This appeared on the M30 EURUSD a few hours ago. Its situations like this that make me feel like this is worth investigating further:
http://furlender.com/forex/gartley2.gif