A Credible Gartley Pattern in EUR/GBP

A Credible Gartley Pattern in EUR/GBP

From dailyfx.com

One reason why the Gartley pattern is so famous, yet is so rarely traded, is likely because of the conditions that must be fulfilled in order to qualify the pattern. For those interested, Tyler Yell's article provides the full exposition and list of requirements. In practice, though, I’ve found that only the first two conditions need be fulfilled to make it a credible pattern. Readers may note that the second condition differs slightly from the one referenced in the previous article. The difference, however, is merely one of preference and a result of different traders' experiences in working with the same ... (full story)

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frx_trader

Jan 2, 2014 12:39pm

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Thumbs Up.

Mike Haran

Jan 5, 2014 12:04pm — Edited

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SERIOUS WEALTH WARNING

These patterns are not a reason to trade, having worked with a so called expert in pattern regonition, I can confirm this type of pattern does not even offer a 40% chance of working. This was never Gartleys pattern, it was proposed by a chap that put fib ratio onto it, something Gartley never did. Also Gartleys pattern is much more than a three wave structure, in his book, you can see an illustration of his proposed pattern, which is by its very naure an entry into the trend.

This trade suggestion is an entry to buy in a strong down trend, clearly the writer of this article has no real idea of what makes markets move and even less of an idea about how to trade. However I don't blame them for their lack of knowledge, what I really get annoyed at is they come out with a trade recommendation that a lot of new traders will trade and lose money on that gets me.

The bloke that coined these patterns is hitting 70 and yet he is happy to come from the US to London to do a 2 day work shop for a 20 people to earn about £2000. Does that sound like a guy thats made it? If these patterns were so good, why is he not in the Times Top 500 of people that have made it? Its because these patterns are a crock, especially if you apply them incorrectly. When they do work its not the patterns that work its either support and resistance and the trend, Gartley knew this and his patterns reflect that.

http://screencast.com/t/pz2wAgMr

The Gartley pattern ih the GBPUSD is a complete fabrication neither forming a 68% retrace in the middle or exhibiting any ab=cd ratio. Complete an utter lies.

Spreadbetter

Jan 8, 2014 10:13am

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You could take that view of any form of pattern recognition, just follow price, on a daily time frame, it's not difficult really is it?

Quoting Mike Haran

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SERIOUS WEALTH WARNING

These patterns are not a reason to trade, having worked with a so called expert in pattern regonition, I can confirm this type of pattern does not even offer a 40% chance of working. This was never Gartleys pattern, it was proposed by a chap that put fib ratio onto it, something Gartley never did. Also Gartleys pattern is much more than a three wave structure, in his book, you can see an illustration of his proposed pattern, which is by its very naure an entry into the trend.

This trade suggestion is an entry to buy...

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