Even the Small ones have big effects!
whats say?
Raza
Simple & Consistent Fibbing Method
- #862
- Apr 9, 2010 8:53am Apr 9, 2010 8:53am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
we definitely need one of those videos to be of Gartleys
Hero Traders Live to see their Accounts Die!
- #864
- Apr 9, 2010 10:33am Apr 9, 2010 10:33am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
wow, what a move! I am glad I didn't take a short at that 19.1
Hero Traders Live to see their Accounts Die!
- #868
- Apr 10, 2010 2:33am Apr 10, 2010 2:33am
wow, what a move! I am glad I didn't take a short at that 19.1
Ohh! Scott Carney too.
By the way, H M Gartley in his 1935 book: profits in the stock market, had nothing to do with fibonachi ratios.
Probably the closest thing you'd find on the current Gartley pattern from his book is the "222" illustrated on page 222 of his book, of which i have a copy.
Also the fib ratios used are a bit different to the ones i've seen used here,
the moves have got to be harmonic with time and price.
I have been using basic Gartley's for last 5 years, and IMHO, like many other types of TA, there is an art to it.
Biggest joker
- #869
- Apr 10, 2010 8:05am Apr 10, 2010 8:05am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
The Gartley's are Gartley's, and the insects are Pessavento's stuff..
Ohh! Scott Carney too.
By the way, H M Gartley in his 1935 book: profits in the stock market, had nothing to do with fibonachi ratios.
Probably the closest thing you'd find on the current Gartley pattern from his book is the "222" illustrated on page 222 of his book, of which i have a copy.
Also the fib ratios used are a bit different to the ones i've seen used here,
the moves have got to be harmonic with time and price.
I have been using basic Gartley's for last 5 years,...
Anyways everyone posting some links to Harmonic Price Pattern resources.
Hero Traders Live to see their Accounts Die!
- #870
- Edited 9:21am Apr 10, 2010 8:05am | Edited 9:21am
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
Hero Traders Live to see their Accounts Die!
- #872
- Apr 10, 2010 2:35pm Apr 10, 2010 2:35pm
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
Hero Traders Live to see their Accounts Die!
I have a chart that if Gartley should be a bearish signal but if a butterfly could continue bullish for a while. How do I tell the difference?
Drawing the Gartley and Butterfly after they have formed is all good.
Identifying the probable price at which it should be traded is quiet a different thing.
At one point in time, I use to feel giddy looking at all these zig zag lines (gartley & butterflies). I am making it sound like a joke but go ahead and try and draw them and you will know what I am saying.
What really helped me was being able to identify support and resistance levels that price is trading within.
The way I look at it is - the Gartley is a trend continuer while the butterfly is a trend reverser/ender usually ends beyond a support turned resistance or resistance turned support.
As the market is paramount and does what is has to do (which is not always what we would like it to do) - trade the Gartley closest to the lowest support or resistance. In this way you will be minimizing the risk should it turn into a butterfly.
If it does turn into a butterfly, price will be coming your way - so further reducing your risk. If price trends on, the probabilities of price coming back to test support turned resistance or resistance turned support will further reduce your risk.
Now if you are to look at where the Gartlies take off (safer to go with the trend) you will notice that it is closest to or at support and resistance.
Now what is important is for you to also look at where the gartlies failed. In looking at failed gartlies you will realise support has now turned resistance or resistance has now turned support (price is not trending or we have not traded a Gartley
) Gartley = Trend Continuer. Have a look at this thread - http://www.forexfactory.com/showthread.php?t=206723. It has really helped me understand support and resistance alongwith Simone's extension levels.
AFTAB
Time Will Tell & Price Will Show
- #876
- Apr 10, 2010 6:06pm Apr 10, 2010 6:06pm
- Joined Jan 2008 | Status: Focussed | 2,382 Posts
Hero Traders Live to see their Accounts Die!
- #878
- Apr 11, 2010 2:29am Apr 11, 2010 2:29am
http://img28.imageshack.us/img28/8808/cmcapture1g.jpg
This is a fib of the last major swing, taken on the monthly chart. Notice how the morning star pattern is being formed on the major swing's 19.1 supp. Now notice the upswing that followed the last major swing, then the down swing to our present day doji? That little fella is sitting on the 50% ret. of the up swing that followed the last major swing.
This is a fib of the last major swing, taken on the monthly chart. Notice how the morning star pattern is being formed on the major swing's 19.1 supp. Now notice the upswing that followed the last major swing, then the down swing to our present day doji? That little fella is sitting on the 50% ret. of the up swing that followed the last major swing.
A. Finesse Williams
Making Millions One Pip At A Time!
- #879
- Apr 11, 2010 2:30am Apr 11, 2010 2:30am
http://img256.imageshack.us/img256/6285/cmcapture3r.jpg
Its a ton of info on this weekly chart. Lets first focus our attention to where we are at. Mainly the yellow highlighted area. See them three doji? The first two is bullish. All three being supported at the same level is bullish. But the most bullish of all is the first bull candle and how it eclipsed the previous candle to close 50% into the fifth! Very bullish people. This level that we are at is crucial. We break it, we fly. Or we can fail as in our march attempt. We bounced off of this yearly fib's 38.2 supp.
http://img191.imageshack.us/img191/9295/cmcapture4.jpg
This fib is of last month's high. Notice how the last major swing made a double bottom in february ending march ending. Causing the pound to completely retrace its range. That is an indication of a key level. And these keys open doors to higher levels (more pips
). Look at the three nice dragonfly dojis on the monthly 61.8.
http://img15.imageshack.us/img15/4089/cmcapture7zr.jpg
More dojis signifying the major importance of this level. Look how in march attempts were quickly rejected.
My sentiments on the the The Great One is bullish. However, due to the importance at this level I figure a well placed oco will profit even the novice of traders. :nerd:
Its a ton of info on this weekly chart. Lets first focus our attention to where we are at. Mainly the yellow highlighted area. See them three doji? The first two is bullish. All three being supported at the same level is bullish. But the most bullish of all is the first bull candle and how it eclipsed the previous candle to close 50% into the fifth! Very bullish people. This level that we are at is crucial. We break it, we fly. Or we can fail as in our march attempt. We bounced off of this yearly fib's 38.2 supp.
http://img191.imageshack.us/img191/9295/cmcapture4.jpg
This fib is of last month's high. Notice how the last major swing made a double bottom in february ending march ending. Causing the pound to completely retrace its range. That is an indication of a key level. And these keys open doors to higher levels (more pips
). Look at the three nice dragonfly dojis on the monthly 61.8.http://img15.imageshack.us/img15/4089/cmcapture7zr.jpg
More dojis signifying the major importance of this level. Look how in march attempts were quickly rejected.
My sentiments on the the The Great One is bullish. However, due to the importance at this level I figure a well placed oco will profit even the novice of traders. :nerd:
A. Finesse Williams
Making Millions One Pip At A Time!