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The Gartley Pattern - Truth or Fiction?

  • #21
  • Jun 8, 2010 8:17am Jun 8, 2010 8:17am
au
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GREENIUS
  • #22
  • Jul 13, 2010 1:03pm Jul 13, 2010 1:03pm
Looks like a solid thread .. hope its not dead
  • #23
  • Jul 13, 2010 5:14pm Jul 13, 2010 5:14pm
i have been shocked gartleys

i dont know anything about elliot wave but i have watched gartleys form and perform

but like someone said already harmonic patterns should probably be used within the context of an elliot wave based approach

but if you are comfortable with them and they work i imagine it could do well especially when combined with trendlines

personally i would consider them just one more thing to add confluence to a trade. it would be good to see a PRZ at a trend line and a round number or something to that effect
  • #24
  • Jul 13, 2010 8:57pm Jul 13, 2010 8:57pm
If a Gartley pattern isn't within .50 to .618 from X-A and .618-.786 from X-D I don't even think of trading it. Once you are just drawing two adjacent triangles of any ratio across the chart you are going to lose. Most Gartley patterns are just Elliott Wave corrections anyway, so you don't really need them if you have a good count already. I wouldn't trade them short term.

When the ratios match up, I have found they do work. The bat and butterfly exclusively. I don't get caught up in the more complex ones, I haven't found them to work.

Trade-able Gartley patterns are more dependent upon fibs than any other kind of price/pattern analysis.
Thank you Lux!
  • #25
  • Jul 13, 2010 10:28pm Jul 13, 2010 10:28pm
As I come to know, Gartley is one the most reliable corrective patterns setups,and its can be used as standalone breakout trading system.

However,like all empirical studies (as that of Technical Analysis) the reliability
is very subjective to the various PHASE of the market.
Which means the same Gartley pattern effectiveness will NOT be the same
in different phase of the market, as we all will come know eventually.

Btw who got that 70% reliability?..maybe some commercial buz..lol

However, using Gartley(also Wolve Wave) in the context of Elliott Waves study of the market would be a more very mature approach. (but some of us
may not like elliott wave..sigh! )

http://a.imageshack.us/img132/498/euh1130709.gif







p/s ie corrections within Ranging, Up Trend,Down Trend market phases
  • #26
  • Sep 12, 2010 12:02pm Sep 12, 2010 12:02pm
I ve seent a higher percentage than 70 % on the various gartley patterns that are coded in mt4.Ive also seen them used in conjunction with teh murray math grid and several time frames.The harmonic code adjusts apparently and isnt static.I know an aussie how has been trading this way for awhile and its working for him.He uses NT for DOM and entry.
  • #27
  • Sep 12, 2010 3:05pm Sep 12, 2010 3:05pm
The brilliant, simple ABCD pattern is the natural way the market moves, a move in a direction, a retrace and continuation.
I use the simple ABCD in a complicated mix of uptrend's and downtrends, without necessarily looking for specific Pessavento or Gartley patterns.
Biggest joker
  • #28
  • Sep 12, 2010 3:47pm Sep 12, 2010 3:47pm
IMO Gartley,EW,Fobonacci and most of such stuff are esoteric.

They don't give an edge at all but complicating the charts.
  • #29
  • Sep 28, 2010 11:58am Sep 28, 2010 11:58am
has anyone read the new book by Ross Beck called the Gartley trading method?!
  • #30
  • Oct 8, 2010 1:21am Oct 8, 2010 1:21am
Here you will find all i know about trading Gartley pattern (only first parts are available for now, but i will be adding regularly)

http://tradegartleypattern.blogspot.com/

Your comments and ideas are very welcome.
kor4x
  • #31
  • Jun 20, 2011 10:17pm Jun 20, 2011 10:17pm
Quoting greenius
LET SEE THIS
we have gartley pattern opposite to trend
how long you have use gartley pattern, i have use it for few week already.
sometime found it not really correct.

example trade in EURUSD, H1appear bearish, but price will still increase until 60 pips, after 5 or 6 hours, it start drop down to 40 pips or 70 pips, is this condition is normal ?
  • #32
  • Jun 20, 2011 10:18pm Jun 20, 2011 10:18pm
Quoting queenfx
I personally trade Gartley a lot. The only thing I do not rely on any zups LOL, because they move with the price, and adjust everything with each candle. I use my knowledge, Fibonnacci and GFT Gartley tool to verify, I personally traded more than 80-100 patterns for the last year and they are 85% correct. And that's a very high number Check out some of my setups on my thread trading forex using Gartley patterns under trading journals. Thank you and good luck!

do you have any gartley ea ?
  • #33
  • Jun 21, 2011 12:06am Jun 21, 2011 12:06am
Truth. These keep happening over and over throughout all TFs. Not too sure why, but I'm not argueing.

my butterfly that got away..
http://www.forexfactory.com/showthre...96#post4147096
http://www.forexfactory.com/showthre...56#post4151156
  • #34
  • Jun 21, 2011 4:43am Jun 21, 2011 4:43am
Quoting chromeie
how long you have use gartley pattern, i have use it for few week already.
sometime found it not really correct.
that is the reason you need to have a good money/risk management and trading only if the risk/reward is at least 1:2

no shit on the planet can give you 100% accurate trading signals. if there was the market will not be moving AT ALL!!.

the harmonic patterns give about 70% successful trading results. 70% is huge.
  • #35
  • Jun 22, 2011 8:19pm Jun 22, 2011 8:19pm
Quoting boypunas
that is the reason you need to have a good money/risk management and trading only if the risk/reward is at least 1:2

no shit on the planet can give you 100% accurate trading signals. if there was the market will not be moving AT ALL!!.

the harmonic patterns give about 70% successful trading results. 70% is huge.
hi, if stop loss is 70pips and take profit is 25pips, would it ok ?
would it too risk ?
  • #36
  • Jun 29, 2014 1:21pm Jun 29, 2014 1:21pm
Quoting greenius
{quote} try it with rsi9 My way of trading by using RSI 9 {image}

hi,

please can i get this indicator.

alex
  • #37
  • May 22, 2024 5:17am May 22, 2024 5:17am
Solid explanation! If you are looking to learn about other harmonic patterns, you can learn about them through these articles:


https://insights.primecodex.com/cypher-harmonic-pattern
https://insights.primecodex.com/butt...rmonic-pattern
https://insights.primecodex.com/bat-harmonic-pattern
  • #38
  • Aug 15, 2024 3:43am Aug 15, 2024 3:43am
I back-tested it extensively. Over mutiple timeframes and various pivot point configurations.
They can be found if you scan enough markets/timeframes.
Unfortunately for every completed pattern found there are dozens of ones that failed.
You'll only ever see posts of charts of the perfect ones.
However, if enough people act according to the expected ratios there is a potential to play the self-fullfilling prophecy angle.
Also appealing because they do allow objective placement of stops and targets.
Also difficult to programmatically quantify into a trading strategy/algo given the subjective determination of what constituents a valid pivot point in the pattern.
  • #39
  • Last Post: Aug 15, 2024 5:19pm Aug 15, 2024 5:19pm
Any entry (harmonic) pattern will not perform better than random price level entry.
Entry levels do not matter for trade profitablity.
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