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trading forex using Gartley Patterns

  • #221
  • Jul 12, 2010 8:29am Jul 12, 2010 8:29am
Hi all,

I would like to recommend this free online webinar to comment about forex at 8:30am and DOW / S&P at 5:00pm ET:

http://www.learningmarkets.com/

Regards,
Toyogo
  • #222
  • Jul 12, 2010 8:55am Jul 12, 2010 8:55am
Hi potomac,

I just found this link:
http://transcripts.fxstreet.com/2009...-to-trade.html

who says that gartley has 70% accuracy tested over 75 years!

NB: I dont' know where he gets this statement and how true is this statement.

Regards,
Toyogo
  • #223
  • Jul 12, 2010 9:27pm Jul 12, 2010 9:27pm
Quoting toyogo00
Hi potomac,

I just found this link:
http://transcripts.fxstreet.com/2009...-to-trade.html

who says that gartley has 70% accuracy tested over 75 years!

NB: I dont' know where he gets this statement and how true is this statement.

Regards,
Toyogo
yes, that's my frustration with these claims....no one has shown any evidence (so far) that I can find, they are all quoting the same numbers but where is the evidence....attached is the equity study showing 45%.

what is the difference between accuracy and successful? if we use Larry P's TP1 @ 1 times risk, then I think the 70% claim is easily achieved but it really doesn't do justice to the patterns and the .618/1.27/1.618 extensions which do occur quite regulary. Even if it's just 40% but you're getting 2-6+ times risk then i think that's a better 'success rate'.
Attached File(s)
File Type: pdf Trading the GARTLEY 222.pdf   700 KB | 16,230 downloads
Catching a falling knife, no, I'm just trading the Gartley!
  • #224
  • Jul 13, 2010 7:47am Jul 13, 2010 7:47am
Quoting ChinaWombat
yes, that's my frustration with these claims....no one has shown any evidence (so far) that I can find, they are all quoting the same numbers but where is the evidence....attached is the equity study showing 45%.

what is the difference between accuracy and successful?...
@chinawombat

thanks for the attachment.. i scan
the document and found some interesting topics on trading gartley like entry and exit, SL etc..
oh an btw do you know a file like this you can recommend on trading patterns
thanks thanks alot
  • #225
  • Jul 13, 2010 12:58pm Jul 13, 2010 12:58pm
Great to see a harmonic thread with valuable posts ...

  • #226
  • Jul 13, 2010 11:56pm Jul 13, 2010 11:56pm
Quoting tankbeta
@chinawombat

thanks for the attachment.. i scan
the document and found some interesting topics on trading gartley like entry and exit, SL etc..
oh an btw do you know a file like this you can recommend on trading patterns
thanks thanks alot

Hi Tankbeta,

I'm not sure I understand your question. Trading patterns you mean harmonic's or general fib's? I don't have any files but recommend Larry Pesavento's latest book Trade what you see'', and all of Scott Carney's material. For less than 200US$ for 3-4 books I reckon you have enough information to really kick along your account. They are traders writing books for traders.

If you're stuck for cash then just Scott Carneys stuff as it focuses only on Harmonics. Carney has a different view on butterflys than LP who say's they are a failed Gartley. Carney explains very well why they are a seperate and distinct pattern, (not failed) along with BATs, Crabs pattern which LP fails to mention at all.

There was a brilliant 3 drives that KOR showed yesterday on EY which gained around 150 pips which would have paid for all the books and some change left over for an icecream! http://cdn.forexfactory.com/images/icons/icon6.gif ZUP doesn't seem to pick them up...
Catching a falling knife, no, I'm just trading the Gartley!
  • #227
  • Jul 14, 2010 1:53am Jul 14, 2010 1:53am
Does the OP still post ? Just reviewing some youtube vids ... really nice stuff there
  • #228
  • Jul 14, 2010 1:54am Jul 14, 2010 1:54am
Quoting ChinaWombat

There was a brilliant 3 drives that KOR showed yesterday on EY which gained around 150 pips
got a pic ?
  • #229
  • Jul 14, 2010 2:20am Jul 14, 2010 2:20am
Quoting pipmyride
got a pic ?
sure, as it happened....

a more courageous trader could have earned some significant pips...
Attached Image (click to enlarge)
Click to Enlarge Name: ey 3 drives bullish m15 #1.gif Size: 46 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #230
  • Jul 14, 2010 7:52am Jul 14, 2010 7:52am
Quoting ChinaWombat
sure, as it happened....

a more courageous trader could have earned some significant pips...
Great , thx.

Reading up on the three drives now
  • #231
  • Jul 14, 2010 7:07pm Jul 14, 2010 7:07pm
Attached Image (click to enlarge)
Click to Enlarge Name: ac.gif Size: 26 KB
This one is finally starting to move i hope. Been in this one for a good while. Tex
  • #232
  • Jul 14, 2010 10:02pm Jul 14, 2010 10:02pm
Those 3drives patterns on 4h are powerful... I haven't seen too many.. about 6 patterns over 9 pairs that i watch this year and I haven't seen one fail yet. (knock on wood) easily gets to 61 fib and beyond from the ones i've seen.

Quoting ChinaWombat
sure, as it happened....

a more courageous trader could have earned some significant pips...
  • #233
  • Jul 15, 2010 2:03am Jul 15, 2010 2:03am
Quoting ChinaWombat
sure, as it happened....

a more courageous trader could have earned some significant pips...
Hi,

I realized that there were multiple confluences on this pair on 1hrly chart when 3-drives pattern formed:

a. 3-drives pattern.
b. upward trend line touch.
c. 38.2% retracement of major swing hi/lo.
d. parallel channel bottom.
e. MACD triple divergence on histogram.

What a wonderful chart!!!

Regards,
Toyogo
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot101.png Size: 39 KB
  • #234
  • Jul 15, 2010 2:50am Jul 15, 2010 2:50am
never really paid that much attention to ozcad in the past but having made TP1 I think I shall watch it with more interest in the future..
Attached Image (click to enlarge)
Click to Enlarge Name: ozcd bearbat h1.gif Size: 29 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #235
  • Jul 15, 2010 2:53am Jul 15, 2010 2:53am
Quoting toyogo00
Hi,

I realized that there were multiple confluences on this pair on 1hrly chart when 3-drives pattern formed:

a. 3-drives pattern.
b. upward trend line touch.
c. 38.2% retracement of major swing hi/lo.
d. parallel channel bottom.
e. MACD triple divergence on histogram.

What a wonderful chart!!!

Regards,
Toyogo
this is where i think KOR edges ZUP out...i wouldn't have seen that pattern just scaning the charts
Catching a falling knife, no, I'm just trading the Gartley!
  • #236
  • Jul 15, 2010 3:22am Jul 15, 2010 3:22am
Quoting tex123
Attachment This one is finally starting to move i hope. Been in this one for a good while. Tex
First target achieved ---bringing other to break even. Looking weak right now.Good night all.

Tex
  • #237
  • Jul 15, 2010 3:54am Jul 15, 2010 3:54am
Quoting tex123
First target achieved ---bringing other to break even. Looking weak right now.Good night all.

Tex
nice work!
Catching a falling knife, no, I'm just trading the Gartley!
  • #238
  • Jul 15, 2010 4:00am Jul 15, 2010 4:00am
Quoting ChinaWombat
this is where i think KOR edges ZUP out...i wouldn't have seen that pattern just scaning the charts
Sorry is this KOR available for mt4 ?
  • #239
  • Jul 15, 2010 4:04am Jul 15, 2010 4:04am
I am still learning the fine details - does the BC extension of over 3 invalidate this crab ?
Attached Image (click to enlarge)
Click to Enlarge Name: gu_butterfly.jpg Size: 186 KB
  • #240
  • Jul 15, 2010 4:54am Jul 15, 2010 4:54am
Quoting pipmyride
I am still learning the fine details - does the BC extension of over 3 invalidate this crab ?

it can get up to 3.618, with xd 1.618, if they come together, and other supporting confluence, or candle, then worthwhile to consider



for kor (not sure if i can post it here) http://tradingarsenal.com
Catching a falling knife, no, I'm just trading the Gartley!
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