Thursday, February 10, 2011

Lessons in Gartley

From a chat room, training in patterns.   Some of the patterns that are not obvious in geometry are reported to work well.   I think they will also be harder for the HAL 20000 to calculate and game, therefore more valuable to know.

bloodwine: this is a proper gartley ---

bloodwine: the problem with a gartley or butterfly is there is not target
bloodwine: it's a trend reversal pattern... and i've had good luck with them
bloodwine: but there's no way to predict how far the new trend goes
bloodwine: my experience is (if they work) it's a strong move that can be closed on the second opposing candle
bloodwine: I.E. -- if you're short... close if you get 2 green candles

I pretty much drop Fibonacci onto every chart, can't do any harm can do alot of good 

Is there anyone out there!!!!!

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Insightful and Useful Comment!