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Hi Kevin,
Having broken the OP support at 36 1/2 the Gartley
based on the 618 retracement of the "ab" leg is no longer valid.
As you suggest it could go to the 786ab
retracement, around 32, to form the alternative gartley numbers, it will be
interesting to follow the developments.
Yes, my "X" selection is an arbitary process, and
being a new comer I find that I cannot give any definitive reasoning behind the
process, other than looking for significant reaction points.
My major criteria is that if there is the
possibility of either a Gartley or Butterfly forming, I try not to enter a trade
until the completion of the pattern, even if the final "cd" leg looks
inviting.
As suggested in this case, I would wait until
the expected pattern completion at 67-68, and look for additional indicators to
re-inforce the entry decision.
Unfortunately, I have not located any scanning
formula's for indicating potential gartley's.
I am sure they exist, as I believe Gartley
developed the basis for these patterns in the 1930's.
Maybe, someone can help us in this
regard?
JdF
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Kevin
Bryant
To: <A
href="mailto:dlevels@xxxxxxxxxxxxxxx";
title=dlevels@xxxxxxxxxxxxxxx>dlevels@xxxxxxxxxxxxxxx
Sent: Saturday, February 17, 2001 12:36
AM
Subject: Re: [dlevels] DIGL
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
>My call is that if the OP at 36 1/2 holds
and there is a DRPO failure, then there is a strong >possibility of the
retracement being the final leg of a "gartley" concluding at around 67 -
68.
>>>>>
It looks like another Gartley could form just
under 32 for the long entry. My studies suggest that it would be a
rather high probability Gartley if it triggers. Of course, definitions
of success with Gartleys are hard to come by. I've had to develop my
own rules.
As to the Gartley that would trigger in the
67-68 area, I'm curious about your experience with choosing what I call
"arbitrary x's". While the "x" you've chosen is an obvious reaction
point, my experience with this sort of "x" choosing is such that I would not
be anxious to go short in at its completion.
Have you any scanning formulas for digging up
Gartleys?
Kevin
>>>>>>>
Going long at 36 1/2 with a S/Loss @ 34 1/2 may
give a healthy profit.
The "gap down" at the opening is of
concern, so perhaps it would be prudent to wait until the stock has
retraced to the 41 level before entering Long.
The conservative approach would be to wait
until the completion of the "gartley" and short the stock at the 67
level.
Not exactly the Dlevel approach, but certainly
based on Fib analysis
Anyone with other thoughts?
JdFTo unsubscribe from
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