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....And reason #4 for not wasting any time on Gartley "patterns":
The application of the triangle base Fibonacci numbers is completely
subjective - it depends on the chart's time axis settings and will
vary from person to person.
I give it less than a 0.01% chance that any two people will come up
with the same Gartley pattern in real time, on the same chart.
jose '-)
http://www.metastocktools.com
--- In equismetastock@xxxxxxxxxxxxxxx, "Jose Silva" <josesilva22@xxx>
wrote:
>
> http://www.investopedia.com/terms/g/gartley.asp
>
> I looked into the Gartley pattern years ago, and came away with
> three conclusions:
>
> 1) Bullish (lower peaks) & Bearish (higher troughs) patterns seem
> to be illogically reversed;
>
> 2) I found no market-based evidence that precise & complex
> Fibonacci retracements had any bearing on the real market action;
>
> 3) By the time the pattern finally falls in place and is confirmed
> (often in retrospect), price action has come and gone.
>
> I still see no concrete evidence to change my mind about the
> Gartley pattern.
>
>
> jose '-)
> http://www.metastocktools.com
>
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "rvalue1" <rvalue1@> wrote:
>
> Person who was teaching it claimed >70% acuracy and low risk, high
> reward strategy - he was using it for FX but has used it in other
> markets before. ProfitSource software has a Gartley pattern feature
> built into it and it can do explorations for GP. Wish Metastock had
> it.. Is anybody listening??!!
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, Eduardo Gontan Pulgarin
> <con051204@> wrote:
>
> I'm not sure that anybody has programmed that pattern into MS - I
> haven't found anything on the web.
> There is specialised software on this and other patterns, e-
> signal being an example; also, visit http://www.harmonictrader.com
> and see.
> I suppose that it could be done in MS, but how accurate the
> pattern is, that's another matter.
>
> Eduardo.
>
>
> rvalue1 <rvalue1@> wrote:
> Thanks for the input. I was looking for a software
> exploration for
> the gartley pattern. One could possibly use the John Murphy Chart
> Pattern Recognition software add on for dbl bottoms and see if its
> close. I think the Gartley pattern entry is actually around the
> Fibonacci 0.78 level of the initial wave, before it turns back up
> for the dbl bottom, and I was wondering if anyone had a software
> exploration for that.
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "Athena Research"
> <athena.investments@> wrote:
>
> Hi rvalue1,
>
> Gartley Pattern is similar to Double Bottom pattern. It seems
> Gartley advised to enter long at the second bottom but ideally the
> long entry should be done after nech line is broken.
>
> Gartley pattern can be used for finding setups and wait for
> neckline to be broken for entry.
>
>
> Thanks and Regards,
> Amit Trivedi
> President & CEO
> Athenasolutionz.com - "We sell hope, in the stock market."
>
>
>
> ----- Original Message -----
> From: rvalue1
> To: equismetastock@xxxxxxxxxxxxxxx
> Sent: Sunday, October 01, 2006 5:30 PM
> Subject: [EquisMetaStock Group] Gartley Pattern
>
>
> I would appreciate any help from our group in showing me how one
> could explore for a Gartley Pattern using Metastock.
>
> Thanks,
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