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Er...sorry to butt in, guys; Barry, if you visit Jose's site, click on "MetaStock Indicators" and scroll down to the "Fun" section, you'll find Joses's thoughts about the Elliott Wave Methodology.
As for the Gartley, it is like any other pattern, subjective and likely to work as often as it does not.
If you visit www.harmonictrader.com you'll find there half a dozen such patterns similar to the Gartley.
Finally, I receive a weekly newsletter to which, at times, Larry Pesavento contributes (Dr. Van K. Tharp is another contributor, this is serious), a lover of the g pattern; sadly, I am still waiting for him to get it right! Every time he said something was going to happen, usually the opposite became true!
I'm sorry, but if I cannot back test it, I will not trust it - and the Gartley is too subjective to be backtested.
Eduardo.
TA_Trader <tatrader@xxxxxxxxxxxxxx> wrote:
Hi Jose,
If you look at it from the Elliott Wave prespective,
the bullish Gartley is only wave 1 and wave 2 formation,
where wave 2 consists of an ABC swing (= BCD on the chart you shown)
And Wave 2 reteace 0.5 to 0.786 of wave 1.
Trade well
Barry
To: equismetastock@xxxxxxxxxxxxxxx
Sent: Saturday, October 07, 2006 8:11 AM
Subject: [EquisMetaStock Group] Re: Gartley Pattern
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@xxx> 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,
[Non-text portions of this message have been removed]
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