Gartley/Butterfly patterns

[peat]

me back from Oz, managed to avoid floods and fires.

thanks for that review arco - shame it wasnt more useful to you

I will email them and try to view it post event.

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and to celebrate my return my first trade got me 83 pips while having tea and toast. a gartleyish type pattern on the Eur/Usd

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http://www.traderslog.com/gartley-222.htm

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Entry suggested after break back through X or B or on a pre-chosen horizontal trend-line that has multiple s/r points.

would your presentation have said X or B or what? ....

I was always thinking entry at D even for a butterfly... but I dont catch as many as you

[arco]

would your presentation have said X or B or what? ....

I was always thinking entry at D even for a butterfly... but I don't catch as many as you

Sorry Peat - I missed that question. (probably checking out the silver bars )

A break through B would have given 200+ pips.
But I prefer a 1/2 EW entry for safety.

[roddy]

Hi Arco/Peat,

here is a web site that relies upon swing and butterfly analysis on the majors for all there TA
www.fx360.com/

cheers
roddy

BTW i am not a member or affiliated with these people in any way other than they send me a freebie once a week

[peat]

Finally I managed to catch the CMC Butterfly webinar this afternoon.
I found it quite useful and expect some nets to be laid soon

[roddy]

Hi Peat,

heres EUR which might shape up for the net after a while ,interesting they start with an
A as opposed to X

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anyone noticed the butterfly on the dow?

however , according to the strategy oulined by Ric Spooner at CMC this still isnt a buy as it needs to break the resistance at around 8000 - 8100. due to the deep final leg of this butterfly
Seems to me that as it went to almost 1.618 (the lowest dotted line) a lot of the up move has occurred already but one must wait for that resistance level (at 8100 ish) to become a support level, and to my untrained eye that doesnt seem to have happened yet.

so not time to jump in yet.

FTSE is the same of course.

[peat]

This weekend I did a long term scan for butterflies all along the FBL stock. There were some pretty awesome entries and of course a few failures. One definitely needed to take a fairly long term perspective i.e hold your winners to maximise returns otherwise the few failures took too much back as a proportion. But I'm encouraged ... and of course the real point of this is to make a current analysis so here it is

In contrast to the Dow FBU:NZX has in fact confirmed and come back to test , and so far shown support.
The butterfly completed in early March, the buy signal was generated in mid March on that huge green candle day with the B and the green arrow.

Entry (could,should) would have been around $6.00 and stop should properly be at $5 tho now theres been a test without failure maybe that could be raised depending on your risk tolerance I guess.