Gartley/Butterfly patterns

**AMR** · 26-04-2009, 02:34 PM

I've been thinking about the same thing with regards to FBU...it looks good from a classical charting perspective as well. A breakout out of the trading range complete with a pullback to support. Longer term though this one.

**peat** · 28-04-2009, 07:23 PM

A very large butterfly on the Aud/Jpy. Quite perfectly it goes to 127% at the top but imperfectly went too low in the middle. I'm going to forgive it on this occasion. See the tiny little butterfly right at the top giving the first indication.
However technically it must break through the Blue dotted line at around 66 to confirm. That exact point is a little subjective of course - I'm trying to be conservative and it may well find some support at this area. Always hard to know when to pull the trigger. I did it already at 69
Target should be around 57 nearly 1000 pips away but again , technically the stop should be 73.5 around 600 pips from here!

Position sizing a must.

**dumbass** · 01-05-2009, 08:48 PM

multiple confirmation on sp 500 for a short.
Butterfly on a Crab.
elliot wave expanding triangle.

nice set up , but just a short term trade while waiting for long entry.

**peat** · 01-05-2009, 09:53 PM

yes I got a short in last night on the SP DA based on this chart showing two bearish BF's, and got a fair chunk of that fall , but now I see a bullish BF in force which is really only taking us back to test on the purple one bearish one.

getting caned on my Aud Jpys tho , and why? because I didnt wait for confirmation.

**dumbass** · 02-05-2009, 12:27 PM

hey peat,
hanging in on spx short but with extreme caution, still feel like main trend is up and thats the one i really want to jump on.

**peat** · 29-05-2009, 10:44 PM

scalping for small change on the SP500 2 minute chart.

**peat** · 13-08-2009, 11:45 AM

that FBU butterfly back in late April flew a fair way....
http://www.sharetrader.co.nz/showpos...&postcount=242

starting to get a bit carried away in the last couple of days though! I guess , notwithstanding the declared loss the actual earnings fundamentals seem ok.

starting to see some wings spreading in the opposite direction now with RSI divergence occurring as well. but certainly no sign of confirmation. A sell would only be triggered with a daily close below 6.80 and a close above 8.00 will invalidate this bearish butterfly.