Gartley/Butterfly patterns

[Zorrro]

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rgds Zarif

[peat]

Attachment 3520
the B and D points are right on the 61.8 and the 76.4% fib levels and i reckon a minimum target would have to be the 38% fib retracement so somewhere around 1030 ish area
but sometimes thats just the start. I used a line chart to keep the shapes more angular and defined and its weekly so kind of coarse


I stupidly held short positions from 1100 up and have experienced pain but finally seeing a recovery.

the volatility today has been astounding

[Pumice]

Still a bit of a way to go then.
Should mean further weaknes for the NZD. Hopefully.

[peat]

Attachment 3530
SocGen showing a couple of lovely harmonic patterns , the orange shape is a perfect bearish gartley , but the purple shapes first retracement only went to the 50% fib , reminding us that its the 76% fib that is the more important level.

[peat]

perfect gartley on the S+P over the last 10 days. divergence....
price at 1268 now

[peat]

12 hours later down 36 points

[roddy]

thought i would post 3 butterflies on the gbp/usd 4 hourly ,the first butterfly is not quite strictly correct with a drop leg apart from that there should be a reversal which is starting to play out
divergence on indicator and break down through a good support level
Attachment 4738

[peat]

hey ROddy that first butterfly on cable is quite perfect in price tho pretty wonky in time.
It failed when it turned around at the 1.51 level but until that point had looked quite promising.
However the reason it failed imho is because it is a bearish butterfly but is appearing at the end of a long period of decline (as opposed to a period of increase).
A reversal pattern appears after a significant movement in one direction or the other to indicate a reversal in the trend.

I see it more like this
Attachment 4742

all in my humble opinion of course

[peat]

A timely video, thought you might find this interesting Roddy
http://youtu.be/WDCNQ0LTJls

[roddy]

Hi Peat
yes definitely 100 % agree Peat how you have drawn your butterfly , I am short just below the the strong support resistance area of 1.56 and had the 3 butterflies as confluence ,confirming
the trade as they are within 50 pips of each other and theres some divergence on the indicator, i totally agree with all your comments