Gartley/Butterfly patterns

**roddy** · 11-09-2006, 10:50 AM

Hi Xerof

Is The butterfly you posted above of the GBP/US
a hourly chart, my daily looks different, i drew X starting at 1.8760 and D is sitting 1.276% presently!hoping its differing time frames. Not sure i have started X at the right place, perhaps it should be at 1.8550 levels have had to many late nights!lately! B is quite high. any comments

cheers cadet roddy

**Xerof** · 11-09-2006, 12:56 PM

Yes, mine was an hourly chart, but has clearly gone beyond the pale....for a D reversal.

Your daily looks appealing, but I would have X starting from the either the 18380ish low, or even the one at 18180ish!

Xerof

**arco** · 11-09-2006, 01:25 PM

Morning All

A wet and windy day here in QLD

GBP. I calculate a major Gann support area circa 8618 - 8555 (extreme) which may halt/reverse this south move.

Regards
arco

**roddy** · 11-09-2006, 08:59 PM

Hi Xerof
thank you for the feedback,GBP has quite some way to go then before it comes into reversal zone,especially if it has to battle the major!

Arco i looked up asx for info on plotting Gann fan,my metastock fan has 9 lines on it and only appears to work on longs as it only points upward,i tried to see how you arrived at 8618-8555 was it using fan or something which is beyond the scope of this forum,asx fan did a full 180, top to bottom of chart, just curious as per usual.

cheers cadet roddy

**arco** · 11-09-2006, 10:22 PM

Hi Roddy

Theres a handle on the 5th line of the fan that allows you to pull it around and place it wherever...........have a go and let me know how you get on.

regards - arco

**roddy** · 11-09-2006, 11:32 PM

Hi Arco

Yes great it worked really well and came up with same 8618-8555.i take it that fan lines work as resistance support etc, interesting the same fan line previously 81850 was support as well,a support line thats not flat,now that is something for my synapses to work on!

thanks
cheers cadet roddy

**Xerof** · 12-09-2006, 12:19 AM

Never actually worked out how to use the gann fan tool...lol...could someone kindly post a chart showing which points are relevant?

I can see how to manipulate the 5th line Ok, but where to put it...oh deary me....

Just as an example please?

TIA

Xerof

**roddy** · 12-09-2006, 09:01 AM

Hi Arco/Xerof

Arco
i have only guessed at which points are relevant, drawing from high to low downtrend or low to high for an uptrend,your comments much appreciated!
both charts are NZD
Any particular time frame work best or is that up to the individual.

cheers cadet roddy
if i look at it to long it starts to have a three d effect,like the side of a building