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Chapter 17, Part III - Gartley's Patterns. - Q&A

Discussion in 'Complete Trading Education- Forex Military School' started by toshaukr, May 27, 2012.

  1. toshaukr

    toshaukr Private

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    Hello Sive!

    As I understood the target of butterfly right wing i.e the reversal point is the 1.27 or 1.618 ext of XA swing. I am using MT4 and I cant find out how to mark extensions from single swings (XA)
    Fib ext tool doesn't work as it requires indication of the retracement point.

    Thank you in advance!
     
  2. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi Anton,
    you should use Fib retracement tool - just add two levels there - 1.618 and 1.272 - MT4 allows to do that. When you will apply it draw it vice versa - so, that extensions place in opposite direction to previous move. I hope you will get it.
     
  3. toshaukr

    toshaukr Private

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    Yes, I got it. This is actually the only alternative I was thinking of. Thanks for confirming, Sive!
     
  4. Urum

    Urum Private

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    Hi Sive

    What do you think, roughly, what percentage of the time harmonic patterns work? Also do you find that any of the patterns work more often than others, if so which ones? Or do they all work same percentage of time?

    Thanks. Great lessons.
     
  5. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi Urum,
    well, it also depends on what do you mean with "work". If you're speaking about 1.618 extension of whole pattern, say Butterfly, than probably my answer will be "no". But, if we use minimum target as 0.382 retracement, then harmonic patterns work nice.
    I think that harmonic patterns work better than classical one, especially on intraday charts.
    What patterns work better than the others? Difficult to say, because some patterns appear much oftener than the others. For example, 222 pattern is very often, while butterlfy is relatively seldom, Broadening top/bottom even more seldom.
    I have not checked this exactly - this is the work to do.
     
  6. D873

    D873 Recruit

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    Hello Commander in Pips!
    First of all thank you very very much for putting all this information free on the internet and for all the work you have put in this!
    Without you i would never start trading in Forex.

    I have a question concerning Butterfly pattern.
    Can you confirm this is also a butterfly pattern? I found it today in 15m EUR/GBP. See pic below.
    [​IMG]
    https://www.mql5.com/en/charts/3335228/eurgbp-m15-safecap-investments-ltd

    My fib extensions become really low due to the long CD leg, they are below fib retracement 0.382 level. Should i rely on retracement or should i use take-profit as 1.618 extension level.
    Sometimes in your documents it's not very clear if you are talking about retracement/extension levels or just about harmonic value multiplied by fib ext/retr numbers.

    Thank you!
     
  7. gwynfor

    gwynfor Recruit

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    Hello Commander

    Thanks for all your work for us poor recruits.

    I have a question with 222 and Butterfly

    Am I right that as 222 is continuation pattern then XA leg must be in direction of main trend, and on completion of ABCD this trend will resume

    Am I also right that as Butterfly is reversal pattern XA leg will be counter to main trend with the CD leg in the direction of main trend but forming it's last thrust before reversal
     
  8. shappons

    shappons Private, 1st Class

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    i think your assumption is correct.
    however how do we know which one to apply is the question.
    i hope Sive will enlighten us in that regards though after a few years this article was written!!!
     
  9. Hamza Samiullah

    Hamza Samiullah Corporal

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    Amazing lessen...
     

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