Gartleys and Bflies
- Thread starter Maverick1
- Start date
I would recommend that you approach this book with a great deal of skepticism. I spent a lot of time studying his patterns and I think his statistical analysis is very questionable. Too much subjectivity, even though he has tried to objectify his analysis...I don't think he's succeeded.
I sure as hell wouldn't trade these patterns based on the stats that he presents.
g
Agreed Ges.
My impression is that Bulkowski based most of his studies on the Bull Mkt.
Might be a problem in Bear Mkt huh ?
It would have been a better study had it covered some serious Bears.
I still find his observations to be a very useful guide - combined with Edwards and McGee.
Also, I don't know how well "Daily" bars correlate to "Intraday" Bars regarding pattern statistics.
(Bulkowski is using only daily bars ).
I'm not a Quant - but perhaps someone would care to comment on this.
If one conjuncts high probability patterns on multiple time frames, whether they be Gartleys or Flags or Butterfly's or Wedges or scallops or whatthehelleverturnsyourwheels -
you will have a powerful setup.
MAVERICK1
Wolfe Wave is nothing more than a Butterfly Pattern (more or less)
( see Linda Raschke's book Street Smarts ).
One major difference of Pesavento's Butterfly over WolfeWave is that
Pesavento uses a Fibonacci Confirmation for that final leg -
Wolfe does not.
Seeing the Fib# and if possible,,, Fib confluence reached before taking the risk on the
pattern / patterns ( multiple time frames )- is an extra confirmation.
What fascinates me - is the beautiful Geometry of it all.
My impression is that Bulkowski based most of his studies on the Bull Mkt.
Might be a problem in Bear Mkt huh ?
It would have been a better study had it covered some serious Bears.
I still find his observations to be a very useful guide - combined with Edwards and McGee.
Also, I don't know how well "Daily" bars correlate to "Intraday" Bars regarding pattern statistics.
(Bulkowski is using only daily bars ).
I'm not a Quant - but perhaps someone would care to comment on this.
If one conjuncts high probability patterns on multiple time frames, whether they be Gartleys or Flags or Butterfly's or Wedges or scallops or whatthehelleverturnsyourwheels -
you will have a powerful setup.
MAVERICK1
Wolfe Wave is nothing more than a Butterfly Pattern (more or less)
( see Linda Raschke's book Street Smarts ).
One major difference of Pesavento's Butterfly over WolfeWave is that
Pesavento uses a Fibonacci Confirmation for that final leg -
Wolfe does not.
Seeing the Fib# and if possible,,, Fib confluence reached before taking the risk on the
pattern / patterns ( multiple time frames )- is an extra confirmation.
What fascinates me - is the beautiful Geometry of it all.
I couldn't agree more with your last statement. The geometry and fractals that exists in the market is still a mystery to me, although I realize that there may not be a hard and fast explanation for them. Chaos theory maybe?... (HarryTrader, Please don't post on this thread!
, jk)I caught a bearish gartley formation in the Real Estate index (RMS) recently, with the top completed at 425. Talk about patterns that beg you to be traded!
The Dow and SP are both hovering near their .786 rt of the last xa impulse, I'm very curious to see how this fib level is respected. (it's already been slightly taken out). Not to mention that the chop is eating traders alive...
Guys, Macd had a thread on all this recently but suddenly stopped posting. Does anyone know the address of the chat room he has on yahoo? I'd appreciate your input on that if you know how I can join the group.
Thanks,
Maverick
Yah it seems to be general that setup must be perfect that's my remark also:
"Today we approached again the 7557 zone : very often as long as the theorical value has not been approached within 3 points the market tend to retest it. The same if a target is broken down by more than 3 points the market will often retest to make a "perfect" number. As long as the number is not approached perfectly within the normal error it can coil and when the exact number is done it then take off."
http://www.elitetrader.com/vb/showthread.php?s=&threadid=14781&perpage=6&pagenumber=6
"Today we approached again the 7557 zone : very often as long as the theorical value has not been approached within 3 points the market tend to retest it. The same if a target is broken down by more than 3 points the market will often retest to make a "perfect" number. As long as the number is not approached perfectly within the normal error it can coil and when the exact number is done it then take off."
http://www.elitetrader.com/vb/showthread.php?s=&threadid=14781&perpage=6&pagenumber=6
I was just about to but you stopped me 
Quote from Maverick1:
I couldn't agree more with your last statement. The geometry and fractals that exists in the market is still a mystery to me, although I realize that there may not be a hard and fast explanation for them. Chaos theory maybe?... (HarryTrader, Please don't post on this thread!
Maverick
Quote from harrytrader:
I was just about to but you stopped me
Salut Harry,
You mentioned the 7557 level and I tried decipher what you meant in your other thread...not sure i got anywhere though!
Did you mean that if the 'perfect' number is not respected the next target will be? or something like that?
Enlighten us, Maitre,
Maverick
Quote from Maverick1:
(HarryTrader, Please don't post on this thread!
The Dow and SP are both hovering near their .786 rt of the last xa impulse, I'm very curious to see how this fib level is respected. (it's already been slightly taken out).
Thanks,
Maverick
HarHarHar - Now see what's you've gone and done Maverick ?
Ya can't say harry isn't interesting.
I like ya harry, It's just that we are Locked in opposing Fractals.
0.786
MAVERICK ...Check out what's happening with the Almighty Dollar..... .786 Gap / Island ..
.... KEWL ...... ( to use a favorite Jack Hershey word ).
Jack, please don't post here............ HarHar ..........
LOL ......Wut a Site.........