How To Read Channels
- Thread starter elovemer
- Start date
Oh it's not THAT bad.
I used to spend a lot of time drawing channels. Not anymore. This chart will disappear in a day or so. Just as well, YM has already fallen out of the bottom of it since the RTH close.
http://charts.dacharts.com/2008-12-11/2008-12-11 YM #F 30.png
I have posted an EasyLanguage Gartley code here:
http://elitetrader.com/vb/showthread.php?s=&postid=2216712#post2216712
<img src=http://elitetrader.com/vb/attachment.php?s=&postid=2216712>
...thanks tums 
... a gartley has a shortened last leg
... a butterfly has an extended last leg
.... if the first retrace is 61... then last leg shortened....
.... if the first retrace is 78... then last leg is extended....
...somtimes....as on the one i posted.... the trader thinks the first retrace is 70.7
...later the trader finds out the market sees 61 .... when compared to the last leg which is much closer to 78
......hence butterflies are easier sometimes to identify.... with a more clear 78 first retrace.... with 127 as the most common last leg....
....sure that you blokes already knew this.... just filling in for those that are new....
... a gartley has a shortened last leg
... a butterfly has an extended last leg
.... if the first retrace is 61... then last leg shortened....
.... if the first retrace is 78... then last leg is extended....
...somtimes....as on the one i posted.... the trader thinks the first retrace is 70.7
...later the trader finds out the market sees 61 .... when compared to the last leg which is much closer to 78
......hence butterflies are easier sometimes to identify.... with a more clear 78 first retrace.... with 127 as the most common last leg....
....sure that you blokes already knew this.... just filling in for those that are new....