I am going to post this journal to keep a track record for myself to back track which gartley and butterfly reversal patterns did and did not work on my trades. Some of you out there do not prefer reversal patterns, or patterns at all......
Reversal Patterns
- Thread starter gartley222
- Start date
First pattern found on Lucent technologies. Purchasing 1k shares at 3.27 with a stop at 3.20........
Take a look at the longer term chart attached. A clear Hershian FTT. I'd bet on it to break down. In fact, I'll risk my status as ET's numero uno surviving technical analist on it.
I see what your saying, perhaps we sill see a small run up meaning 3.60 before a break down?
Hard to guess. And it IS a guess. I think the whole market is going to crap after earnings are fully out because earnings were so lackluster. For that reason I am 100% in cash in long-only retirement accounts. But who the hell knows? I don't trade individual stocks because there are too many ways to get fucked.
Here is TLAB weekly chart.........Gives some time to further examine the possible formations of both patterns.
cyclical Index may have a become bullish at the target price. Seeing both a bullish Gartley and a H$S pattern (I did not map the H&S patter).
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Might make money on that LU ;
SPY other leaders i trade has spent too much time below 50day moving aveage for me to enter much long now.
Still in some long leaders now;
& in downtrend [long puts semi sector], which has been in medium & long term down trend for mostly last year,
mostly this year.
Utility Index. has it run out of steam????
Nice to see you post Murray. didn't get a PM thought you disappeared