Gartley & Butterfly's

This is a discussion on Gartley & Butterfly's within the General Trading Chat forums, part of the Reception category; I keep hearing these patterns work 70% of the time.... However do any of you guys trade these patterns exclusively? ...

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Old May 17, 2006, 4:06pm   #1
 
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Joined Nov 2003
Question Gartley & Butterfly's

I keep hearing these patterns work 70% of the time.... However do any of you guys trade these patterns exclusively? what kind of results can be acheived & last but definitely not least does anyone want to share their money management tips on these setups...

Please feel free to PM if you prefer

All answers appreciated.

Johnny
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Old May 17, 2006, 4:29pm   #2
Joined Dec 2003
I had a look at these patterns on a daily timeframe a while ago but was not convinced by them. The problem I found was that each pattern requires the coincidence of various Fib ratios to fall into line. If you look at a chart there are always a range of swing highs and lows you can choose to build your Pattern. There are various Fib levels you can use and you need to apply a tolerence to each or you will never get a pattern. It is all too easy to find candidate patterns everywhere. The main question becomes when is a Butterfly not a Butterfly etc.

I could not put together a plan that worked based on them. Thats not to say they don't work as some people (notably Larry Pesavento) swear by them.

Best of Luck

Gareth
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