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Hey! Great Dave...thanks very much. Yeah, I'm familiar w/ Scott Carney.. that's
how I learned these patterns.. from his book. But , so far , in the 5 or 6 weeks
that I've been trading these patterns... only a small percentage have been
profitable..
In fact , I just let my trial to Scott's email advisory run out w/ no plans to
continue it because of this. Even he's having problems w/ them.. In fact , it
was he who initially advised to short MRK but he had found a prz @ 81. When I
looked at the chart I found an even bigger pattern that I alerted him to which
is the bearish butterfly that seems to complete @ 89. He never replied back..
and mrk blew through 81...it seems to be stalling out @ 89.
At any rate I'll use those other sites you sent me... but I have to tell you,
I've really lost any confidence I may have had w/ these patterns.. In fairness
though....
the bearish patterns have returned some positive results.... so until the
overall markets
can break out of their down trends , I'll only try bearish patterns.
thanks,
Jack
David J wrote:
> Jack
>
> FWIW, myself and a few others regularly post gartleys and butterflys on
> Cab's Allstars chat room here: http://www.intelligentspeculator.com/
>
> Registration is free.
>
> Some more sites regarding gartleys, butterflys and other fib related
> patterns.
>
> http://www.tradingtutor.com
>
> http://www.harmonictrader.com
>
> The second site is Scott Carney's. He is a student of Larry Pesavento
> (first site). I recommend his book to people new to these patterns as it
> explains them better then Larry's books.
>
> Regular commentary from Scott here:
> http://www.stockcharts.com/commentary/scottcar/
>
> I do not currently hold any gartley or butterfly pattern plays but I do have
> a short in MO which was initiated on Monday when MO completed a 3 drive
> pattern (weekly chart shows it well) as well as reaching .786 retrace of 99
> high to 00 low and .50 retrace of 98 high to 00 low.
>
> My ID on ispec is magnatizer. Madrone posts many gartleys and butterflys
> also.
>
> ht
> Mag
>
> http://www.geocities.com/magnatizer
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