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Jack
I believe I have a different butterfly construction then you are using.
Here is a chart I posted to Ispec yesterday:
http://www.intelligentspeculator.com/pub/COHRbullbutterfly110200.gif
I try to get the formation to work on weekly scale, especially when the
target for the buy is a large point gainer (In this case I have target of
low 60s to 70... .618 to .786 retrace of CD)
I had a revalation with these formations a few months back when Pesavento
had his free trial going. In his books he is very strict on the formation
meeting time and fib criteria. In reality he trades many times with just
the basic formation in place. Giving some room for the stocks to work
around the target area.
I still think Carney's book is better but Pesavento's trading style was
certainly more "natural"
Also, on the chart linked... the .786 retrace from the high to A is just to
note where COHR generally retraces too.
The daily bars on COHR put in a small hammer followed by a bar with higher
low followed by an inside bar. Was a fairly simple entry with a stop above
that sets high but I did not find COHR til yesterday and totally blew the
gap fill entry today. I hate it when that happens.
QLGC is a bear gartley which worked its way into sell zone today.
http://www.intelligentspeculator.com/pub/qlgcbeargart103100.gif
chart was from yesterday also... does not include all of yesterday's trades
or any of todays.
Also would be tracking MEDX for a short entry if I were following market
over next two weeks. It is at .618 of XA (X happens to be all time high)
and it has a few ABCDs which complete in this area. 4.7.00 A, 7.14.00 B,
8.4.00 C, ? D and 8.4.00 A, 9.1.00 B, 10.13.00 C, ? D
David
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