I saw Tyren's butterfly setup in real time, as did I also see the 1-2-3 bottom setup at that same location. They can be spotted in real time easily enough. The bigger question is whether or not you will be able to pull the trigger and trade them successfully. -- M
I try to trade these patterns(Gartley, butterfly...), but I'm new to trading them. I have traded Elliott waves for many years, and it is much the same. But I think it is easier to agree on seeing Gartley, butterfly and 3 drives than Elliott waves.
SPX : I made this chart : Elliott wave 5 waves from 990 to 1053. Ending diagonal(wave 5, wedge shape) from 1026 to 1053. "Retracing at least back to the level where it began..."(1026) : http://www.ttrader.com/mycharts/display.php?p=15952&u=tyren&a=Tyren&id=430 "... often ends in a brief break(throw-over) of the trendline connecting the end points of waves one and three." Yes, it did at 1053.
what softwares are suitable for drawing and measuring legs in geometry patterns ? I know bryce gilmore's wavetradersoftware can but are there any others for butterflypatterns for instance? Bryce gilmore worked with larry pesavento, anybody tried his service? thanks
http://www.ensignsoftware.com/faq/pesavento.htm ... Stockcharts.com have much the same also, but only in daily and weekly bars. I have made/modified a program(script) so I can scan for Gartley and Butterfly in daily bars. I'm testing it on S&P500 and Nasdaq100 -stocks. It looks to work, and the potensial bearish bfly patterns seems to be 40-50 bars in size at the moment.
One of the stocks my scan found was CMVT. It's close to 0.786(0.807) at B and close to 0.618(0.601) at C. It's at the moment at 1.000XA, so it has to move up a little bit to 1.272XA. Volume is 50MUSD, is that enough ? http://stockcharts.com/def/servlet/...1,20061010][pg10!f][vc60][J12836186,Y]&pref=G
=== Especially true in trading; traders brain uses computer, not the other way around. Even the best systems require traders discretion. Bull markets are usualy pretty forgiving , & helpful ; would still want to add to patterns a lot of rersearch like researching $35.oo on QQQ & $105.oo on SPY and more research. === Love learning - Solomon, trader king.