Reversal Patterns

Target 1 reached lets see if T2 gets reached by the end of the week.

 

Tlab has hit the target and started to move in the bull direction. A possible profit target is shown in this chart. after the profit target it should or could have a sharp decline to the next low target.

 

I think the head and shoulder pattern will bring this to a double top. We will find out next week.

 

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Gartley222

Does Miluka's Market Warrior 3.1 program produce the Gartley/Butterfly formations automatically ?

arco

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A great book to read on this subject and other technical subjects is: Mind Over Markets (MOM), by: Dalton - James - and Dalton

One of the better books out there.

 

Yes, but I also know how to produce them myself, using fib retraces and extentions. I have been lazt in charting them myself. I will stop usiing it and draw everything myself.

 

Thanks for the info ill take a look

 

Gartley222
Thanks for your reply.


I know all the parameters for Butterflies, etc and currently draw them myself in Metastock....I just thought Warrior might save me some time in searching for the patterns. Does the program do an auotomatic search for any pattern, and whats your overall opinion of the charting package?

TIA - Arco

 

Well for the $$ it is a great program. Yes it charts gartlies on its own. However it doesn't always catch them. Over all the maker Patrick Mikula seems to be more on the astrological side of trading. I have asked him several times to implement fib timing, and he has procrastinated on producing it. All in all the support is good and I enjoy the program.

Regards,

Mike

 

I believe the $XAU has finished up its decline and we are now back on the Bull Run.