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Pastimes : Trading the markets.....

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To: IndexTrader who wrote (2293)	12/24/2000 10:15:53 AM
From: Magnatizer	Read Replies (1) of 4583

Susan I do find them reliable. Carney's book gets into more detail on what to look for upon completion of a pattern. I believe some of his rules raise the reliability of the read. Just a guess here but I would say the gartley/butterfly entries are between 70-80% reliable. My definition of reliability is the pattern offers a reasonable entry where a profit can be had and stop can be placed which locks in profits. The standard target for a gartley pattern is a .618 retrace of the last swing move (C to D) In the case of the nasdaq that would be a .618 retrace of the move from the swing high in July (C of an ABCD pattern) to the current lows(D of ABCD). I do not have the exact number with me now. Carneys site has chart examples. The top chart is a Gartley, the bottom a Butterfly. harmonictrader.com ABCD defined: harmonictrader.com ht Mag

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