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Page: The Gartley Pattern Chart - Forex Trading with Chart Pattern

The Crab, the Bat, and the Butterfly:
Should You Trade Using the Gartley Pattern Chart?

There are several trading strategies available to forex traders

For many intermediate traders, using the Gartley Pattern to succeed in their trades in the foreign exchange market is a great trading strategy. According to them, implementing it typically answers two of their major problems: what to buy and when to buy. Apart from being a profitable method in foreign exchange, it is said to be applicable to other investment markets, too. If you are an experienced trader who is interested in using the technique, why not learn more about it?

Bullish market indicates growing market, while bearish market indicates falling market 
(Image by Pixabay.com)

What is the Gartley Pattern?

The Gartley Pattern, introduced by Harold McKinley Gartley (an incredibly smart trader), is a simple chart pattern that usually precedes significant highs or lows. On a technical analysis chart, it appears to be a “W” (in a bearish market) and an “M” (in a bullish market). Upon forming when a correlation of an overall trend has been established, its objective is to help traders spot profitable entry points. With indicators, they can set and maintain buying periods. And, since it can be found on the 222nd page in the author’s book “Profits in Stock Markets”, it is also known as the 222 Pattern.

Harold McKinley Gartley developed a simple trading chart pattern that became his trademark, which appears
to be an "M" in a bullish market, or a "W" in a bearish market. (Image source: Voodootrader.com)

The Gartley Mutants Patterns:
The Crab Pattern, the Bat Pattern, and the Butterfly Pattern

Since the Gartley Pattern’s popularity has increased over the years, other traders who are in the intermediate levels considered using it as reference to make unique versions. For some weird reason, the developers of alternative patterns of H.M. Gartley’s trading strategy all named it after animals.

» The Crab Pattern – developed by Scott Carney in 2000, the Crab Pattern is an accurate Harmonic Price Pattern. It has a peaking reward-to-risk ratio where a stop loss can be placed. Since its Potential Reversal Zone is capable of reaching the extremes, it is dubbed a reliable chart pattern.

» The Bat Pattern – a year after he developed the Crab Pattern, Scott Carney introduced the Bat Pattern in 2001. As its Potential Reversal Zone, it is a Harmonic Price Pattern that defines a .886 retracement move.

» The Butterfly Pattern – developed by Bryce Gilmore, the Butterfly Pattern is a Harmonic Price Pattern that is defined by a .786 retracement move. Since it is characterized as the perfect chart pattern, it reveals that a trader can expect major pips. If you are a swing trader, this pattern is quite effective.

Author: Content provided by MTrading.eg, a Forex Broker from Egypt.

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