haha cut your losses, live to fight another day
That is not looking pretty
agreed, but my trading plan does not allow for early exits.
Hey Guys,
Just wanted to say hi, been reading this thread for two weeks now… I’m not sure being a newbie I can post any image links in here, but I’m gonna try.
Found this on the EURUSD 15M chart, similar to the one posted by racerdude, but I’m getting a different convergence point.
Then again, I doubt the credibility of the D at fib 1.000 since the BC was only 0.382, the next D convergence at 2.000(like the one racerdude pointed out) is more likely.
Hi nightfox, and welcome.
Nice work on the euro, this is the pattern racerdude and I have been discussing. If you look above you should have a second convergence at the 1.272 fib around 1.3790.
Thanks modo…
I do see the other major convergence at (XA : 1.272 / BA on C : 2.000). I usually enter any major convergence, usually my TP slightly above/below 0.382 of the retracement and SL at the next fib level. So if the price respect any of the convergence, its still possible to make money afterall…
Actually its finding resistance in the 0.382 XA Fib, but if it goes down very probably a good trade.
Alright the EURUSD was a pretty good trade, though it jumped a bit at the D taking out my initial ticket SL. I’ve got a lot of discipline issues, eventhough I’ve been playing around with trading for like 3-4 yrs now. Hopefully reading the ‘Disciplined Trader’ can help me 
And modo and racer, did you get in on that trade?
Found this on the USDCHF 15M :
Nightfox,
I didn’t take the euro because I was short eur/jpy
I also don’t open positions until the ftse cash market opens, which probably would have saved you that first stop out.
As for the discipline, everyone says you need discipline to trade and I agree, but only for as long as it takes to change the bad habit, usually about 30 days or 30 repeats. Start with something small, maybe not even related to trading like “i’ll make my bed every morning”, or “i’ll water the flowers” etc. After a month or so you’ll find yourself doing it or it without even noticing, and it won’t take discipline to do it any more, it’s just your new habit.
I think the same goes for trading. Have a tight trading plan, follow it, forget the p&l and just focus on the process. Before you know it following the rules and acting in your best interests will be automatic. Sure there may be times when you falter and need to reaffirm your rules, but trading needn’t be viewed as a lifetime of struggle under oppressive discipline.
Well that’s my rant for the day, probably rubbish but it works for me. The Disciplined trader is a great book too, so you should definately read it.
All the best,
Modo
yeah the first stop out did sting a bit, but part of the learning I guess.
Modo, I do hope I can reach your perspective on things too, and that’s y I’m here, to learn from other people
And I’ve been trading gartleys/ butterflies for like a few weeks now, and like mentioned in “Trade what you see”, I find the patterns do work out around 60-70% of the time, but its my trade management issues that keep me from reaching max potential… Too many demons to get rid off, eh.
I’m not actually focusing on P/L right now, its more of a game to identify and gather enough data to come up with a trading plan that suits my personality.
right, 21 days to get a new habbit i.e. remove the old
yep, now i hardly ever wet the bed.
21 days, eh? 
Anyone on this one? Sorry about the late post, shoulda posted it earlier.
P.S : I can’t believe I read through a thread that’s 253 pages long 
, very well worth it I’d say…
Very good one 5 stars congrats!
damn!!! I missed the competition entry!!!
Saw the pattern when I got back from work (6pm EST). I saw the price reversing towards where the D is and thought that it was still valid for me to enter and grab some pips. Bad move, lost 25 pips on that trade.
Thank you all for participating in the Euro Analysis Contest. I will be announcing the winners publicly on this thread on Friday (3/12/10) during the market close. In addition, I will be posting my own analysis on the EUR/USD so that all of you may learn how to properly analyze a market using my method.
Furthermore,
GBP/USD
That trade looks promising 
BTW… 1.52989 = Sell point :rolleyes: so Watch it…
Damn, sorry to hear that maestro, the GBPUSD failed to hit the 0.382 retracement, lost some pips there. Thinking in probabilities, its still alright, only one out of three I traded yesterday failed to reach the 0.382 retracement.
A good looking Gartley on the GBPJPY coming up… the pattern has been trending downwards for quite some time so take caution if entering but the convergence is within a pip
@ tmoneybags
i can´t see the slightests convergence on gbpusd, what did i do wrong?
Man i´ve send various PM trying contact you since friday, i dont know if Babypips msg to mail dont work or what (fustrated -_-), i attach here what you should have gotted on fridays.
Duchas.pdf (666 KB)