30 Pips A day Keeps the your money at bay

[wrtm_19]

I was stopped out with a loss of 15 pips. I could've breakeven since the trade went positive at first with 12 pips, but I wasn't watching so I didn't change my stop loss and here are the consequenses!
More trades to come!

[Monster Trader]

LOL ouch...

I just jumped in on demo for fun

tgt .8065
stop .8097

[wrtm_19]

Originally Posted by Monster Trader

WRTM - Good Eye! I wouldn't have been able to spot that! hope it works out!

Well unfortunately it didn't! But there are lots more to come I'm sure!

Thanks for your wishes!

[PerchTird]

The video - was refered to on the first or second page of this thread - - and a link was posted on page 3 or 4 or 5 - somehwhere early - just a little utube thing about 6 minutes from the originator Tmoneybags (sorry if spelling is wrong) - there are actually two of them. and quite informative for a newbie.

I ordered the wiley book today- - I know enough that I don't know enough yet but I am getting closer - I was actually going to post a chart I found on the A/U 30 minute that was similar to wrtm 19 - - - -oh wait after checking - it wasn't not sure why I just didn't delete that part?

Anyways I found a video clip from 'blackknight" on a zig zag pattern - and I don't want get away from the real topic, but a quick explanation would be neat - - - His video showd with fibs - the A - B - C trade at C - where it looked just like setting up a gartley or butterfly, but trading at point C instead of waiting for point D - - - - - - -I guess, I'll check out the 3-drive - maybe it's somethign to do with that.

Allright - typically I don't post unless I have something I think is productive- this for the most part wasn't sorry. I'll try to keep them more constructive.

[PerchTird]

K - more constructive - as stated before I think I am getting closer - please point out correct/incorrect points. a butterfly - not gartley as D is estimated past the X

picture 1 -
I think I've got an X - A - and B. and maybe not - cause I 'skipped' a B. is this ok?

I've got X-A - and there was a B at the .382, but that didn't seem to work well, so I put it at a 'stronger' point just past the .618 mark (is this a valid thought process) again (the book is coming) so sorry if all this is already been taught.

So going with the (assume ok set up) the C point is a .382 retracement of A-B leg.

D is calculated by distance of AB - - put at C - shows a possible D at x.4130

Ok - just trying to get the hang of 'finding' and drawing these ACCURATELY.

What is the consensus - thanks

[xtensive]

Hi everyone,

I haven't posted here in a while but here is a nice pattern on the EU from this morning that nabbed me 11 pips. It was good for about 30 or so but I got in a little late. Sometimes it is hard to catch the high/low of the last leg and I've been burned trying to do so

The pattern over the next 2 hours actually retraced a bit and then went up to that 0.0 fib line on the chart making it good for ~50 pips if you had the guts to stick it out a little longer, but I'm trading live and that has affected my risk/reward goals

Mike

[wrtm_19]

Originally Posted by xtensive

Hi everyone,

I haven't posted here in a while but here is a nice pattern on the EU from this morning that nabbed me 11 pips. It was good for about 30 or so but I got in a little late. Sometimes it is hard to catch the high/low of the last leg and I've been burned trying to do so .......

Great trade!! Congrats!! I also saw that one but honestly I didn't ride it because I thought it was too risky. I think it completed too soon and there was too much momentum. But.......... I wish I would've took it!

[Monster Trader]

Whats you channel size and slope EA about?

Good Job too

I'll be looking to post some AB=CD's later on I missed 3 last night , but its all good, still looking to master these babies before I go live again

[xtensive]

Geez looking at my chart it is a bit confusing, sorry about that, I look at this chart all day and stop noticing all the additional noise

The Channel Size info is from a SHI channel that is colored green in the chart. I use it to help confirm trend directions and movements but I only use it as a visual because it repaints and I don't trust any indicators that repaint, they are only good for confirmations, or to compliment another set of data points.

Mike

[wrtm_19]

But I took a loss! My stop loss was too tight I guess, but well, for the purpose of the effectiveness of this patterns it worked. GBP/USD 1Hr