30 Pips A day Keeps the your money at bay

[wrtm_19]

Update: I took the usd/cad trade and It failed

Hello everybody. I have two patterns that I'm going to be watching. Just wanted to share.

AUD/USD 15min



USD/CAD 1hr



Have a great start of week.

[wrtm_19]

This is the image of the actual D of my previous AUD/USD pattern. A trade I didn't take.

[Monster Trader]

Originally Posted by wrtm_19

Update: I took the usd/cad trade and It failed

Hello everybody. I have two patterns that I'm going to be watching. Just wanted to share.

AUD/USD 15min



USD/CAD 1hr



Have a great start of week.

WRTM

Great eye! I was watching it on the 4 hr and just jumped in, no news so were good to go.

my entry was 1.09, tgt is 1.0805 and my stop is 1.095

EDIT:

Had I not jumped in I could have cought an ideal entry 20 pips up, but I didn't think price would hit that level...

Therefore new take profit is 1.0835 to reflect the higher 'D'

Patience is a for of action in itself!

[wrtm_19]

Originally Posted by Monster Trader

WRTM

Great eye! I was watching it on the 4 hr and just jumped in, no news so were good to go.

my entry was 1.09, tgt is 1.0805 and my stop is 1.095

EDIT:

Had I not jumped in I could have cought an ideal entry 20 pips up, but I didn't think price would hit that level...

Therefore new take profit is 1.0835 to reflect the higher 'D'

Patience is a for of action in itself!

Right now you're in such a nice trade!

[celestial]

Hello and good evening to y'all!

I´ve just started to look in to pattern trading and find it most interesting

I still have a few questions though and one of them considering the fib levels and convergencies and the retracements of price to those levels:


How manny +- pips would you guys say is ok for a price level to bounce around a fibonacci retracement or convergence between two fibonacci drawings, (lets say the XA fib and the AB fib)



that´s all for now, but I bet that there´s gonna be more questions along the way




ps.

We have to make shure to keep this thread alive! it´s awsome for people that are in to trading patterns!



/
Celestial

[wrtm_19]

Originally Posted by celestial

Hello and good evening to y'all!

I´ve just started to look in to pattern trading and find it most interesting

I still have a few questions though and one of them considering the fib levels and convergencies and the retracements of price to those levels:


How manny +- pips would you guys say is ok for a price level to bounce around a fibonacci retracement or convergence between two fibonacci drawings, (lets say the XA fib and the AB fib)



that´s all for now, but I bet that there´s gonna be more questions along the way




ps.

We have to make shure to keep this thread alive! it´s awsome for people that are in to trading patterns!



/
Celestial

Hi Celestial, and welcome to the thread, to quickly answer your question. The potential retracement for a selected pattern is 50% from A to D. TMoneyBags of course suggests only to go for 30pips. But if your 50% AD for a determined pattern goes for less then respect the AD fib level. If it goes for more, then go for 30 pips.

Hope that helps.

[celestial]

Originally Posted by wrtm_19

Hi Celestial, and welcome to the thread, to quickly answer your question. The potential retracement for a selected pattern is 50% from A to D. TMoneyBags of course suggests only to go for 30pips. But if your 50% AD for a determined pattern goes for less then respect the AD fib level. If it goes for more, then go for 30 pips.

Hope that helps.

Cool tip about managing the pips.

As I watched TMB:s videos earlier in the thread I noticed that the fib levels that was drawn was converging so nicley with eachother. Must be due to the symmetry in the pattern I guess.

Many times when I am out searching for patterns in old history price charts for practice, my convergencies and retracement levels doesent blend in together as nicley as in the video tutorial, and thereof my question

[wrtm_19]

Originally Posted by celestial

Cool tip about managing the pips.

As I watched TMB:s videos earlier in the thread I noticed that the fib levels that was drawn was converging so nicley with eachother. Must be due to the symmetry in the pattern I guess.

Many times when I am out searching for patterns in old history price charts for practice, my convergencies and retracement levels doesent blend in together as nicley as in the video tutorial, and thereof my question

Ok I get your question. Up to ten pips difference between converging fib levels is ok. But personally I only take convergences with a difference of up to 5 pips, and I put my D point right in the middle of them.

As you stated before you're going to find lots of this cases. So It's just a matter of time for you to see how this works and what's the most suitable way to trade them for you.

I hope I answered your question this time

[celestial]

Ok, so here´s my first "official" atempt for a gartley 222 pattern.

I found this on the USD/JPY M30 chart but got to the screen a bit to late for a potential entry.



My question for this pattern is still if the convergence around the 61.8 levels of both fibs are the valid completion point of D. Is the Convergence good enough?

[Sweet Pip]

Originally Posted by celestial

Ok, so here´s my first "official" atempt for a gartley 222 pattern.

I found this on the USD/JPY M30 chart but got to the screen a bit to late for a potential entry.



My question for this pattern is still if the convergence around the 61.8 levels of both fibs are the valid completion point of D. Is the Convergence good enough?


[/url]/[/IMG]

Hi Celestial

Nice big pic...lol...however if possible could you make them a bit smaller to fit the frame of the page...babypips doesn't like it when pics distort the page size...thanks

Now to your question. According to TMB's guidelines, D must be at least, or surpass, the 100% of the 2nd set of fibs. Although there was a tradeable pullback at your D, it's not valid yet. Instead, look higher up at where the 100 and 78.6 converge...ya still might get in on that one if it reaches there...