30 Pips A day Keeps the your money at bay

[modo]

Originally Posted by Sweet Pip

Looking at your chart Modo, I do see that yours doesn't have the 10 diff that mine does...probably due to the different brokers with slightly different feeds that cause some candles to form differently.

Yes the fib requirements are less stringent here than what is documented elsewhere. I have a printout that includes the bat and crab too, but I've stopped trying to match the fib levels to all 4 patterns cause sometimes they materialize and fail, and sometimes they work even with a different combo of key levels. Most don't use the 14.4 & 88.6 levels either.

Sometime I wonder if it's different because the original criteria was developed on the stock market and so in translation to forex it altered somewhat.

Whatever the reason, I just keep in mind a concept that Miner put in his book...

Most highs & lows are made in proportion to one or more previous sections of the trend or countertrend.

Thanks Sweet Pip.

[wrtm_19]

Good morning all, what an amazing early london session. Aud/usd gave us a great opportunity to go short, not the best day for certainty since today was a day of big news.

Ok here I want to post a possible D in Usd/jpy probably for next week. It's on the 4 hour chart, and before I post any comments I'd like to hear your opinions on why it is/ it's not a good pattern to trade.

Please take a look at the whole picture (zoom out your chart), would it be a correction? would it be a continuation?. That'll be great to hear what you think.

Have a nice weekend everyone!

[Sweet Pip]

Originally Posted by wrtm_19

Good morning all, what an amazing early london session. Aud/usd gave us a great opportunity to go short, not the best day for certainty since today was a day of big news.

Ok here I want to post a possible D in Usd/jpy probably for next week. It's on the 4 hour chart, and before I post any comments I'd like to hear your opinions on why it is/ it's not a good pattern to trade.

Please take a look at the whole picture (zoom out your chart), would it be a correction? would it be a continuation?. That'll be great to hear what you think.

Have a nice weekend everyone!

So many things going on in this chart!...lol.

I zoomed out on the daily because I don't have 4 hr on my online charts here at work. It looks like it might try to re-test a double bottom around 88.00...big support...set back in Jan-Feb, tested and failed again in early Oct.

Still in a down trend as it hasn't broken the downward structure. Until it does, we can only assume it will continue. We are still getting lower highs & lower lows. I'm thinking it's resuming down now from it's corrective wave which made a double top (resistance) around 92.30ish...but it's kinda right in the middle now at 90ish.

I think I'd rather wait for a bearish pattern which goes with the trend, but as it seems to work out, a 30 pip profit is quite reasonable even for a failed pattern going against the trend...lol...as it zigzags towards it's destination.

I'd only say that if one was late to the entry on this pattern, then it might not have as much upside potential as one that was late and going with the trend.

[LUD]

i´ve studied this thread and the book, traded two weeks thee patterns and must say, they work, BUT only about 20 % did the reversal take place at the estimated point with fib convergences. often they climbed higher or reversed lower.

what are your experiences or is there soemthing I do wrong?

[kia4ever]

wow I can`t believe this thread is still alive. Congrats to everyone making money.

I finished reading the book and I must say I am totally disappointed. The book barely touches on how to go about using this method step by step, it just says what it is and gives u a 100 examples on how it works. What a waste of 40 bucks.

Regardless this is an interesting method and I hope to learn more from you guys

[kia4ever]

Btw does Tmoney still post in this thread? Last time I checked this thread he was going in with 50 000

[modo]

Originally Posted by wrtm_19

Good morning all, what an amazing early london session. Aud/usd gave us a great opportunity to go short, not the best day for certainty since today was a day of big news.

Ok here I want to post a possible D in Usd/jpy probably for next week. It's on the 4 hour chart, and before I post any comments I'd like to hear your opinions on why it is/ it's not a good pattern to trade.

Please take a look at the whole picture (zoom out your chart), would it be a correction? would it be a continuation?. That'll be great to hear what you think.

Have a nice weekend everyone!

Wrtm,

I have a long bias on this pair, basis the bullish butterfly of TMoney's you posted on pg 168 of this thread.

Might take this pattern, thanks for posting.

[wrtm_19]

Originally Posted by Sweet Pip

So many things going on in this chart!...lol.

I zoomed out on the daily because I don't have 4 hr on my online charts here at work. It looks like it might try to re-test a double bottom around 88.00...big support...set back in Jan-Feb, tested and failed again in early Oct.

Still in a down trend as it hasn't broken the downward structure. Until it does, we can only assume it will continue. We are still getting lower highs & lower lows. I'm thinking it's resuming down now from it's corrective wave which made a double top (resistance) around 92.30ish...but it's kinda right in the middle now at 90ish.

I think I'd rather wait for a bearish pattern which goes with the trend, but as it seems to work out, a 30 pip profit is quite reasonable even for a failed pattern going against the trend...lol...as it zigzags towards it's destination.

I'd only say that if one was late to the entry on this pattern, then it might not have as much upside potential as one that was late and going with the trend.

Sweet Pip thanks for your insights.

I was looking a two different pictures, both presenting interesting info, you know trends withing trends, multitimeframes

On the daily chart, as you mentioned, a downtrend is present, and according to next chart, it looks like the correction (small uptrend) has finished and we are again on the downtrend and the possible formation of a 1-2 leg. Hence or D is totally against the trend. Look also that our D point convergences with our daily 88.6% fib. On daily chart neither signal supports the other.



BUT...... here we have our 4hr chart zoomed out.

In here the story is totally different. If I'm right it looks like our X point is the resume of the previous trend and it will be testing support before going up again.

Another point would be that in this chart the upwards trendline has been already broken, also a pennant has be broken downwards, both signals suggesting a short trend.

In this chart I think I'm ignoring the fact that I'm trying to trend with this timeframe trend, and not the main chart.



In conclusion, even though I like the D point, I agree with the fact that we have opposite signals in both timeframes, so that should be a signal of invalidation to me. I know this thread doesn't talk about it, and in fact in theory there's no reason to take a look at the trend, but, I'm trying to have higher probabilities in here.

Sweet Pip and everyone. I'd like to hear your opinion regarding this.

Thanks!

[wrtm_19]

Originally Posted by modo

Wrtm,

I have a long bias on this pair, basis the bullish butterfly of TMoney's you posted on pg 168 of this thread.

Might take this pattern, thanks for posting.

Might be a fake out, but I think it will be good for 30 pips

[jgadefelth]

Hi all happy pattern trading people

the new consept sweetpips are into is little advance for me but have you some of you heard of wolf waves described by linda raske i believe ? anyone have tried trading them are they as good as the grtleys here ?


best regards