30 Pips A day Keeps the your money at bay

[modo]

hi there,

i'm probably breaking all kinds of rules posting anything other than a currency chart, but i noticed this bearish gartley on the 4H cash S&P 500

given the strong correlations, i thought it might have implications for your currency trading.

let me know if you see any problems with the pattern cos i'm short.

[wrtm_19]

Originally Posted by modo

hi there,

i'm probably breaking all kinds of rules posting anything other than a currency chart, but i noticed this bearish gartley on the 4H cash S&P 500

given the strong correlations, i thought it might have implications for your currency trading.

let me know if you see any problems with the pattern cos i'm short.

Hi Modo! By looking at your pattern I just have to say well done! I don't see a bigger picture, but I hope this trade goes with you. Nothing wrong with posting other instruments.

Let us know the outcome

[modo]

Originally Posted by wrtm_19

Hi Modo! By looking at your pattern I just have to say well done! I don't see a bigger picture, but I hope this trade goes with you. Nothing wrong with posting other instruments.

Let us know the outcome

Thanks wrtm,

Looks like I'm on borrowed time with this one. I was well in the money (took 1/4 position), but the selling ran out of steam in a quiet session, and no doubt price will now grind higher and take out my stop...sigh.

I would like to have a stop above X, but unfortunately that is too expensive for me.

Anyway, thanks for the encouragement, hope you have a good night.

[modo]

wrtm,

you probably already have it, but i see a nice bullish gartley forming on the usd/csd h4.

x 1.03789

d 1.04341

sorry, no time for chart.

[wrtm_19]

Originally Posted by modo

wrtm,

you probably already have it, but i see a nice bullish gartley forming on the usd/csd h4.

x 1.03789

d 1.04341

sorry, no time for chart.

Yes! Indeed I have it! Looks like a nice set up, but remember that tomorrow is holiday for both currencies so I expect a choppy session instead.

The opposite happened to me yesterday when I had this GU pattern, waiting all day long to develop, when suddenly a really big bar hit D, and because of that I didn't take the trade, wich after that hit perfectly the 50% AD.

You never know! It's better to stay safe

[Y2A]

What time frames are you guys trading with this method? I'm trying to figure out a good compromise between the number of patterns that develop while reducing fake-outs.

[wrtm_19]

Originally Posted by Y2A

What time frames are you guys trading with this method? I'm trying to figure out a good compromise between the number of patterns that develop while reducing fake-outs.

Hello Y2A! and welcome to the thread,

Even though at the beginning of the thread we were encouraged to trade 30 minutes 1 hour charts, I personally trade 1 hour and 4 hours charts for the most part of time. I feel more comfortable with these timeframes. Occasionally I trade the 30 minutes chart.

[BobVila]

Originally Posted by modo

wrtm,

you probably already have it, but i see a nice bullish gartley forming on the usd/csd h4.

x 1.03789

d 1.04341

sorry, no time for chart.

I picked up on that one but took the x further back at 1.02068 which put my d at 1.03452

How did you go about deciding which low to take for your x?

I should note I spotted the pattern on the 60 m chart after scrolling back a bit.

[Y2A]

Originally Posted by wrtm_19

Hello Y2A! and welcome to the thread,

Even though at the beginning of the thread we were encouraged to trade 30 minutes 1 hour charts, I personally trade 1 hour and 4 hours charts for the most part of time. I feel more comfortable with these timeframes. Occasionally I trade the 30 minutes chart.

Thanks for the welcome!

I myself have been trading the daily charts, which means I'm usually trading in the middle of a pattern since they don't form as frequently as in smaller time frames.

Here are some patterns I've drawn up on eur/usd, gbp/usd, and usd/chf, are these valid and have I drawn them correctly?

[BobVila]

Now that I've chimed in, I'd like to rewind and say hi to everyone. I've been studying this thread and the books Luis recommended for the last three or four weeks (maaan, it takes a long time to get through 2000 posts, doesn't it?!)

I've been making trades on demo accounts for the last two weeks and it's starting to come together, although I've still got miles to go.

I started using marketscope from fxcm uk last week and like it more than mt4. Thought I'd share a bit of wisdom about the ZUP indicator that Sweetpips mentions here in the thread:

If you're just starting out with recognizing patterns like this, do yourself a favor and avoid it!! I came very quickly to rely on it more than my own analysis and got into some bad trades because I wasn't disciplined enough to spot these patterns on my own and verify them. If I had taken the time, I'd have known they hadn't completed!

Now that I'm on marketscope, I've gone back to relying on myself to spot these patterns and I'm doing much better. It'll do me a world of good in the long run.