30 Pips A day Keeps the your money at bay

[lavaman]

Originally Posted by TMoneyBags

Congratulations to all who traded the EURO/USD Bearish Pattern and earned their 30 pips. Price shot through the entry but respected it, lingered on the sell point and shot down for 30+ pips.

Even though I did not trade this my self, congratulations to any one who took the advice and traded it. Today even though being a very volatile trading session, we have proven that we can predict price movement and make money by following the system with discipline. All 3 patterns today have been successful. Be mindful that today is a holiday and I do not recommend to continue trading until the 5-8:30pm est time range. Analyze the market and see if you can predict price movement from now 'till then if your trigger happy

I'm still in this trade. I have a plan to take half profits at +30 pips (equal to my risk) and another half at the .618 of our XA after moving the stop to break even. My chart shows price only getting to 1.3343, which would not have been 30 pips if you took the sell where I did (at 1.3362 - I shaded a bit) or where your convergence was (1.3364). I thought about taking profit when price got down there, but the thing I really need to work on is following my plan, so I didn't. I know I'll get nowhere if I'm always taking profits too early, while accepting full losses.

Anyway, price is going against me now but my stop is just above the X (and there is definitely some resistance there) so anything can happen. If I take a loss here, I'll just use it as more practice in loss acceptance!

*Update: Failed, oh well!

[kia4ever]

Tmoney how do u find these patterns? Do you use a cell phone alert or are u constantly monitoring the charts?

[TMoneyBags]

Originally Posted by kia4ever

Tmoney how do u find these patterns? Do you use a cell phone alert or are u constantly monitoring the charts?

I explain how to find the patterns on the youtube videos posted earlier on the thread. I'm at the point right now where any group of zig zags whether in Forex, stocks, commodities, in fact any type of chart will pop out the image of a Butterfly or Gartley for me if the measurements are met. It's not hard to tell the % of retracement in price with just your eye.

A method I used for learning to find patterns fast in charts was that I would go back in history, take a snap shot of the chart (no matter what time frame, usually the 30 min or 15) and print it out. Then I would look for patterns using the basic rules for establishing the XABCD points. In addition, one thing that I would look for where sloppy W's and M's in price. For example see bellow:

[nlrsniper]

TMB,

can you do me a favor and review these for me. Both seem valid to a certain degree.



This was the first one I looked at. The end of point B shows a strong resistance so I wanted to look for additional patterns that might support this one. As i looked I saw this:



Your thoughts and criticism are much appreciated.

[kia4ever]

thanks for the reply tmb, I was under the impression that these patterns are sort of rare and I was wondering if u used alerts or you patiently waited till the perfect pattern. From your reply Im guessing that they are actually more common then I thought, I have seen your videos and thank you for making them they are very clear and im slowly learning this method. Im actually in the process of buying that book you recommended regarding the sloppy m's and w's what are they exactly for?

[Sweet Pip]

Originally Posted by kia4ever

....regarding the sloppy m's and w's what are they exactly for?

The m's & w's are the general "look" you are looking for...that's what the patterns resemble.

The m's are bullish,
the w's are bearish.

When you see them, then start measuring them with your fib tool.

If you have mt4 you can use the zigzag indicator too, otherwise just use trendlines to connect swing highs & lows, to help you pick them out visually.

[Sweet Pip]

Pretty quiet in here tonight....

Well I've been taking a few trades here & there. Saw this nice little channel forming on the eurusd 5M t/f, and using that pattern indicator I found, which displays fib retracements, took shorts at the top of the channel and longs at the bottom. The fibs levels were dead on all the way down. Just took a quick 5-10 pips per trade.

[TMoneyBags]

Originally Posted by nlrsniper

TMB,

can you do me a favor and review these for me. Both seem valid to a certain degree.



This was the first one I looked at. The end of point B shows a strong resistance so I wanted to look for additional patterns that might support this one. As i looked I saw this:



Your thoughts and criticism are much appreciated.

Good patterns, except for the predicted one at 88% of CD... Big nono . Remember that all D's form at a minimum of 100% of CD

[TMoneyBags]

Good Morning London Session, Sorry for not being up this after noon... (not really ). I slept extremely well and am ready for trading right now. Feel free to post through out the day, I will be here to answer your questions/doubts. Have a great trading day!

[Sweet Pip]

Well, that channel turned into a butterfly...lol

Took the long at 133.52...don't know if it will make 30 pips, but will put the stop to b/e and let it ride.