30 Pips A day Keeps the your money at bay

[lavaman]

Originally Posted by BankDaPips

Hi Lavaman, I am not quiet sure I would say that 15Min patterns are at the lower end. I personally search for patterns on 1hr to 15M but primarily trade 15M. What I have found is that patterns will develop on the 15M that work toward achieving one hour setups and so on.

Bank

Hey Bank,

You're right about M15 patterns developing into good trades on the hour charts sometimes. I'm not talking about major differences here. I just mean that I think my typical risk on the 15 minute charts is about 25 pips, whereas on the hour charts 35 pips might be more typical. To demonstrate, I was getting a bit restless today so I zoomed into the five minute charts on the EU. I don't usually go timeframes this low but I still took the trade. Since I was only going for about 20-30 pips, I didn't want to risk that much and set my stop for 15 pips. I would never set a stop that close on the hourly charts. Got a nice bounce on this one...

[BankDaPips]

Originally Posted by TMoneyBags

That's true, most of the time you will find 1-3 patterns that lead to the 30/60 min patterns. If you want to find a limit that would work in any given time frame just about 85-90% of the time, I would set my limit at the .382 of the CD fib measurement (Conservative). Another option which works as well is the .382 of the AD leg (less Conservative). This is because of the fact that usually when a pattern such as a Gartley fails, it retraces to the .382 of AD (testing price) before it fails. Also take note that its roughly 50% of a patterns target 1 which is typically the .618 of AD. Also, a good tactic that works (if you have the discipline to follow it). Is to set your stop as a free trade once it hits the .236 of your XA. I've found that when 8/10 times when a pattern fails it will reach the .236 measurement of AD (wick to wick) and then fail. An even more conservative way to set a stop or limit with this method is draw your fibs from the Base price of A to the wick of D. Go back through your charts and put the theaory to the test. Its real and it works, Again I highly stress that you must be disciplined to follow methods such as this.

I liked the fixed and conservative take profit approach TMoney...just sometimes that little green eyed monster comes whispering in the ear, "What if it goes all the way there?" lol. But it is much more feasible and consistent.

The biggest challenge, to me, in trading is to develop the discipline. But as time goes by we grow.

Bank

[BankDaPips]

Originally Posted by lavaman

Hey Bank,

You're right about M15 patterns developing into good trades on the hour charts sometimes. I'm not talking about major differences here. I just mean that I think my typical risk on the 15 minute charts is about 25 pips, whereas on the hour charts 35 pips might be more typical. To demonstrate, I was getting a bit restless today so I zoomed into the five minute charts on the EU. I don't usually go timeframes this low but I still took the trade. Since I was only going for about 20-30 pips, I didn't want to risk that much and set my stop for 15 pips. I would never set a stop that close on the hourly charts. Got a nice bounce on this one...

Ok Lavaman, I thought you were talking about the quality/reliability of the patterns on 15M. Didnt realize you were referring to stops. Nice trade on the EUR 5M by the way.

Bank

[lavaman]

Originally Posted by BankDaPips

Ok Lavaman, I thought you were talking about the quality/reliability of the patterns on 15M. Didnt realize you were referring to stops. Nice trade on the EUR 5M by the way.

Bank

Haha, sorry about the confusion! I was about to pull out the boxing gloves! Just kidding...

[BankDaPips]

Originally Posted by lavaman

Haha, sorry about the confusion! I was about to pull out the boxing gloves! Just kidding...

No problem...only thing is us ladies tend to resolve more peacefully lol

[lavaman]

Originally Posted by BankDaPips

No problem...only thing is us ladies tend to resolve more peacefully lol

I was completely joking about the gloves, I was beat up a lot when I was younger and now I'm a pacifist. Plus, I didn't know you were a lady and I don't hit girls!

[BankDaPips]

Originally Posted by lavaman

I was completely joking about the gloves, I was beat up a lot when I was younger and now I'm a pacifist. Plus, I didn't know you were a lady and I don't hit girls!

Haha, seems I have escaped your wrath by the skin of my teeth Lavaman...I know you're kidding, a laugh or two does help reduce the stress level in this pipping game

[wrtm_19]

Hello everyone! BankDaPips, me neither! I wasn't aware you're a girl! It's nice to hear we have a mix group in here.

Now to the tacher and my classmates, here are some patterns I think are in their way. Hope they're well spotted.

Regards!

15 min Eur/usd



USD/CAD 30 min



USD/JPY 30 min

[hoss]

Originally Posted by lavaman

Hey hoss,

Yes, I would definitely be more inclined to take only the more symmetrical setups. But I don't mind if the XA is much longer than the AB, especially if there is an AB=CD pattern in there. I would say I'm only trading about one out of five patterns I draw.

I've been using a risk management system that was written about in "Trade What You SEE". That is, for now I set my stop at a spot that will be difficult to hit, usually right under or over some major resistance or the next major fib level. I then take half my profits when price hits a level equal to the amount I had at risk. Then, I take the rest of the profit at the next major support/resistance or fib level, whichever seems to make more sense. Typically, my stops have been around 25-35 pips, and my final TPs have been around 35-55 pips. Yes, these are usually at the lower end on 15 minute charts and the higher end on hourly charts.

I'm just as new to this as most others on this thread. So I'm still experimenting to see what works for me. Right now my account level is exactly where it was when I started trading these patterns. So, considering all my rookie mistakes, I feel pretty good about that!

Great. Thank you for your help!

[lavaman]

wrtm_19,

That's a big stack of 100 dollar bills in your avatar. I'm sitting here staring at it and I've already counted $37,900 and it just keeps going!