30 Pips A day Keeps the your money at bay

[TMoneyBags]

So on the 4 hour for the AUS/USD, the previous bar was an inverted hammer right? (I'm measuring the open and close of the last 4 bars with my eye lol).

[BankDaPips]

Originally Posted by TMoneyBags

So on the 4 hour for the AUS/USD, the previous bar was an inverted hammer right? (I'm measuring the open and close of the last 4 bars with my eye lol).

No it was an inside bar, by itself, more of a spinning top or hangman.

[TMoneyBags]

[5:07:11 AM] Geodawg19 says: i'm finally up lol
[5:07:19 AM] TMoneyBags says: heh
[5:07:30 AM] TMoneyBags says: ur 1 pip away from the ausi usd sell
[5:07:37 AM] Geodawg19 says: i'm seeing D bearish gartley on 30 usd/jpy
[5:07:38 AM] TMoneyBags says: i just got in, it gave us a retest to get on the major sell
[5:07:47 AM] TMoneyBags says: *Aus/USD
[5:08:35 AM] Geodawg19 says: i just entered
[5:10:13 AM] Geodawg19 says: so what do you think Bernanke's speech will do for the USD
[5:10:52 AM] TMoneyBags says: Not sure, but im sure that he will like always cause speculation :P and fake every one out
[5:11:10 AM] Geodawg19 says: so do you avoid trades during those events?
[5:11:12 AM] TMoneyBags says: from the looks of it
[5:11:26 AM] TMoneyBags says: it should be dollar strength for the long run
[5:11:35 AM] TMoneyBags says: all the patterns are signaling weakness against the dollar
[5:11:45 AM] TMoneyBags says: in just about every pair
[5:12:09 AM] Geodawg19 says: because everything is holding their breadth before the announcement?
[5:12:39 AM] TMoneyBags says: basically, plus the sole fact that majority of the paris are exauhsted with the move up
[5:12:53 AM] Geodawg19 says: did you enter the nzd/usd too
[5:12:53 AM] TMoneyBags says: the reason why were seeing so many major bearish patterns developing
[5:12:56 AM] TMoneyBags says: yeah
[5:13:26 AM] TMoneyBags says: I pretty much entered it twice
[5:13:36 AM] TMoneyBags says: at both convergence points I had entries
[5:13:46 AM] TMoneyBags says: im going to close all 3 pairs at 60 pips total
[5:14:13 AM] Geodawg19 says: 60 pips for each?
[5:14:21 AM] Geodawg19 says: or combined hehe
[5:14:30 AM] TMoneyBags says: combined heh
[5:15:11 AM] TMoneyBags says: the ausi pair alone
[5:15:17 AM] TMoneyBags says: is a 290 pip move to target 1
[5:15:25 AM] TMoneyBags says: i can pretty much do a 60 pip alone on that one
[5:15:28 AM] TMoneyBags says: and feel comfortable
[5:16:01 AM] Geodawg19 says: so USD is gaining str in those
[5:16:04 AM] TMoneyBags says: 23% of it is 120+ pips >.>
[5:16:06 AM] TMoneyBags says: yes
[5:16:30 AM] Geodawg19 says: because of the speculations and announcements?
[5:16:47 AM] TMoneyBags says: their usually give the first signs of general motion of the market
[5:16:55 AM] TMoneyBags says: *they
[5:17:21 AM] Geodawg19 says: http://i497.photobucket.com/albums/r...dawg19/1-5.jpg
[5:17:28 AM] Geodawg19 says: so should I ignore this one?
[5:18:53 AM] TMoneyBags says: your ausi trade should do fine on its own
[5:19:10 AM] TMoneyBags says: its valid though
[5:19:13 AM] TMoneyBags says: and can happen
[5:20:24 AM] Geodawg19 says: i'm looking at bank of England rate decision
[5:20:44 AM] Geodawg19 says: so the higher the rate, the more power the currency gets right?
[5:20:53 AM] Geodawg19 says: since people can earn more money through interest
[5:21:28 AM] TMoneyBags says: yes but theirs much indecision still in the market about that
[5:21:52 AM] TMoneyBags says: i guess a comparison with what Bernanke will say will determan the better half
[5:22:01 AM] Geodawg19 says: now with your nzd/usd bearish gart
[5:22:09 AM] TMoneyBags says: I'm expecting price to shoot for dollar strenth and considate for the month
[5:22:12 AM] Geodawg19 says: why did you pick your b near .618 instead of the lower one at .500
[5:22:50 AM] TMoneyBags says: for?
[5:22:51 AM] TMoneyBags says: AUS?
[5:22:58 AM] Geodawg19 says: nzd/usd
[5:23:12 AM] TMoneyBags says: i chose both B's
[5:23:21 AM] TMoneyBags says: they both seemed legitimate
[5:23:25 AM] Geodawg19 says: ah ok
[5:23:37 AM] TMoneyBags says: its just extra confirmation
[5:30:24 AM] Geodawg19 says: did your aus/usd just close above it?
[5:31:41 AM] TMoneyBags says: no
[5:31:52 AM] TMoneyBags says: I'll be waiting for an hourly close
[5:31:58 AM] Geodawg19 says: I see
[5:32:11 AM] TMoneyBags says: but the 30 closed right on top of the fib
[5:32:37 AM] TMoneyBags says: the problem with this though is that the size of it should be on a 4 hour pattern
[5:33:48 AM] TMoneyBags says: the euro/jpy is 1 -4 pips from a D
[5:34:06 AM] TMoneyBags says: right on it now
[5:36:04 AM] Geodawg19 says: my fib tool always deselects itself after 10 seconds
[5:36:08 AM] Geodawg19 says: do you have that too
[5:36:50 AM] TMoneyBags says: haven't noticed that
[5:37:26 AM] Geodawg19 says: have fib tool and move it around
[5:37:33 AM] Geodawg19 says: see if it deselects it
[5:38:51 AM] Geodawg19 says: i think both usd/jpy and eur/yen are at D if we're correct
[5:40:30 AM] TMoneyBags says: yup
[5:40:45 AM] TMoneyBags says: ugh wish market scope had a 4 hour time frame
[5:41:14 AM] TMoneyBags says: i usually have to look at how each 4 bars would form 1 candle .. lol
[5:41:22 AM] TMoneyBags says: on the hourly
[5:41:33 AM] Geodawg19 says: ahh
[5:42:36 AM] TMoneyBags says: when is the close for the 4 hour chart?
[5:42:59 AM] Geodawg19 says: i dunno I also use marketscope
[5:48:44 AM] Geodawg19 says: so the price on aud/usd wicked the D before
[5:48:54 AM] Geodawg19 says: it was during a employment announcement for AUD
[5:49:20 AM] Geodawg19 says: so that's by definition a retest?
[5:51:11 AM] TMoneyBags says: basically when price rushes through a resistance or a support area
[5:51:46 AM] TMoneyBags says: and doesn't linger around it long enough for buyers or sellers to decide if they like the price or not
[5:52:14 AM] TMoneyBags says: so price comes back and retest the break point and then decides to continue its past direction
[5:52:24 AM] TMoneyBags says: or do the reversal it originally intended
[5:52:41 AM] TMoneyBags says: which is why most people say that price "retest" a trend line after it breaks it
[5:53:20 AM] Geodawg19 says: which is what it's doing now
[5:54:02 AM] TMoneyBags says: basically yes
[5:58:01 AM] TMoneyBags says: think im gona hop on some dota
[5:58:06 AM] TMoneyBags says: cant stress my self out lol
[5:58:24 AM] Geodawg19 says: lol
[6:13:37 AM] TMoneyBags says: im seeing the reason why the ausi has been moving a bit higher
[6:13:45 AM] TMoneyBags says: theirs a higher D
[6:13:50 AM] Geodawg19 says: oh?
[6:13:53 AM] TMoneyBags says: about 50 pips from where its at though
[6:14:03 AM] Geodawg19 says: so what do you do?
[6:14:04 AM] TMoneyBags says: but on the daily it has convergence with it pretty good
[6:14:23 AM] TMoneyBags says: I'm thinking im going to stick to the trade possibly wait for the 4 hour close
[6:14:34 AM] TMoneyBags says: price looks exhausted
[6:14:42 AM] TMoneyBags says: and the bars are indicating a reversal as well
[6:15:07 AM] Geodawg19 says: USD/JPY is coming through well if you're looking at it
[6:16:00 AM] TMoneyBags says: yeah and the GBP /USD almost hit our second predicted D and is coming back down to the first convergence
[6:16:42 AM] TMoneyBags says: I believe that the D's that have formed are a sign of a fake out
[6:16:52 AM] TMoneyBags says: price movement in favor of dollar weakness was just a fake out
[6:17:09 AM] TMoneyBags says: Cool if I post this conversation on the forums?
[6:17:14 AM] Geodawg19 says: go for it

[hakunamatata]

Pattern Trading on its finest. You're all doing great job here!

TMoney, to get higher timeframes in marketscope simply put H3 or H4 or H2 in the marketscope where timeframes are in, you can also use H7 if you want.

Btw. i enjoy this thread and have made also lot of patterns yesterday, my GU which was also analysed here in the thread failed by two pips so since then no trade, but i'm drawing and find possible zone for initiate some trades.





thanks for this great thread

[TMoneyBags]

Originally Posted by hakunamatata

Pattern Trading on its finest. You're all doing great job here!

TMoney, to get higher timeframes in marketscope simply put H3 or H4 or H2 in the marketscope where timeframes are in, you can also use H7 if you want.

Btw. i enjoy this thread and have made also lot of patterns yesterday, my GU which was also analysed here in the thread failed by two pips so since then no trade, but i'm drawing and find possible zone for initiate some trades.


Q: In your first video you have adjusted the Fib from the AB leg, that the C sits exact on the .886 level, do you ever adjust your fib? if yes, that would explain why i get those exact confluences very rarely.


thanks for this great thread

Thank you for the Time frame tip! By the away, the reason I draw from B to A backwards wand place the 0.00 of the fibs right on the possible C leg, is because the following must always be true: CD >= AB. In other words, your CD leg should always be 100% or greater in relation to AB for it to be defined as a valid pattern.

Wow, thank you very much for the tip lol. I'll be able to post a lot more accurate patterns now .

[hakunamatata]

Originally Posted by TMoneyBags

Thank you for the Time frame tip! By the away, the reason I draw from B to A backwards wand place the 0.00 of the fibs right on the possible C leg, is because the following must always be true: CD >= AD. In other words, your CD leg should always be 100% or greater in relation to AD for it to be defined as a valid pattern.

i will go back a few post and read again, maybe i'm only dumb ATM

Originally Posted by TMoneyBags

Wow, thank you very much for the tip lol. I'll be able to post a lot more accurate patterns now .

you're welcome

EDIT:by the way what you think about this one?

[BankDaPips]

Hi Tmoney, did you see my question regarding C retracements beyond the 78.6%?

[TMoneyBags]

Originally Posted by BankDaPips

Hi Tmoney, did you see my question regarding C retracements beyond the 78.6%?

I trade any retracement between .236 (high time frame) and 1.000. Bellow the .786 is a "rare" fib level which hits pretty frequently with patterns which is the .886. Most people do not know about this. I believe gartleys that form on there have a special name but I forgot what it was called.

[lavaman]

Originally Posted by Sweet Pip

Hey lavaman,
Here's a nifty indicator I use to show when news is going to be released...it puts only the news for that pair right on your chart so no excuse for not checking...lol

When you attach it to your chart(s) make sure to check mark the "Allow DLL" box. You can also change the corner it displays in to keep it out of the way from covering up your candles.

Hope that helps

I love it! Thanks Sweet Pip!

[BankDaPips]

Originally Posted by TMoneyBags

I trade any retracement between .236 (high time frame) and 1.000. Bellow the .786 is a "rare" fib level which hits pretty frequently with patterns which is the .886. Most people do not know about this. I believe gartleys that form on there have a special name but I forgot what it was called.

oooo, i see, thank you very much Tmoneybags!!!!