30 Pips A day Keeps the your money at bay

[benjabuze]

This one is about 10 pips away from D
AUD/JPY D is at 81.78 with a weekly Resistance.

[benjabuze]

I'm still waiting for the other patterns I poster earlier today.
For now, there seems to be a Butterfly forming. The D is at .8029

[GlassM00n]

Thats more likely to become a great crab pattern

[modo]

AUDCAD H4 bat. Will be watching 1.0450-60 over london open, but probably wont take it. It's what I want to see, but not where I want to see it (ie, short setup in uptrend).

Attachment 29000

Took a loss on my last trade

modoforex

All the best.

I guess this was worth a shot, but I ended up just breaking even

modoforex



Here is a possibly aj h4 bat - short 82.10-20, but it looks similar to the acad in trend and I don't know if i want to fight aud strength for another couple of days. Initial jobless in 20 mins will be key. Wouldn't do anything until s&p opens, by which time there may be a pattern on the m1 or m5




All the best,
Modo

[sKratch1989]

How do you all place your S/L?

I've heard of two different ways for a retracement pattern. Obviously in expansion patterns it would have to be above the terminal price bar.



Thanks for your input. I'm trying to systematize my trade management rules and have come to the point where I need to write down rules for a stop-loss.

I THINK that the best answer is the following: Place below the terminal price bar when your pattern is contra-trend. (THAT IS, IF IT IS A BULLISH PATTERN IN A BEARISH TREND) and Place below X if your pattern is a continuation pattern. Would that be a good rule?

Thanks!!!!!

[DrPepperJunkie]

What kind of info?

Hey Thanks for Replying.

I was doing extemely well with patterns, banking 30 pips very consistently. For the last few weeks, patterns have just not working out for me. They never seem to make a bounce to the 38.2%

1. Is it viable to draw X.A. B, C, and projected D from base of candles instead of wick? When I do that I see a lot more patterns pop up, I am not sure if that is price fitting.

2. When a convergence point breaks on a sell pattern, for example a daily close past a convergence point on daily pattern. Do you interpret that to as price will push on to the next CD or XA extension whichever is closer? With that information would you only look for a smaller buy pattern?

[JustinCredible]

Cool thread, so much info to go through

[modo]

I guess this was worth a shot, but I ended up just breaking even

modoforex



Here is a possibly aj h4 bat - short 82.10-20, but it looks similar to the acad in trend and I don't know if i want to fight aud strength for another couple of days. Initial jobless in 20 mins will be key. Wouldn't do anything until s&p opens, by which time there may be a pattern on the m1 or m5




All the best,
Modo

Good entry, but conservative exits meant only a 1.2R return.

[benjabuze]

I have a pattern for EUR/AUD. It is a bat.
The D should be at 1.1749



There's also a Deep Crab forming in the AUD/USD. With D at 1.04031.

[benjabuze]

I also have 3 different patterns in the AUD/NZD. I'll post them in order from closest to farthest by pips.

The first one should reverse at 1.3186


The second one should reverse at 1.3214


And the last one should reverse at 1.3471


Let me know your thoughts on this patterns.