30 Pips A day Keeps the your money at bay
Page 1 of 1063 1 2 3 11 51 101 501 1001 ... LastLast
Results 1 to 10 of 10623
  1. #1
    Join Date
    Apr 2009
    Posts
    973

    Default 30 Pips A day = 50-100% investment return per week

    Every day I will post my success and losses on this post and will be only making 30 pip trades during the London and New York sessions. I will trade a single pair and only enter trades until my goal is reached for the day (normally takes 1 trade). My strategy is pattern trading. As a result the only tools I will need are Fibonacci, Trend Lines, Mac D, and Patience (This actually should be you #1 tool).

    Bellow Are images of today's trade.









    Tell me... Who makes money like this off a wick in a Obviously Bearish market with a Buy. You are all free to e-mail me for advice at any time.

    -Trade Like a Pro-

    I am 23 years old and I am a Forex trader

    *Note I have been strictly testing my new strategy for this past month, modifying all the mistakes I have made throughout the Year and even though I am able to predict price movements of 100-200 pip moves daily with my patterns I can say that this new conservative method has doubled my account within 2 weeks only using 5-10% of my margin.
    Last edited by TMoneyBags; 04-22-2009 at 09:23 AM.

  2. #2
    Join Date
    Nov 2007
    Location
    BC, Canada
    Posts
    3,191
    Hi tmoneybags,

    That's exactly what I'm using and trying to do... same daily pip goal, the same broker, same pair, same timeframes, and basically same tools, except my timezone puts me in the asian session.

    So what patterns do you look for mostly? and how do you use the tools together with patterns? What kind of stoploss do you use...don't see one on your chart...? How do you manage the spikes in fxcm spreads which often trigger ones entry orders by a pip or two, then flies off the other way...lol

    Thanks for sharing.

    Last edited by Sweet Pip; 04-22-2009 at 11:29 AM.

  3. #3
    Join Date
    Nov 2007
    Location
    BC, Canada
    Posts
    3,191
    Hi again,
    After doing some more internet research and chart checking, I believe I understand better what you're doing. Basically fibonacci chart patterns which consist of the ABCD's, butterflies, gartleys and possibly the 3-drive.

    The first chart shows about just over an hour ago, on the eurjpy 5M, that I saw what could be identified as a bearish butterfly pattern starting from the X point. Maybe not perfect symestry...what do you think? At the top of the swing labeled D, I went short at 127.85 where it just broke down thru a consecutive series of higher lows. Stop went above the high at 128.00 for a 15 pip stop loss, and a profit target of roughly point C or 127.15ish for 70 pips.

    2nd chart shows it almost hit the stop, and depending on your broker and spread, it very well could have. If it did, there was a second chance to enter on that same bar that took out your stop at around the 127.80 mark. Also, it worked out and hit the profit target

    I'll have to keep a lookout for these patterns as before I thought they were too complicated, but now I guess I "see" them and they're not so bad...lol, and the good 'ol Zig Zag indicator can help spot the swings from which to draw the fibs.

    Here's a good source I just found for learning the patterns: Chart Patterns | Bearish Abcd Pattern | Forex | FX360



    Attached Images Attached Images    
    Last edited by Sweet Pip; 04-22-2009 at 05:19 PM.

  4. #4
    Join Date
    Apr 2009
    Posts
    973
    Quote Originally Posted by Sweet Pip View Post
    Hi tmoneybags,

    That's exactly what I'm using and trying to do... same daily pip goal, the same broker, same pair, same timeframes, and basically same tools, except my timezone puts me in the asian session.

    So what patterns do you look for mostly? and how do you use the tools together with patterns? What kind of stoploss do you use...don't see one on your chart...? How do you manage the spikes in fxcm spreads which often trigger ones entry orders by a pip or two, then flies off the other way...lol

    Thanks for sharing.

    Thank you for your response Sweet,

    First of all since you are trading the Asian session I highly recommend that you Initiate your trades between 6pm-8:30pm est. This is because during this time the majority of the D's for the pair are developing. Also I discourage trading between 9pm-12am est. The reason being that during this time I have personally experienced many "fake outs". Although 9pm-12am is an excellent time to look for up coming patterns that will form around the London session.

    Pattern wise, I strictly trade Butterfly and Gartley 222 patterns and I scan for just about every other pattern that is taught here on baby pips for an indication of price direction. One of the most useful patterns though to learn are the candle stick patterns. Learning these patterns will allow you to easily "read" how the market is behaving at any given time and eventually allow you to develop a "feel" for the market".

    As for the stop loss... yes heh, you do not see a physical stop placed because I use a visual stop. Pleas note that the "D" I use for any given pattern must land on or near (5 pip range) a fibonacci point. If price closes above or bellow the fibonacci line then I will close my trade. I use the 30, 15, or 5 min time frame to determine the close depending on which time frame I found the pattern. If I am trading the 60-30 min I will normally wait for a 30 min close. If I am trading the 15-5 min I will wait for a 5 minute close.

    Bellow I will illustrate how I use my fibonacci tool to Identify and execute a pattern. Also, please note that the pattern bellow is of the current EUR/JPY Daily and should show you why the market is behaving the way it has been for the past month.



    The white column represents X-A Fibonacci levels. These fibs will show the where possible D's may form. X is always found at an extreme point in price. In this case we are drawing the fibs from the highest swing to the lowest swing left to right (This is done vice versa when looking for a bullish trade).

    The pink column represents a possible A B leg. The fibs here are used to determine where the C point is. In this case, my B-C leg lands on a .618 level. This usually indicates that when the C-D leg is forming, D will find support or resistance when it is symmetrical to A-B. This tends to be true in the majority of Gartley 222 patterns you find.

    The Black column illustrates the relationship between the AB and CD legs. I use fibonacci in this point for percentage purposes only. In other words, I draw my fibs from the tip of A to the tip of B and move the fib tool to the tip of C. This will then illustrate what is drawn in the image above and show a 0-2.618% relationship between the AB and CD legs.

    Initiating a trade:

    Once the chart is fully dissected, I search for convergence in the chart. Convergence is shown when The XA Fibbonacci points merge or are in close proximity to x percentage of the CD leg. In this example, the XA leg converges precisely on the 1.272 Fib of XA and the 2.618 extreme of the CD leg. As a result if you opened this chart in the beginning of April and saw this pattern forming you would have had a sell entry waiting for you right on the 1.272.

    This pair usually begins to retrace when it reaches the .500 fib level. Because of this, you should keep an I on this pair when it reaches that point because their will be most likely a major "D" at that point. In addition the pattern shows the reason why the pair has been "tanking" down for the past 3 weeks giving you those beautiful bearish trades (Sorry for all of you stuck on the opposite end).

    Please note that the following analysis was done on the Daily chart of the EUR/JPY. This means that you should be careful when making a bullish trade until this pattern completes. Be mindful though that these types of patterns develop in every time frame and are counter trend trades. Which is the reason why you can see that I made profit on a bullish trade in the 30 min time frame.

    The image bellow Illustrates a current pattern on the Daily chart. The pattern bellow is a Gartely 222. In this case, the XA leg was drawn from Base to Wick and shows convergence in the 1.272% of CD. The pattern has not failed and is still valid and should reach the Green line drawn on the chart (131.738 of price). This is the reason behind why price behaved so violently in the area where I had originally purchased this morning (as shown on first post on the 30 min frame).


    To any one that is Confused with the ABCD and the whole Gartley/Butterfly patterns I highly recommend reading the book "Trade what you See" by Larry Pesavento.

    Amazon.com: Trade What You See: How To Profit from Pattern Recognition (Wiley Trading): Larry Pesavento, Leslie Jouflas: Books

    *Note* as you can see from the posts above, I can deffinately predict moves that can range from 100-500+ pip gains the reason why I have narrowed my profit down to 30 pips a day and simply increasing margin for higher proffit, is because of the fact that it eliminates the feel of greediness and gambling for me. Which is something that I believe is the downfall to any trader. When you remove emotions from your trading style you become a better trader. This is why I also recommend reading the book: "The Disciplined Trader" by Mark Douglas.

    Amazon.com: The Disciplined Trader: Developing Winning Attitudes: Mark Douglas: Books

  5. #5
    Join Date
    Nov 2007
    Location
    BC, Canada
    Posts
    3,191
    Quote Originally Posted by TMoneyBags View Post
    Thank you for your response Sweet,

    First of all since you are trading the Asian session I highly recommend that you Initiate your trades between 6pm-8:30pm est. This is because during this time the majority of the D's for the pair are developing. Also I discourage trading between 9pm-12am est. The reason being that during this time I have personally experienced many "fake outs". Although 9pm-12am is an excellent time to look for up coming patterns that will form around the London session.
    Crap...lol...6pm-8:30pm est is 3 - 5:30pm pst for me...while I'm still at work, so that's out.

    However, 9pm-12am est (which is 6-9pm pst for me) is when I have to make dinner, help kids with their homework, and have other household chores & distractions. So instead, just watching during that time will work out better with my schedule, so later when I can relax and focus, I'll be ready for the D's...and the family should be happy too...perfect

  6. #6
    Join Date
    Apr 2009
    Posts
    973
    Quote Originally Posted by Sweet Pip View Post
    Crap...lol...6pm-8:30pm est is 3 - 5:30pm pst for me...while I'm still at work, so that's out.

    However, 9pm-12am est (which is 6-9pm pst for me) is when I have to make dinner, help kids with their homework, and have other household chores & distractions. So instead, just watching during that time will work out better with my schedule, so later when I can relax and focus, I'll be ready for the D's...and the family should be happy too...perfect
    Heh glad that helps . Keeping the family happy is always good for trading since it will keep your stress level lower. Also 12-2am est are nice trade times. that lead to the major trades at 3am-4am est (London Open). Also note that although I do not trade these any more.. you can always do trend line breaks and use the pattern to give you a sense of direction.

  7. #7
    Join Date
    Nov 2007
    Location
    BC, Canada
    Posts
    3,191
    Quote Originally Posted by TMoneyBags View Post
    Heh glad that helps . Keeping the family happy is always good for trading since it will keep your stress level lower. Also 12-2am est are nice trade times. that lead to the major trades at 3am-4am est (London Open). Also note that although I do not trade these any more.. you can always do trend line breaks and use the pattern to give you a sense of direction.
    Yes it sounds like a plan anyways..so thanks for that...and time will tell.

    Hard part is sitting here seeing these patterns when I can't trade...like now... then seeing nothing when I can...arrgh!

    Seems to be a gartley pattern. That website I listed also has an online charting program with an ABCD drawing tool, so I just draw the ABC portion and it will calculate where D should be...handy...lol

    Although the D leg didn't quite reach the recommended 127.68 projection, it did reach the 61.8% fib of XA at 127.62...close enough? I drew in the other lines to see the shape better and it looks good..lol... so if one took a chance and shorted there at 127.62, it did drop.

    If one put a target in at C, it didn't quite make either, but it did make it to 127.31....a 31 pip less spread profit which is nice to see. And considering a stop at 127.68 for 8 pips was a nice risk/reward ratio indeed.

    Attached Images Attached Images  

  8. #8
    Join Date
    Apr 2009
    Posts
    973
    Quote Originally Posted by Sweet Pip View Post
    Yes it sounds like a plan anyways..so thanks for that...and time will tell.

    Hard part is sitting here seeing these patterns when I can't trade...like now... then seeing nothing when I can...arrgh!

    Seems to be a gartley pattern. That website I listed also has an online charting program with an ABCD drawing tool, so I just draw the ABC portion and it will calculate where D should be...handy...lol

    Although the D leg didn't quite reach the recommended 127.68 projection, it did reach the 61.8% fib of XA at 127.62...close enough? I drew in the other lines to see the shape better and it looks good..lol... so if one took a chance and shorted there at 127.62, it did drop.

    If one put a target in at C, it didn't quite make either, but it did make it to 127.31....a 31 pip less spread profit which is nice to see. And considering a stop at 127.68 for 8 pips was a nice risk/reward ratio indeed.

    126.846 place an entry a few pips above it or right on that target for a Buy its 100% of an abcd Gartley I will post pic ASAP. It should be comming up soon


    Edit:
    Bellow is the Image of an upcoming Gartley Pattern (.618) Fib level




    Keep an eye out for this trade, it will most likely occur around 12-2am est if the market consolidates from now on as scheduled

    Edit:


    Price projection = 127.482 (50% retracement) which would gain me 63.3 pips.

    My limit is set at 30 pips for reasons mentioned previously on the thread

    BTW Sweet, did you trade that pattern you drew? It looked good.
    Last edited by TMoneyBags; 04-22-2009 at 10:09 PM.

  9. #9
    Join Date
    Nov 2007
    Location
    BC, Canada
    Posts
    3,191
    Quote Originally Posted by TMoneyBags View Post
    126.846 place an entry a few pips above it or right on that target for a Buy its 100% of an abcd Gartley I will post pic ASAP. It should be comming up soon


    Edit:
    Bellow is the Image of an upcoming Gartley Pattern (.618) Fib level




    Keep an eye out for this trade, it will most likely occur around 12-2am est if the market consolidates from now on as scheduled

    BTW Sweet, did you trade that pattern you drew? It looked good.
    Hi,
    Good call on that...I took it at 126.91 cause that's when I got home...so far up 25 pips ...target at 127.21 for 30 pips...

    No, that last chart I posted was done from work ...and unfortunately this one I only took on demo cause I'm just a little cautious when trying out something new. I still have some practising to do cause I wouldn't have known to draw the fibs and abcd at the places you did

  10. #10
    Join Date
    Apr 2009
    Posts
    973

    Default 30 PiP Target Reached

    Another Success. Normally I am not scheduled to trade the Tokyo session but while taking a look at the market I could not miss this perfect 100% ABCD Gartley 222. Thank you Sweet Pip for replying at that time heh



    Edit:

    Bellow you will see yet another reason why I take "30 pips and run"



    Nice way to end the day... 30 pips in the morning, 30 pips at night 2x lots per trade thats 1200 dollars. Oh and The Heat are winning the game Good night! See you all during London and NY session.

Forum Sponsors

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
"A ship in harbor is safe - but that is not what ships are for."
John Shedd