I had 30 minutes this morning i could spend to search for possible trade setups. Found a bat pattern on GBPJPY 15 min which ended up beeing a looser. Also found a nice gartley pattern on the GBPUSD 1 hour.
I entered a bit late which was good since price really did not want to go in my favour at first letting me sweat for a wile. But eventually it did what i had expected and just fell down.
The result: 1 loosing trade and one winner. Total of +60 pips for today which is enough for me so iām calling it a day.
Risk/reward ratio working out like planned. One winning trade can cover for two loosing trades. In this case only one looser, leaving me with profit.
I entered that GBP/USD trade too, but I got stopped out cause my S/L was too tight! Shouldāve placed it above x like you, lol. I am currently using a new method to set entries and stops based on previous patterns. I only had a small data set to work off of and is why I believe I got stopped out. This new data point should make my stops less aggressive.
GBP/USD has been trading with nice symmetry this week.
Iām trying to apply prediction intervals to the convergence zone to determine entry and S/L. If you use XA, BC, and AB proj fibs that gives you a minimum of 3 potential Dās. Iām doing a statistical analysis on these potential Dās to determine my entries and S/L. Iām using previous completed patterns to optimize.
Like others on the forum I have a full-time job and would like to be able to set and leave my orders. I found that I got stopped out frequently using tight stops. I donāt know if this will work or notā¦ maybe Iām headed down a wormhole. But, I figure studying these patterns in detail canāt hurt. Plus, Iām building a nice record of all patterns that I find.
i thought that was something else. when i plot it in ā¦it looks differant to the way i thought you drew your gartleys, or maybe i am just drawing it in wrong.
nethertheless, glad it worked out for you.
i didnt enter any today [as of yet], as a couple i spotted faked out, and yesterday i got one but was going for 1:5 RR, and my greed cost me, as i was well in the profit (had X2 of my risk in profits), but i didnt close the trade and eventually the price turned round and stopped me out. lesson learned: either use multiple orders and close them gradually,ā¦or dont be so damn greedy lol
Oh, sorry guys. Totally messed it up in my own head. Thats what happens when you are at work, talk to someone through the phone and trying to draw and post stuff at the same time.
I mixed this trade up with another one i had on my radar. The trade i took on the GBPUSD was of course a bat pattern since B retraced to the 0.500 level of XA. Sorry for the mixup.
So what i ment was a BAT PATTERN and i entered it LATE since it already had hit the 0.886 level. When it hit the 0.886 once again thereafter another entry possibility presented itself if one would have missed the first one.
But the result is the same. Really nice pattern that worked out great. Sorry if i caused any confusion. I will stop posting stuff when iām stressed at work.
By the way another good example why placing the stop loss above X is a good idea if you want to trade the way i do.
And at the moment i am looking at some interesting patterns (pattern inside a pattern) on the EURJPY 1 hour. Can you see what kind of patterns they are?
[your first triangle is not quite on the lowest price point [A], but almost correct]
[and for your point C you did not take the first available lowest swing]
what pair is this?
ps: well done, i notice youāve got noticeably better at drawing patterns
Hereās a monster Gartley I found on the USD/CAD W1 that Iām trading. Could be about 50 pips, I missed out on an earlier entry but I may be able to eeek out a winner.
Those steep drops and bullish candles tell me that there is more to give in this pattern. Iām probably wrong, but I assume that this is going to the 50% ( B ) support. But then again Iām only reading tea leaves and have less than 2 months looking at charts. So if this gets Bearish, Iāll be able to add more negative pips to my collection.
Found a nice little gartley pattern on the AUDUSD 15 min and my orders just got triggered. Price reacted nicely to the level and the AB=CD pattern within the gartley. I would like to post more info about this but i am at work and only have a few minutes for this. Iām still hoping for price to go down due to the big 1 day cypher i am in on that pair and because of that i am shooting for extended targets for my TP2 on this smaller gartley.
yes. the price is going in your favor for now. but in forex anything can happen. if and when it turns on you as you missed your entry you will have no credible stop loss to use because if you use the proper entry [that you missed] as a stop loss it will be too far to get a reasonable risk to reward ratio. so what has happened is that you are either basing your stop loss on if you entered the trade properly [bad idea], or you have picked a stop loss out of thin air to use [not a good idea either, but better than no stop loss], or you are using no stop loss [really really bad idea],
this trade you may be lucky and it may turn out ok for you. but if you keep entering trades late in the manor you have overtime you will loose more money than you make from this method. trust me on that.
if you are entering a trade late on the weekly. what you should do is wait and look for a good point to enter. switch to the 1hr chart and wait for price to reach a consolidation [where the price is continuously pinging between a support and resistance SEVERAL times], next set a pending sell order when price is just below the support, and set your stop loss to ABOVE the support. since price is supposed to move in a bearish mannor since hitting D, It is more likely than not then the end to the consolidation of price will come about from the price breaking through the [U]resistance[/U].
If price ended up breaking through the [U]support[/U] and going back up, then this a warning sign the pattern may be failing ā¦as it shouldnāt really be breaking through a significant support and going back up if Dās projection was bearish should it?
now, do you see why it a good idea to have your stop above the support, and open a sell just a bit below it.
ideally though, you should never enter a trade late. but if you must, it is good to use a method such as the above which will allow you to enter in the safest possible way and manage stops.
The AUDUSD 15 min gartley looked really good but the bulls were in controll today. There was a 1,5 hour long fight and the bulls won this time. I got stopped out for at total of -28 pips.
Sorry if i caused any confusion. I will stop posting stuff when iām stressed at work. 
