Pattern: Butterfly
Entry: 111.2
Exit: 111.5
I made sure this pattern had enough price range and that convergence was there. Initially the trade went toward my profit target but, it then posted a spinning top and reversed. I stayed in this trade since my risk was only 0.5% just to see if price would reach PRZ again and shoot toward profit target. It didn’t.
Lessons:
- With patterns on the five minute time frame sometimes it is just better to take profit as soon as possible. Remember the longer you stay in a trade the more likely chance you have of price reversing and counting in its previous direction (especially on the five minute timeframe) . But, I’ve also seen many times where price looks like it’s reversing only to take a breath and fly back toward profit target. I think the only way I can combat this is to just keep taking trades and learning from experience!
Pattern: Gartley
Entry: 83.16
Exit: 83.65
This was a good trade. I had perfect convergence and a spot on RSI sometimes, harmonic patterns especially five minute patterns don’t work all the time.
Lessons:
I feel that RSI conformation is essential to me picking the best of the best trades. I have run over the numbers and I know that I do pull ahead in the long run. I will continue to add tools, experience, and knowledge until I can master harmonic price patterns!
Pair: EUR/USD
Entry: 1.0876
Exit: 1.0872
FINALLY! A WINNING TRADE! I was a little late to this trade, I could’ve squeezed a few more pips out of this trade if I had gotten in on the right price.
Lessons:
I must be more alert and get more accurate on my entries.
After so long and many, many sad sleepless nights I have finally made money using harmonics. The only thing that concerns me is if that was a one hit wonder or if this system is actually profitable. I can only find out by trading and trading. I can’t wait to see what the future holds!
I have gone back through the few videos that gave me the basis on how to trade. I have re learned some very important factors that I did not use before. Maybe using these factors will be more beneficial to my trading by cutting down on losses and really finding the true D points that reach target profits. I will be comparing the current way I trade to the new possible way I could trade based on each trade I take.
I’ve waited so long for this moment. Years, I mean years, of just waiting and not giving up. I still have doubt in my mind if my winning EUR/USD trade was because of my proper analysis or because of pure luck. That has been on my mind this whole weekend and it is only something that can be answered by this week’s trades! I am very nervous and very excited for the week ahead. I can’t wait!! I will make it!!
Pattern:Gartley
Entry: 1.0985
Exit: 1.0989
In this trade we had two Gartleys meeting in a tight range of pips. I took the trade based on the entry of the smaller pattern. Although, the smaller pattern had an entry the larger pattern didn’t. If I would’ve waited for the entry on the larger pattern, I would’ve not gotten in and saved myself from a losing trade.
Lessons:
I know excatly why this didn’t work out. The smaller pattern gave me an entry but, the larger pattern didn’t. I took the trade because I didn’t want to miss out (FOMO.) I now know that larger patterns and patterns that meet in a close range must both give the entry signal to enter.
Pattern: Butterfly
Entry: 112.92
Exit: 112.846
This was a trade that I measure out perfectly and took. Had great risk to reward but, I learned something very valuable.
Lessons;
I had conflicting signals on my Stochastic and my RSI. I took the trade anyway because I had never back tested the Stochastic and I wanted to make money. I was being greedy.
Pattern: Gartley
Entry: 0.7413
Exit: 0.7413
I followed all my rules on this trade! Had a perfect entry and followed all my rules concerning moving my stops. This trade was two pips away from target profit and then it sank back down to entry, where I exited at breakeven.
Lesson:
I used trendlines to stick a little longer in this trade but, I think I am going to start using them more. Either I hit target profit, hit my stop loss, or breakeven. That’s it. No manual exits this method will hopefully make me a better trader. It will also make me more accurate in my trades.
Pattern: Gartley
Entry: 1.3596
Exit: 1.3593
THIS CAN’T HAPPEN AGAIN. My D point wasn’t even the correct D point. It was such a pointless trade and a waste of capital.
Lessons:
Always recheck your numbers!!
I have reviewd my trading as a whole thorughout the past week. First of all, I am very proud of myself for hoe far I have gotten in my trading. From swing trading to scalping, I paid my entrance ticket. Now, it’s time to show the world that I can be the best! Second, I have learned that as long as I trade my trading hours. my trading style will always result in me having a positive day! I am very happy about this. The only thing that seems to get in my way is my focus, I need to work on that!
Lessons:
FOCUS! I need to focus, focus, focus! I am missing a lot of trades because I am not focused. I have a solution for this and I will implement it. Also, I need to stay consistent. I need to be trading all the hours that I set aside for myself. Those hours will help me always end the day positive! I KNOW I CAN DO THIS! LET’S GET IT!
Pattern: Butterfly
Entry: 82.381
Exit: 82.451
I measure this pattern correctly. Waited for the entry and the RSI conformation, it just didn’t work out.
Pattern: Butterfly
Entry: 111.477
Exit: 111.532
Measured this pattern correctly. Followed my entry rules. I lost this trade but, doesn’t matter because in the long run I KNOW I WIN.
Stay focused!
Pattern: Gartley
Entry:1.1186
Exit: 1.1193
I drew this pattern correctly. Followed all my rules and didn’t give up after my loses! Never quit! I CAN DO THIS!
+2.58%
Pattern: Butterfly
Entry: 124.499
Exit: 124.52
UGH! This trade makes me so mad! I entered around 4:40 PM knowing that the 5 PM close could whipsaw this trade but, I wanted to take the risk anyways. I measure this pattern perfectly and took the trade, got a great price and one of the best risk to rewards I have ever had! It reached halfway to my target profit but, whipsawed to my stop loss as time got closer to the 5 PM close. I followed my stop loss procedures and was out for a minimum loss.
Even though this was a perfect trade that should’ve worked out, the timing just wasn’t on my side. But, the way I traded this pattern was superb!
Pair: AUD/USD
Pattern: Butterfly
Entry: 0.7548
Exit: 0.75521
I measure this pattern correctly and waited until I got a conformation to enter the trade. The trade immediately blew past my stop loss and contuine to fly upward.
There is nothing wrong with losing that’s why I take a 1;2 risk to reward ratio.
–1.1%
UPDATE: I have been reviewing my trades for this week and as I redrew this pattern very precisely, I noticed the D was not near the 1.13% but, near the 1.272% of the XA leg. I would’ve never taken this trade if it was drawn correctly because RSI never gave me a entry.
Pair: USD/JPY
Pattern: Gartley
Entry: 110.058
Exit: 110.089
I have checked the drawing of this pattern and my pattern was correct. I also waited for a close and a conformation from my indicators. I did everything right in taking this trade.
I just have to trust the process on this and believe in the back test I have done that I will turn out profitable.
---- 0.48%
Pair:EUR/GBP
Pattern: Butterfly
Entry: 0.87888
Exit: 0.87995
This pattern tested my patience and the rules that I set out for myself. But, I stuck to my rules and ended up with a winning trade. Great Job!
There was another trade that triggered after I took this trade. That trade went directly to profit target quickly. I have compared signals on both trades and am exploring new ideas that should hopefully help me get to the next level!
+1.45%
UPDATE: As I review my trades and look into getting better and better by putting the odds in my favor, I looked into this trade. If I had drawn the the pattern from the XA all the way on the left then I would’ve been able to capitalize on a winning trade. Although, eventually I would have still lost this trade which was drawn incorrectly. The BC leg should’ve shown to me that the retracement should be up to a 1.00% retracement of the XA Leg.
Pair: EUR/USD
Pattern: Gartley
Entry: 1.11913
Exit: 1.11954
I wasn’t even supposed to take this trade. This was a pattern I outlined according to a different trading plan in order to become a better and more accurate trader. Anyways, I also though this trade would fail but, it didn’t. Following my rules I carefully moved the my stop loss to breakeven and waited until price hit target profit!
I have been noticing that since I take patterns on the five minute time frame my target profits are very small. When I set my risk to reward up, it says that I will achieve a 1:2 risk to reward but, that never happens. I barely had a 1:1.5 risk to reward on this trade. What’s the point of pattern trading if I am not at least doubling the money that I risk? Should I move up to the fifteen minute time frame and take less trades but, have a better risk to reward??
+1.49 %
Pair: EUR/JPY
Pattern: Gartley
Entry: 124.442
Exit: 124.483
I followed my rules on this trade and waited for the entry confirmation. Price turned around for a bit but, then immediately fly up to my stop loss.
– 0.75%
Pair: AUD/USD
Pattern: Gartley
Entry: 0.75519
Exit: 0.75459
Was late on the entry so that’s why this pattern cost me a little bit more than it usually did when it failed. Waited for my rules of entry and entered.
– 1.36%
UPDATE: This pattern was incorrectly drawn. The true D was at the 88.6% level of XA. Even though, this trade failed it would have bounced enough to cut my stop loss in half. I would’ve taken a much smaller loss if I had double checked my analysis.
Lesson: Always double check your analysis.
