Another pattern that I think is getting formed in the gbp/usd 15min chart.
I found two convergences. One at 100% CD and the most perfect I think in the 161.8% CD.
What do you guys think.
What should we do in such cases?
Thanks!
Hi wrtm,
I see the pattern but my results are a tad bit different from yoursâŚdont know if i am offâŚI see convergence at the 1.272, please let me know what you thinkâŚ
Hi BankDaPips!!
Itâs just that I donât get it. I looks like our XABC points are the same but our convergences are different.
Letâs see what other people can say about it. What do you think that is eh buddy?
Regards
Well we both have convergence in the 1.618 fibonacci. I think thatâs the good one since it has the best match. Thatâs my two cents.
Bank the reason your not seeing the convergence is because you are drawing your fibs from C to B. This is not how you measure the possible leg of CD. What you must do is Draw your fibs from B to A and this will give you the size of the AB leg. Then you move the fib so that 0.000 is right on the wick of C. This will then give you the proper CD leg percentages. If you would like to see an illustration of this, just visit my tutorial on youtube: Video 1 (shows the correct way to calculate CD leg percentage using your Fib tool).
Bellow are the 3 possible patterns the GBP can form:
Here 100% of CD has convergence with the .886 of XA. This would be the place where you would like your buy entry because BC has more then a .382 retracement (it reaches the .618 fib). This means that the D leg should be at 100% if there is convergence. In addition, 161% of CD has perfect convergence with the 1.272 of XA (My second entry would of course be here) and a good place to make up for losses if the first one does fail (or to rack in more pips :D). First (100% CD = Bullish Gartley) (161% CD = Bullish Butterfly)
Here we have a Bearish Butterfly. Convergence is found at the 127% of CD and the 1.618 fib level of XA.
Hi wrtm,
No i dont mind at allâŚI am in the learning process so this is a part of it.
Powerful TMBâŚI was missing that moving fibs partâŚwhat a learning curve!!!
Hey TMoney did you mean to draw these bullish in bid mode:confused:
What is your daily schedule like? Like when do you sleep and do you try to catch all those times that Dâs will form?
2am-4am, 6am-8am, 10:30am-noon, 6pm-8pm EASTERN
Ok people, today is progress dayâŚthink I got itâŚwill continue to post and demo until certainâŚ
I drew them in bid mode because of the fact that when your looking on the daily and switch to the ask on the EURO/JPY, about 187 pips of price information is missing (for some reason that wick is missing on the ASK and thatâs too much info to not put into consideration). Now the reason we switch the bid and ask is to develop the habit of perfect execution (your buy and sell price will always vary and this makes sure you get the right entry).
As for sleep, my normal trading hours is from 2am-10am/12pm depending on how the market is moving or how many pips I have made or the day (This avoids the majority of the fake outs and is the time when most trades are conducted throughout the day). I see the Asian market as more of a consolidation period where trades are âsetting themselves upâ to become patterns for the London traders.
If your going to be trading the Asian Market. I recommend starting around 4:30-5pm EST. From working that session in the past, I have noticed much movement on the AUS and KIWI pairs around the 6pm-8pm time some times even starting at 5pm right after the NY close.
As for sleep⌠heh, I typically sleep from 2pm-6 or 7pm est and then take a nap from 12pm to 2am. Some times I just crash at 10pm and wake up at 2am est. Always making sure I at least get 4 hours of sleep throughout the day (or night heh).
Oh and catching all those Dâs? Iâve tried that⌠and its the worst thing you can possibly do to your self. I used to do that in the days I would over leverage my account to make a quick buck. For example, taking a micro account from $187 to 1800 in 3 days. Then loose it all the next week⌠worst thing you can ever do. When you trade too many patterns and or stay âglued to the marketâ because you have had a substantial amount of trades, you begin to exhaust your self. Finding patterns takes time and energy. The stress from each trade you make adds to that. I can honestly say that I can (and I have) find at least 10 patterns to trade and make 30-60+ pip profit every hour. But Iâve also taken into account that every time you open a trade you put your account at risk. Now why would I want to put my account at risk more than 3 times a day when I know that with 1-3 trades I can make 30-60 pips for the day and end the week with 300+ pips avg?
Yup, I have a spreadsheet tooâŚlolâŚand with just 30 stress free pips a day for a year and a half, youâd have quite a substantial account :eek:
But it doesnât hurt to âbankâ an extra daysâ worth here & there just in case of off days 
Yeah⌠I have a spread sheet like that too where you gradually increase the leverage depending on how much your balance is at each state heh and in just a few years those 30 pips add up to well⌠WEALTH 
with very low margin. The key thing is just to stay disciplined and eliminate all emotions in trading.
And I quote again:
If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.
[U][B][I]Colin Powell[/I][/B][/U]
This is really off topic but a lot of you on this thread seem to be very experienced, Iâm looking to open a live account soon and I was going to use FX solutions but their spreads are like 3-6 pips, so now I ask which brokers do you advise me to choose between? (With good spreads hehehe)
Hi wrtm, it was my errorâŚso you are on target
Experienced?..well I did demo for a year before opening my real account âŚlol⌠and I was doing really well at the end of that year, but then when I started trading for real, it changed . Forex âstuffâ I know⌠enough to sound like I know my âstuffââŚlol, however since then, itâs the live execution that stuffed me up. So now itâs like starting all over againâŚarrgh!
My broker experience is rather limitedâŚIBFX and FXCM. IBFX has higher spreads, but they have MT4. FXCM has lower spreads but they use Marketscope. I wanted mt4, but couldnât sign with IBFX because of certain governing regulations. So had to use FXCM. FXCM spreads basically run the 3-6 pips too, but thatâs what Iâve got to work with.
Hi BankDaPips! As you said before we`re all learning and thatâs how Iâm learning. I still have so many doubts and comparing what we see gets me a great feedback:)
I spot this pattern in the aud/usd 30 min chart what you guys think?
I guess itâs gonna take some time to pattern to get completed.
Regards!
That is a possibly good setup to me, however I would wait for C to be confirmedâŚit may go lower for C.
Bank
I found the same exact pattern and the same D so either we are both wrong or we are right
That makes three of us! Well over and out until 2am EST.
Hi Fellow Traders! Itâs good to see we spot the same pattern, hope it get completed in our lifetime!! haha
By the way BankDaPips the gbp/usd pattern we spotted before I guess itâs no longer valid
Regards!