30 Pips A day Keeps the your money at bay

Trading Discussion
2444

Yes, well I have a different X, but the convergence is the same.:wink:

2445

Nice :smiley: Still learning this, where have you put your X? And around what time you think it will reach the D? :cool:

//Chris

2446

Well I put my X at 1.4192. What is good about this pattern is the convergence of different x’s at the same point.

I think it will be there within 12-15 hours from now 1:00 pm (-5Gmt)

2447

Ye i can see it now. Do you only trade if the pattern comes to the D or do you trade the legs aswell?

How do you usually calculate when the D is gonna happen? Have read something about that the upptrend should be about as long as the downtrend was and vice versa? Like the XA took 3hrs to form then the point from A to D should also be around 3hrs? Is that correct? :slight_smile:

Also found this possible Butterfly on the EURGBP 30 mins. Tell me what ya think :slight_smile:

//Chris

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2448

I’m currently trading AD but with a different approach.

Also I’m trading this method with a little twist in it. Not the original one.
In order for me to consider a pattern I use Elliot Wave structure.

So Xa should be an identifiable 12345 pattern and AB-BC-CD should be an ABC correction.

To consider a valid D in time, I use fib time retracements, and D should complete no less than 38.2 and no more than 100%

Also remember the AB=CD pattern. Your CD leg should be similar in price and time to your AB leg.

Hope that helps. :slight_smile:

2449

I’m currently trading AD but with a different approach.

Also I’m trading this method with a little twist in it. Not the original one.
In order for me to consider a pattern I use Elliot Wave structure.

So Xa should be an identifiable 12345 pattern and AB-BC-CD should be an ABC correction.

To consider a valid D in time, I use fib time retracements, and D should complete no less than 38.2 and no more than 100%

Also remember the AB=CD pattern. Your CD leg should be similar in price and time to your AB leg.

Hope that helps.

excellent! you actually understand this game very well. i have alwayz said it, it is alwayz nice to incorporate wave analysis into pattern trading. i dont use e-wave but basic HH HL or LL LH and when its breached(violated) should be able to give u an ideal if pattern is gonna work or not.
well done bro

2450

Well thanks, I didn’t see that coming :rolleyes:

2451

perfect bearish gartley on euro 1hr
this should be a corrective wave before a rebound
good for 30-40pips

2452

Ok :slight_smile: Do you find that if when the Xa is identifiable 12345 pattern and AB-BC-CD is an ABC correction the D will more likley be a true D? From what i have read it is said a Gartley or a Butterfly pattern will work about 68% of the time (utopia mabey), do your approch higher that percentage? :slight_smile:

//Chris

2453

thanks for the posts guys, maybe i will get a trade today. only had 1 (loser) all week!

given the short bc leg i thought there might be a chance we hit this D. makes me somewhat uneasy taking long dollar trades today.

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2454

cadchf

4hr bearish gartlley… entry missed
15m bearish gartley for re-entry and good R:R

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2455

Well that certainly has helped, mostly in two main aspects,

  1. To trade in the direction of a main major trend and
  2. To actually find points of strong support/resistance. Even when not always a retracement happens, you don’t see too often the price ignoring D and breaking fib levels, so your chances for a breakeven trade when the pattern fails are higher.
2456

So I took a loss on the GBPUSD that was outlined earlier

Here is another look at it with two possible convergence points that are coming up

Hopefully i’ll get my money back! :slight_smile:

racerdude777

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2457

Racerdude, I think we have the same D

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2458

Racerdude,

Did you take a loss on the one I posted yesterday? If so I’m sorry. I did post that it became invalid but maybe you missed that.

Anyway, I get a similar D with your X, but also this way. Not sure if it’s valid, unlikely to take it myself as i’m not inclined to buy usd today. But if i see a divergence on the 5 min I might pull the trigger. Seems to me we are correcting a 5 wave move, and with the 4h butterfly below I feel the trade is short, just a question of when and where haha. Worried it might go up as far as the old support around 1.61.

I hope you all have a good session.

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2459

Probable bearish gartley on this pair too.

2460

cadchf

4hr bearish gartlley… entry missed
15m bearish gartley for re-entry and good R:R

target1 hit

2461

In the trade now (Demo) around 28 pips+ atm. At what price is your targets? Im looking at the 0,618 retracement of AD, around 1.3919. To optemistic? :slight_smile:

//Chris

2462

Always good to be optimistic mate.

2463

Hahah ye but greed is the enemy :smiley:

But anyhow, what system do you guys use for profit targets? :smiley:

//Chris