Our original D for the GBP/USD has faked us out with today’s EURO news release 5am, leaving us with a negative trade to manage. On the other hand, The pair is reaching A major .618 fib level on the daily and in addition to this, is very close to forming 4 60/30min Bearish patterns forming about 5 pips bellow that exact area and converging with each of their respective X’s. A good indication for a turn around of the current up trend and at least a retracement to our first target of 1.46056. As a result, I have not closed out our fake out trade and will either break out even with that trade or take the 30+ pips from each entry for the day depending on how the market moves. There is a major news release of the Dollar (GDP coming out at 8:30am).
Haha, I know what you mean!
I did not take the first D at 1.4740. I figured it would be a fake out based on the price action at 1.4728 which triggered a 41 pip pullback. However I sold the second D @ 1.4790 but set my TP for 50 pips so I am still in the trade with my SL at breakeven.
Also the STARC gave me a BUY entry at 1.4698 with a 15pip stop for a 90 pip profit run…so the combo paid off pretty well.
Bank!
Very nice Bank, congrats on the profit. I should have canceled the trade with the way price was reacting in that area as well. In addition, I didn’t take into account the additional 4 convergence up higher signaling a higher and better trade. Meh… I guess that’s what just 2 hours of sleep does to you :eek:.
Come to think of it… funny how Geodawg19 mentioned it yesterday lol.
Anyways, I can’t wait to hit the sack :rolleyes:
Ugh! Now I’m seeing that the GBP/USD closed above the 500 of the daily right when it hit that Fake out D very stupid mistake. I definitely need to consider resting more!
*Note notice how long the the pound consolidated for before it broke the .500 of the daily, showing market indecision. The close above was definitely a buy signal.
Thanks TMB…good sleep does help the judgment. I am standing aside right now unless a buy entry is given, of course from my other method, but there is a butterfly that shows nice convergence of the XA .886 and 1.272 @ 1.4990 thereabout. So this market maybe heading higher for real.
Bank
Thanks for the heads up Bank, Ill make a note of that and Good Morning :D.
Good Morning to you too TMB…all this analysis sometimes makes me forget my manners
Ogna it looks pretty good to me!!
I was looking at that as well earlier today. I didn’t trade it because Convergence seemed a bit off. I technically traded it though with the KIWI (which moves similar) because it normally moves like the AUS/USD but has less volatility in comparison. I was faked out, but the pattern it self seems to still be coming through. So, I excepect the AUS/USD to fall even though the symmetry is off (trade at your own risk). 
Thanks, I’m only paper trading at the moment so i decided to trade it, we will see what happens.
The successful man will profit from his mistakes and try again in a different way.
Dale Carnegie
Finally our GBP/USD Fake-out Trade has completed. Please note that the only reason I held on to this trade is because of the fact that I had more then 4 extra patterns confirming resistance near its sell area. In addition on top of the 4 points of convergence, there was also a major daily fib level (.618) acting as resistance. Furthermore as you can see bellow, I closed out the NZD/USD Trade at break even because I did not want to keep the account at risk and am very tired (2 hours of sleep). I did this even though it had good indication of reaching my extra 30 pip target.
I have met my goal for the day and am off to bed. Good morning and Good night. :rolleyes:
PS. Don’t listen to Gordon Gekko 
Congratulations!!! Rest well TMB!
I’m really discouraged because I had a bad USD/AUD trade and I cant find any patterns between many currency pairs…
Does anyone else see anything?
Hey Ogna, I personally don’t trade at this time. But remember that nothing is 100%. Demo until you get comfortable identifying and trading the patterns. I cant tell you how many times I thought I had it and I am still learning. If you are serious about learning the strategy spend some time with it. Sometimes there may be no patterns, so we just wait until something develops. Press on!!!
Bank
Hi Tmb, BankDaPips, Sweet Pip, Ogna, Geodw19, and everyone else.
How fast does this thread move! I wish I had more time to spend in here.
Well my patterns from yesterday I guess they failed. I’m so happy trading this method and I think that for all of us the learning curve is changing quickl.
Currently I can spot no pattern at all, let’s see what the day brings us and It’s been such a great experience learning shoulder to shoulder with you guys.
TMB, I guess you didn’t expect your thread to have such a participation did you?
Regards!
Hi TmB! How far do you place your visual stops. I see that when trade properly and the pattern fails you lose no more than 10 pips am I right?
WOW! Is that on mt4?
Does symetry mean that once you have your pattern drawn, price should accurately walk it? neither further right nor a little bit to the left? Is that a sign that it will work?
Hope I’m being clear in here It’s just that I don’t know how to write my question properly.
Good Day!
Hi man!! How did that work?
Regards!