is this dodgy, i want to take it?
Hello guys,
can these charts be drawn in mt4?
The only thing I see dodgy about this is your BC leg only retraces to just pass the 0.236 mark, raising the chances of a failed pattern.
EURJPY 15M
GBPUSD 30M
Have a good dayā¦
- nightFox
Hi pullice,
Of course you can draw them in MT4, only required tools are the fib tool and the line toolā¦
To move fib in MT4 just double click on the fib trend line, itāll show up three dots (control points, if you may) on the line. you can click the line or the middle dot to move the whole fib around, or use the end dots to fine tune your fib 0.000 and 1.000.
hope that helped
- nightFox
I am really intristed in this thread and this way of trading but unfortuneatly I am spinning like a top when it comes to garleys and butterflies. I need some research and lots of learning:
Thanks nightfox,
Can the settings be changes on the fibo as well? TMONEYBAGS has different settings in the video.
Yep, after you double click the fib trendline, you can right click and go to fib propertiesā¦
The important fib levels are 0.000, 0.236,[B] 0.382[/B], [B]0.500[/B], [B]0.618[/B],[B] 0.786[/B], 0.886, [B]1.000[/B], [B]1.272[/B], [B]1.618[/B], 2.000, 2.618. From my readings, the ones in bold are the most important ones.
Again, if you could read the book āTrade what you seeā (already repeated many times on this thread), it could really give you a bit more in-depth explanation on stuff. The base pattern is still AB=CD, the additional XA leg in gartleys and butterflies help increase the probability of the retracement.
Just my two cents.
- nightFox
thanks nightfox, i will be looking into it, I need to read threw the thread as well lots of pages
What a call modo, nice workā¦ you coulda taken 50 pips of that I think out of an 80 pip total moveā¦woulda taken like 5 hrs
Yep just gotta use the tools buddy
iām probably clutching at straws here because as you can see iām short aussie at 43, but this 5 min pattern may fine tune entry on the hourly pattern for those so inclined.
I like it and just so you dont feel alone, I took this one as wellā¦ the market looks like its turning around nicely now so 30 pips here we come 
safety in numbers, i like it.
must have come off when you started hitting the bid in size racerdude, thanks for that.
Good call! I was long on the pair when saw this one posted by you and your pattern worked for a take profit target. Now letās see if a new bullish pattern emerges.
Thanks!
E/j also looks very promising for a good short.
I think somebody already posted the chart, not sure though
well, donāt thank me yet. appears to be failing courtesy of the gbp/aud cross imo. i am probably wrong to be attacking from the short side.
Your pattern worked as a point of resistance which is a great thing to identify IMO. I used it as a profit target and not to take a short, but if Iām right, it couldāve worked at least for a break even trade.
So, yeah, good call!
I had a similar pattern - different B and C, I think, but convergence was in the same area. Price is still having a hard time moving upwards, out of the retracement zone, so there is still potential for a reversal, weāll have to see.
ucad breaks support an i am toast