On the last trade results he posted he had a 58pip winner, this may have been an odd result due to his recent string of losers, but I figured if he uses visual stops then he may also use a visual tp.
I read your e-mail and it seems interesting ;). My focus at the moment though is to finish modifying my current trading system. Once that is done with then I can focus on establishing a community such as the one you have suggested.
This is stated in the āRules of the Tradeā PDF and on my earlier posts. Please refer to section 6 of the PDFā¦
Sorry guys, this was a shocker. Not a good day for me.
I stated on the post with the results that they may seem odd to you guys because I achieved those pips with the new system I am implementing. Also, Keep in mind that I for the most part take 30 pip targets to eliminate the whole greed/fear factor from all my trades in addition to avoiding fake outs. Remember, these patterns are one of the most powerful tools in forex and you can easily take 60-100 pips off 1 pattern.
Yes, predicting the complete reversal of a pair in the market can get tricky and when things donāt look to good on the daily then this means that you have to see whats going on on the monthly and on the weekly. For example, the reason the EUR/USD has been stalling around 1.34012 and āwickingā from this area on the daily is because this was a weekly pattern. The pattern has held the euro up from 2/13/2010 - 4/17/2010 and finally broke it downwards this week, indicating that the euro will fall to its next convergence point around 1.30.
tmoneybag how about patterns in one timeframe and take them in the trend direction of a larger trend so the trend that we contradict in lower timeframes are retraces in higher time frames making us trading in the direction of the larger time frame trend ?? just a thout
best regards
I like harmonic trading much, but to get 30 pips itĀ“s easier imho to just look at those major s/r levels
Hereās another miserably failed pattern on GBP/USD 30M. Never mind the fibs on the middle
Hi all, I have similar encounters before where I could pick out the correct pattern, yet the pattern does not respect the fib convergence. Does this mean that I have made a mistake in picking the correct āXABCDā legs? What is the reasonable divergence away from the major fib ratio?
Has anyone been using this on gold? I know the commision/spread is pretty high, but this could easily make a 200-300 pip move thats over pretty quick. I think Ill be demoing this on gold for a while before trying it, as using a full sized lot on xau could wipe me out pretty quick.
Funny thing is that the higher convergence of that actually dropped the pound by a good 70+ pips heh, also keep in mind that you where counter trading a Major pattern. The wick at your A point was a Daily pattern for an up move on the pound.
Hi to all,
I am new in babypip forums, after few day go through this threadā¦i m still confuseā¦here is my question and hope someone can help meā¦okā¦when we form the XABC and the next will be find out where is the D location will achieved before the bearish coming. Hw do we ensure D is achieved???if the D hit 1.272, then D still have change to go up 1.618 and futher to 2.618 rgtā¦So, hope someone can helpā¦thanks to all 1stā¦
So what we should do is first find the D on the daily and only trade Dās on lower time frames in the direction of the daily ?
Eg: if D on daily is bearish then only trade bearish patters on 30 Min charts ?
The CD Leg is >= 100% of AB (CD is 100-261% of the AB leg). An exact D location is found through convergence of that CD% with the fib levels of XA. As a result, I recommend that you read the book āTrade What You See: How to Profit from Pattern Recognitionā by Larry Pesavento If you wish to learn or are interested in knowing more about this technique.
Thank for your replyā¦i already order that book after read your 1st page of this thread few days agoā¦will be received ard this coming tuesdayā¦if still cant understand or confuseā¦then will post my question hereā¦againā¦thank youā¦
Here is, according to me, a very important question to you, TMB:
Consider the below scenario (GBP/USD)
I had made these Fib levels after the short downtrend after C. There was, as you can see, good convergence around 0.8627. However, the price didnāt go much lower after that, an in fact went up.
It went up a lot, in fact, and surpassed the A point. However, when after some time it went down, you can see it did respect the 0.8627 point.
My question is: When the price is heading towards a D, but instead of heading towards a D it goes into the opposite direction and surpasses A, can we consider the pattern invalid from then on?
I am inclining towards āyes, it should make the pattern invalid.ā But then as you can see, the price really respected the convergence. This can be explained by: āthe price didnāt respect the convergence but rebounded from the lowest point that happened recently.ā
So what do you think?
You are right, thats not a valid pattern. C is not valid.
[QUOTE=modo;189292]Could be something here, but note the strong additional convergence further below (more desirable imo)
Given the fact that itās a 4 hr pattern, it might be best to look for another pattern or candlestick reversal on a lower timeframe. Plenty of upside, no need to rush. More of a āwatch this areaā than outright entry.
This worked out nicely, with a bullish gartley on the 1h (in blue) giving a good entry into the 4h pattern. Iām finding these āpatterns within a patternā my most profitable setups because I use the stop (next XA fib) from the shorter timeframe, and the initial (2/5ths) profit target (.382 AD) from the larger pattern.
Takes patience though, and I messed up the entry by about 20 pips due to fear of missing out.
