WoW! I am floored at your ability to zero in on the EXTREME wick of that trade you made. I don’t look at that pair but since you posted it I pulled it up just too see what I would have done. Let’s just say, I wouldn’t have even been close. In fact I would have not even entered because I would seen the much better convergence (on the Weekly) at the .5% of XA and taken my at a break even or 100 pips since it didn’t even reach the .236 of CD. For me, I haven’t had much play with the large time frames using these patterns but the convergence at the .618 is just too big for me. But because it blew through the previous convergence point I figured you have more skill in this than I do, so I went to check out your 4hr enty. The convergence was pretty much there (close enough) on my charts at least but it fell short by 5-10 pips from the fib which means you placed your entry some 10 pips from the fibs to make sure you got in WHICH got you in BY THE SKIN ON YOUR TEETH! WAY TO GO!! Simply phenomenal. I am watching closely to see where this trade goes. I would have jumped in because you still have a ways to go and it is still near the top, but the candles/bars I have been seeing are still looking too indecisive for me. I’m just not sure it will go down or up so I will play spectator on this one. GREAT JOB!
Just want to get your opinion on this as it is very similar to the one you just posted. I found this one on the monthly/weekly GBP/USD. As you can see I am looking at a reversal at the .786 mark of XA for my D point. I went down to the 4hr charts to grab a good entrance, but in doing so I believe I missed my entrance I was hoping to see it drop a little more and thus far it hasn’t. I was looking for a reversal around the 1.500 of XA but it has fallen short and has begun to rise. Do you think it will come down and hit or have I missed the entrance?
Upon further analysis of my GBP trade, it looks as though I just might have missed my entrance. I found I needed to scale down to the 30min chart to get the correct entrance. It is hard to see to I outlined it in yellow lines.
I’m still not sure if the 4hr chart is going to be valid or not. If it does then I will still have a solid entrance and at a better (lower) price point but it’s not looking too hopeful…
Hi TMB could you please post your 4 hr chart showing how you entered this trade as i cant figure out which points you used to draw the pattern on the 4 hour
I used a 4 hour pattern for my entry (To get in on the wick) while playing the move of a bigger pattern on the weekly… see bellow:
hello TMB.
i want to respond to the above. to me i think its somehow not fair enough to come out with ur pip counts after many have been asking to give more light to ur trade spot.
actually, i come here once in a while just to see how things are going and i have been reading the question about ur usdchf.
for me , i saw the CRAB as a result of 61.8 failed gartley on 4hr but it would have been more honourable to give them this head up ahead of time before the D is reached and not when trade has worked 117pips in ur favor.
First of all trendline, If I where to give every one all of my entries and sat here pointing out when and where exactly to get out of the market for every trade, then I would be managing a free trade signal service… which I am not doing here. My ultimate goal in this thread is to educate the community from which I learned the basics from and teach them an advanced form of trading. Something that I have already done throughout the months within this thread. In addition, I had already pointed out this sell area to every one on this thread through earlier posts and before hand had stated that the European pairs where reaching or had reached major patterns for a reversal of each respective euro pair. As a result, please read the thread and inform your self before criticizing me or questioning my honor. For I am sure I am one of the few people here on the internet and in the whole world who actually shares their knowledge and success/failures in trading for free without any fee on a system that works.
TMoneyBags - I’m sure that the vast majority of traders (including myself) that follow this forum, greatly appreciate the hard work and effort you put in.
My wife and I have been learning and demo trading forex for over a year now. We have tried several “systems” over the last few months - none of which worked for us. It has, however not been wasted time. We have aquired a significant amount of knowledge. Nothing beats a solid understanding of the basics: trends, candle stick patterns, chart patterns etc. etc. I think far too many people are looking for an easy free ride with forex. It doesn’t exist, you have to put a lot of time and effort into learning the basics.
My wife and I intend opening a live account (we blew our first one) in the near future and we will be using the methodology from this forum. I have read (and continue to study) “Trade What You See”. This methodology makes far more sense than any of the “systems” we have come across over the last year. The fact that the basis for the method dates back to the 1930’s says it all.
So please TMoneyBags continue with this forum, we value your knowledge and input.
Come on guys, let’s just get back on track. We all know what happens to threads that become a mess, and I’m pretty sure we don’t want that.
So please let’s forget all the noise and concentrate on learning.
For what it’s worth I’ve seen TMB trading live and he’s just awesome. No other member in this forum has presented his account statements for all to see and that says a lot. Also, I haven’t seen any other thread to be alive and with so many visits without the thread starter being around so often.
All the information you need has already been written and it’s here for you to review and study. It’s your job to dig in and adapt this system to your personal style. At the beginning of this thread many trades were posted before and after the facts.
TMB has given all this information for free and he’s not forced to take your/our hand through the learning process. We all have lives out of the forum don’t we? So please have patience.
It is ok to disagree, but please don’t create such a tense atmosphere in here. This thread has been very friendly so far, let’s keep it that way.
C’mon roll up your sleeves and post some charts instead. That’s the way to learn.
Today has been a slow day for me. I got up this morning (5am my time) to do my trades but found NOTHING in the market that I felt comfortable with so I simply went back to bed and slept in till 11. Now its about 5pm and I’m just wondering if anyone has spotted anything worth-while today… please post! I’d like to see this thread as a daily dose of gartleys and butterflies found by everyone. I’ll post when I can.
this is a chart I posted yesterday or so on the GBP/$ on the weekly. If you look at that chart now the price has dropped by down to around the entry point. For those of you interested It would be beneficial to you to closely examine this pair from the weekly chart down to small time frames to see where this is going and if you want to jump in this could still work for a large win upwards or shoot even further down if the pattern is broken.
Here is the 4hr chart (GBP$)that I have been watching for the past couple days. I’ll be watching to see if it hits. It is in line for a reversal along with the weekly chart I just posted.
Thank you for all your generosity, TMB, in teaching others here. It is truly appreciated by so many and just try to ignore (I know that’s hard to do) the negative comments made from some who just don’t get what you’ve been trying to do. My son (same age as you) and I have been learning so much from you and we really appreciate your taking the time to share with all of us.
I do have one question as we have had a tough time trying to find patterns for the past week. We begin to identify them but they never fully form due to the Euro craziness. We’ve been paper trading for 6 months now and have strictly been following the Euro/USD. Because we have been learning so much here (read Trade What You See as recommended) we felt we should stick with one currency pair for now. So what do you do when you can’t identify any patterns? I have had some success with short trades by identifying fractals and grabbing 10-15 pips in a short period of time (5 to 15 minutes) but lately even that has been difficult. Any suggestions?
i’m having a go at the retest of cable weekly i posted the other day, but was unable to take due to my loss on the swissy. not sure if you think the pattern is valid.
rection at D was good on monday, and liiks like could be near end of 5th wave so i felt it was worth a shot. profit target at this stage is .382AD, but will probably revise to .236 given counter-trend nature of the trade.
FXtraitor. Just wondered why you are looking to buy in a market where there is a strong down trend with this pair? Isn’t there a higher risk of failure going against the trend?
TMB - what’s your opinion regarding the use of Gartley’s and Butterflys and trends. Should we stick to trading only with the trend?