Hello all. Scaning throught some pairs and found this one the Daily EURGBP.
Really good convergence on this one, might be a larger retracement? Seartching for other patterns with the Euro in it to validate the turn over in the price but havent really found any. Still might be a good one if you can find a pattern on a smaller timeframe futher ahead that convergece near the D in this pattern. Use the info as you like guys 
//Chris
[quote=āwillworkforpips,post:3447,topic:21540ā]
Glad it went well for you. I, on the other hand, stayed short over the weekend and got stopped out on the open with 100 pips slippage!
Iāve got some work ahead of me this week.
Multiple xās point to same convergence, also similar on the eur/usd worth a look, let me know what you think.
Looks nice Naughtypip, thanks for sharing. Could be good for push to the daily pattern D approx 1.5030
My only reservation is that D could constitute trendline break, and move back below breakout point could be bearish.
All good PipBandit! 
Took it short on the nice Gap open this morning with Yuan news. And again with the push up to the 127 extension of the AB leg.
Some great trades out there today, spot silver, UJ, CADJPYā¦
You were rightā¦ today has been awful. Iāve not been profitable lately. . . ā¦ 
Hoping this will come through on the eur / usd
i already traded this today at its first convergence, unfortuanately i screwed up my entrance being impatient which made my 30 pip profit target a couple of pips out of price range, so i lost out. Lesson to be learnt for me!
:rolleyes:
^The trade above didnāt work either, for me. My stoploss is 20 pips.
The first convergence was a success but the second failed. Which is a pity since the second convergence was better than the first (1 pip vs 2 pips), and if I had seen this I would trade the second instead of the first. So this goes as a FAILURE on my chart.
However upon closer inspection itās evident that the 1.2359 line was solid S/R so maybe the earlier convergence was the way to go.
But then if you make the chart 60min instead of 30, and draw fibs from the lowest extreme youāll see that it converges around the 1.272 CD fib line (the one that failed)ā¦
So this is clearly a failed pattern.
Hereās another nice failure, this time from GBP/JPY 30m
From the patterns Iāve seen where thereās a period of sideways consolidation it doesnāt seem to bode well for the patternās reliability. I prefer to go with ones which display nicer symmetry.
Yea I think you are right there pipbandit.
Yes, I agree. However on most charts TMB posted, the (sideways) difference between X and A can be much greater than that of A-B or C-Dā¦
Hopefully any patterns involving GBP will become a bit clearer after the emergency budget is released tomorrow.
It appears like thereās going to be large spending cuts to narrow the deficit. Iād guess this will have a weighing effect on GBP. Iām not too hopeful about it reaching that ~1.5030 level weād identified on the 4 hour charts a while back. You never know I suppose though! Iāve being burned a few times this week trying to use my little crystal ball to predict where price is going to go. Will only be placing trades off these patterns from now on.
Shame TMB never told his new method as he said he wouldā¦
sorry to hear that, but the week is young and the safest time to fly is after a crash.
Are you talking about any of the legs in particular PipBandit, or after the entry at D point or in general?
I agree that thereās a time element to these patterns which are seldom talked about (dunno if itās discussed in this thread - havenāt read all of it). They can be āfibbedā as well (I donāt), but I usually just take note of the # bars forming the pattern and timeframe Iām trading to let it play out.
These patterns are reputed to be highly reliable, on the order of 70%. Iāve only been trading them a short while and donāt have a large enough sample size but from what Iāve seen, itās thereabouts. Depends how you define reliable reallyā¦ :rolleyes:
In terms of symmetry, I totally agree, itās just more aesthetically pleasing!
Seems to be āperfectā when it occurs in nature (waves, seashells, human body) but itās hit and miss when it comes to human emotion and chart patterns though.
Incidentally, there was a study done that found human faces that were more symmetrical were found to be more attractive! More than meets the eyeā¦ I dunno.
There were some great trades in the JPY pairs last night, e/j g/y cad/j. And spot gold/silver - was stopped out on gold last week and re-shorted with the push to new highs last night. Massive moves in the these 2.
Iām still holding silver. You can see:
Markets taking a breather now after the Solstice Monday moves and yuan news gaps.
Luckily, I held on to my failed patterns, āNever give up on a tradeā as TMB would say, and they formed new Dās right on the maximum convergence, pulled out 60 pips 
