Hi, could anyone with experience drawing these patterns tell me if i have drawn this correctly ?
heres an interesting pattern, with convergence at three levels playing out on the EJ h1. the best convergence is at the 1.618 of AD and converges with the .786 of XA.
im targetting 15 pips at the first two levels of convergence, lets see how they react, in an ideal world, maybe iād get 2 fake outs that give me 15 pips each and a true D at the .786 of XA! or maybe il just take a positive trade and run with it!
- 1st and 2nd convergence levels got blown out!
[QUOTE=Dan89;215868]Hi, could anyone with experience drawing these patterns tell me if i have drawn this correctly ?
Dan, your A should be a swing low therefore no point between X and A should be lower than your A. The correct A would be the hammer a bit before 9am, your B should be the candle with the long wick that pierces the .382 of XA and your C should be the doji 4 candles away from your current C.
Hi lil pip,
Youāll find I posted the very same scenario on the previous page (post 3999). Nice to see weāre on the same wave length. I must admit though, I wouldnāt be inclined to entertain the first convergence area on your chart.
Hi thanks for the reply. i actually drew the correct pattern just before you replied and i managed to draw it exactly as you described lol. At least im getting it right now. Anyway i entered in at the 1.272 convergence with 0.618. As you can see its not going very well lol. Oh well its just a demo trade.
I see your post now Pleiadian, im still getting a feel of recognising patterns. when i feel comfortable with recognising them, the next step is to use other areas of technical analysis that may put some weight behind the patterns i chose to trade.
if price does keep rising on the EJ there is a pattern forming on the 4 hour chart. but lets see how it goes. theres still the 1.618 of AD that had the best convergence of the 3 yet to be tested.
[quote=āDan89,post:4089,topic:21540ā]
yea price did blow straight past the 1.272 and stopped me out, however i mite re enter on this one since price has come just under the fib line creating a nice shooting star!
Hi Lil Pip, is this the 4hr chart you looking at ?
seems to line up quite nicely with previous Resistance turned support
Thanks Pleiadian, this is great discussion!!
Yes, thatās what I monitor, time in = time outā¦ thatās what I was trying to say, lol. 
And even though my targets are aggressive (B point), I usually see decisive movement in one direction or the other before I start to even think about scrapping the trade. And of course when I do scratch it, it goes where I want it to. :rolleyes:
I know some people also trade using horizontal Fib levels (Mark Braun, Carolyn Boroden) for timing but Iāve never investigated that, and donāt feel the need. The āmeasured movesā are good enough for me, just to have an idea of things.
So if the D point is reached early, often price will meander until time equals X to B before showing any convincing reaction. Also note that according to Carney, if the D point is reached before the 0.382 of the time measurement from B to D, this would invalidate the pattern.
Essentially with both these points, weāre talking about symmetry of the pattern. I think thatās what Carney is getting at, or maybe this is an additional point??
So if it looks āsexyā (= harmonious, = symmetrical ā¦ who wouldāve thought right :D), it probably has a higher probability of playing outā¦ And I wouldnāt be surprised, it makes perfect pips (sense) right? :rolleyes:
Now I donāt have any hard stats on this (or a big enough sample size), but roughly 1/4 to 1/3 of my trades are āuglyā patterns and I havenāt noticed any marked difference in their profitability.
TMoneyBags, maybe you have an estimate?
Wow, 3 others (including Dan89) posting analysis on the same pair unawaresā¦ good stuff, Great Minds Think Alike!!
This also popped up in my charts before I read the forums this morningā¦ Hope some of you scored a few?
It hadnāt moved much when I got to the screen (early Asian session), with a nice tight ~18 pip consolidation, right around the 118.00 big figure. Nice stops, great risk reward for +50. I still have 1 position on looking for 107.10s (aggressive target) or at least 107.38s (conservative).
Donāt you think you guys should have marked A as the first big drop? or possibly used the first big drop as X?
Hi Pagjr,
I did, and thatās the correct way I believe.
Hereās an updated chartā¦ iām very tempted to add-on with the nice retrace. :rolleyes:
beautiful chart.
Hellooo,
is any one there? TMB are you there if any one is pls i wana know if its just me.
or is it general. TMBās results as of last year were terific and believe me iāve seen all his posts all the strategies and even all his charts. ever since the begining of this year i have been trading this style. YES i draw my X from wick to wick, peak to bottom. BC not less than 382, D always above or below B. My CD leg most times bear smaller patterns, i trade the right D periods. i enter from the wick of price from lower time frames. i konw i just do every thing right but am at the verge of blowing my account. is this pattern trading no longer working? i cud have sent some charts but am not up to 50.
so pls again what should i do. it would be very helpfull if i hear from you guys.
Thanks in anticipation.
I myself am trying to master the patterns, price action, and range/channel trading.
Heres what iāve been looking at since I dont see any concise patterns:
img816.imageshack.us/img816/6629/rangetrading.png
img822.imageshack.us/img822/5117/rangetrading2.png
(Same chart/time just updated version with correct fib levels)
post your charts, times you are trading, etc. Im sure someone can help you.
I was correct the first time on the downside of the range/channel, and it looks like it was correct the 2nd time as well. Could have been an easy 100 pips while the market looks like it is doing nothing special. The market is showing no concise pattern so why not trade the range? Im just watching im not open for anyone who wants to know. Seems to be trading directly within the 23.6% and 50%. The EURO GDP is going to be released within 1 hour which is probably helping with the fluctuation.
img638.imageshack.us/img638/4931/rangetrading3.png
img94.imageshack.us/img94/8905/rangetrading4.png
Iāve been trying to follow this strategy but Iām still not sure if Iām drawing my gartleys/butterflys correctly.
I noticed a pattern forming on the 1HR Euro/USD chart and entered the trade but got stopped out. Maybe I made a mistake in calculating the convergence point. Iām attaching a picture so that maybe someone on here can help me draw the fibonnaci on it.
Any help would be appreciated! Thanks. 
The period that the chart depicts is August 27 - September 02.
there is a pattern on NZDUSD but how do i use image shack just like you did so i can show you
