Normally you can save your chart as an image. Most charting packages let you do this. Or if you use Windows 7, then just use the snipping tool to capture the part of the screen you want to save as an image.
Then when you hit the āPost Replyā button you will see a few icons at the top of the text input box. Click on the paperclip icon and expand that window. It will let you browse your computer for the file you want to upload. Once you have selected the file, click the upload button and wait for confirmation that your file has been attached. You can then close this window and hit the āSubmit Replyā button.
Hope this helps.
TMB is probably more qualified to answer, but thereās lots of questions you can ask yourself Keziri, whole host of factors really-
what did i change? (if you were āsuccessfulā before)
am i doing anything differently to the start of the year?
how many trades in a row am I willing to lose?
am i using āmanageableā leverage?
Do some more study would be my advice, and/or go back to demo account with lower leverage until you get consistent again.
I canāt speak for how you trade the method as weāve all got our own nuances, but these patterns work in all markets/timeframes (Iāve commented about this about 2 weeks before).
Of course not every trade will win. But over the long run (hundreds/thousands of trades, really!!) you should come out on top with proper money management and leverage. Remember, just because there is an edge in no way guaranteeās success.
Interesting in deed. If I have to be honest, Iām not overly keen on your X placement on the hourly chart. I know the X does not have to always be at an extreme, but it should be at a swing top, and Iām afraid your placement wouldnāt constitute a swing top for me. But weāll see how it pans out.
On the 4 hourly you are playing the pattern as a Gartley, and that seems like a valid play to me. Although personally I would be a little cautious of this set-up, especially when I see better convergences higher up that would validate the pattern as a Butterfly. Still, it could work out, but it wouldnāt surprise me if there is a muted reaction at this level (your Gartley D point) before price continues on up.
Just my humble opinion though. Be interesting to see how it does play out in the end.
Sorry 1MFK1, I donāt have time to post a chartā¦
Not sure where your C point is or your entry/exit, but your chart looks good. C for me was at the large bearish candle to the left of where yours is (each feed may be different though).
There is convergence at the D of 1.414XA (or 150XA) and 2.24BC (which is enough for me). These are minor fib ratiosā¦ also lines up with prior S/R.
If you entered on the ādouble-dipā it will have less chance of working out. You may have also set your stops too tight.
If weāre playing by the Carney rules, a 0.786 retracement at the B point would signal a potential Butterfly in the makeing. A Gartleyās B point should only retrace to the 0.618 of XA. But hey, rules are made to be brokenā¦right?
As has been said already, everyone is entitled to tweak the system according to what best suits them. If youāre profitable, then one canāt really argue against your methods. So more power to ya buddy
Hey Pleiadian, Iām always happy to have a 2nd set of eyes, so thankyou!
LOL, I agree it doesnāt look pretty on the 60m - Iām actually looking at it on the 30m and itās only a little better even though symmetry is good. And yeah, the swing top is very touch 'n go.
All in all, both timeframes combined make up enough points of interest for me to initiate a first trade.
Your set-up looks fine to me, but as Inspira noted, I too would move the C point back a few candles. Granted, in this case it doesnāt make that much of a difference.
As it happens, I too took this trade and got stopped out. I donāt know exactly where your entry was or where you placed your stop-loss, but itās always worth remembering that not every set-up is a winner. Even the most profitable traders have losing trades, itās part of the business.
Even though I took this trade, I personally prefer the convergence to be a little tighter than it was in this case. But you are on the right tracks, and if you keep it up you [I]will[/I] start hitting more winners than losers. Having said that, you can still be very profitable with more losers than winners, but that all depends on your money management skills (n vital aspect of trading that is often overlooked).
In the early days of this thread you posted a number of time slots during the day when fake-outs are more common, along with some other time slots when the the true D appears to form. Do you still find these times slots holding up?
LOL, yeah I didnāt know what to call itā¦ either a gartley variation or butterfly variation. In the end a GV due to D < X.
Believe me, I have a laminated poster of Carneyās harmonic patterns right next to me and Iām constantly staring at itā¦ bat and butterfly cutouts in the works ;p
Yeah, itās all about making finer and finer distinctionsā¦ which rules to break, when to break them etcā¦
BTW, 5+ hours later and Iām still short the Kiwi with 2 scaled ordersā¦ tough exercise in patience this one. Almost stopped out earlier but itās still hanging on.
Yippeeeee, we have a new pattern, a GV Lol. Nice call Inspira, I like it lol.
Yep, the Carney rules? Well dem aint de only rules
As for your Kiwi trade, really hope it works out for ya buddy. And youāre right, sometimes this game can try the patience of a saint. Hang on in there.
I was just wondering if anyone has been consistantly succesfull trading these patterns. if some of the more experienced traders of this āsystemā could post their pip count for the past 5- 10 patterns i would really appreciate it. Just looking to gain some extra confidence in these patterns becuase most of my trades have been loosers.
Also how do you guys position your stop losses ? 30 pip stop ? At the next Fib Level ?
Iāll be the first to admit Iām still learning this system (only came across it two weeks ago). It can take a little while to get to grips with a new strategy, and then a bit more time to learn how to tweak it for yourself in a manner that better suits your trading style.
Iāve been trading for years, but only recently on currencies, and only two weeks with this system. From day one I was placing trades with this system (not always a wise thing to do, but I do have plenty of trading experience behind me).
After two weeks, I have 33% winners against 66% losers, BUT my account is up 20%.
Iāll be sticking with this system, and I hope with a little more experience trading it Iāll gain a better win to loss ratio. Donāt forget, money management is a HUGE aspect of any trading.
The idea is to minimize the losses and maximize the winners. Thatās how I can still be up 20% even with a win rate of only 33%.
Donāt give up on it too easily. Anything thatās worth having always takes a little time and effort. Experience is priceless. At least be aware that it most certainly is possible to profit trading this or a similar (harmonic) system.
As mentioned earlier, not every pattern works out, and not every pattern should be traded for that matter. By putting time into it youāll discover for yourself what does and doesnāt work according to your set-ups.
Hereās wishing you all the very best.
EUR JPY 1 Hour. Convergence at both the 1.00 and 1.272. There is also some resistance at the 1.272 level but the 1.000 lines up with the .618 of XA, which is a big retracement point. Decisions, decisions.
Wow. You must place your stops pretty close if your winners are that much bigger than your losers. I have been placing them at the next fib level. I am going to re-evaluate that though since the fib levels get wider as you go, hence your losers will always be bigger than your winners. Big no-no, unless you have a spectacular win %. How close do you put your stops?
[QUOTE=Pete Schweaty;216212]EUR JPY 1 Hour. Convergence at both the 1.00 and 1.272. There is also some resistance at the 1.272 level but the 1.000 lines up with the .618 of XA, which is a big retracement point. Decisions, decisions.
Hi Pete,
I notice you use Marketscope, as do I. For some reason FXCM have set some of the fib levels slightly different to the norm. Open up your fib tool and delete the 0.764 level, then add the 0.786 level. This may help you decide which level on your EUR/JPY chart you wish to trade.