Sweet Pip ,I was going thru this thread …studying from from history , Felt to say thanks to TMB / You and wrtm_19 excellent learning/understating lots from your questions and explanations, Thanks again!
After a year of experience should be expert in identifying the patterns is it? can you share if any also to wrtm_19.
Hey modo,
Nice call. Your charts look good. I realize the BC projection has been widely over looked on this thread, but you must remember that this is TMB’s thread, and he is promoting [I]his[/I] style of harmonic trading.
Your style seems to reflect more of a Scott Carney approach, whom I consider to be the guru of harmonic trading. If you take a look at any of the charts I’ve posted, you’ll find I use the BC projection, and I am also fully aware of the reciprocal ratios.
I like your analysis, and look forward to seeing more of your charts.
Hi there to ThePipDoctor,
Your chart looks good, and your target D point is fine if you are following a more TMB style of harmonics. Absolutely nothing wrong with that.
However, without meaning to get too technical, there are two issues I would like to point out:
But these are Carney rules. There are plenty of similar patterns that don’t quite fit the Carney criteria, but are still very tradeable and profitable, as TMB has proved so expertly.
Don’t get too hung up on what the pattern is called, concentrate on the fib ratios. As mobo suggested, most people call any pattern with a D point inside the X as a Gartley, and classify any pattern where the D point exceeds the X point as a butterfly. This can cause a lot of confusion, but when it boils down to it, what remains important is the fib ratios.
I also note from your chart that you don’t plot the 2.24 fib level, which you might consider doing, as this level does at times come into play.
Thanks Pleiadian. You actually cleared a couple big things up for me. The name of the game is practice practice from here on out!
I never did give much attention to what to specifically call the patterns but was more worried about where D would fall in relation to X…personally I think I’m going to call all my patterns “Flying Squirrels” from here on out 
Thanks again for your response though it was hugely helpful!
Lol. “Flying Squirrels”? I love it. Just don’t go trading any “Donkeys”
Anyone trading this for daily income/
Hi guys,
im watching the EUR/JPY and wanted to know what you guys think, il talk you through the chart…
firstly you will see a pattern outlined in yellow, which may have stopped you out before completion depending on the way you trade these patterns. what i noticed after the first D completion point is that old support turned into resistance along the rising trendline.
i then recognised another, larger pattern forming. however, i am unsure if it is valid and need your advice. i used the same X and A points, however for the larger pattern outlined in black, i used a higher B point. i know this is not the first swing after XA so am unsure if its valid to use…
if it is indeed valid, the BC retracement was <.500 suggesting a butterfly pattern may be forming. further, if the rising trendline does hold resistance and the market consolidates with decent symmetry i have reason to believe that 110.48 would be a good price to short at and set a projected D.
however, if my B point is wrong bang goes the theory… let me know if you guys have any thoughts!
good weekend to you all!
Hi TMB, Could you offer your opinion on why this pattern failed at all 3 convergence areas. It looked like a nice pattern to me, or am i missing something ? Any Adice ?
Thanks
Dan
Also TMB i would appreciate your thoughts on this setup, still a long way off though.
E/J H4 - Gartley, R/S, Convergence of Fibs.
Hey all, Happy Holiday to anyone lucky enough to have the day off.
I’m just going through my charts and wandering what you all think of this potential pattern. Maybe its too soon to tell.
But I’m seeing a good convergence with a potential D forming at the .786 of XA which would bee 100% CD.
I’d love any feedback.
Thanks all!
Hi there PipDoctor,
On a technical note, the symmetry isn’t quite what I would like it to be, and the BC leg doesn’t quite make the 0.382 of AB, which is normally a minimum requirement.
Having said that, if price does carry on up, I will trade this pattern, but I would go for the 1.272 of CD, simply because this ties in better with a BC projection (of 3.618) as well as the 0.886 of XA.
Spotted this last night
img541.imageshack.us/img541/4581/0905possiblebutterflyse.png
Did not act on it, cause labor day, thought we’d have low volatility, but I should of realized it would have worked in favor with stops triggered.
http://img541.imageshack.us/img541/4479/interpretthis1.png
Possible AB=CD buy, EURUSD 60 minutes.
It’s nice to find patterns, but not having the courage to buy them even when you spotted them hours in advance is psychological damaging. Already up about 30 pips since I posted.
Update:
img707.imageshack.us/img707/926/possiblebutterflybuyupd.png
Up 30 pips.
great but I can’t see the file :)
i’m up 20 pips right now, feels good.
About to place a stop at break even.
Here’s a chart you may want to keep an eye on. If price blows through the initial PRZ, there two more possible PRZs up higher.
Got greedy, but decided to close at 9 point profit instead of 20. Too much fluctuation for my liking, should of shorted at a higher position as I wanted.
Nice trading Pagir. Good to see you moving your stop once price has put you in profit. I feel it’s a big no-no to let a profitable trade turn into a loser. This way you are break-even at worst, which is fine. Now it’s a free trade
I would suggest you have a profit target in mind, otherwise the dreaded emotions of fear and greed can creep in and knock you for six. TMB has a 30 pip profit target on every trade for this very reason.
