30 Pips A day Keeps the your money at bay

[cashDemoN]

so far eur/usd hedged position+135 pips long -93 short still going
usd /chf-went up +32 pips and came down for Break Even/OH GREED/
nzd/usd came down for +17 pips and exited…didnt liked price movement on 5 min tf
waiting to reenter usd/chf
and nzd/usd
usd/gbp gave 71 pips and reversed…im glad i took it…first target was right at 0,382 AD and reversed like a bloody rocket

[cashDemoN]

Hey there cashDemoN

You may want to keep an eye on this possibility.

hi Pleiadian…i think you are right price is going further down here…i played a bid with the pattern i posted and i put B at 0,618 of XA and C at next swing up and it showed a bullish butterfly with multy convergence zones…crazy forex market man,

[pbylina]

@The_Pleiadian

Hey there cashDemoN

You may want to keep an eye on this possibility.

Hello Pleiadian! How do you know where to project the ‘D’ in the picture you took?

Thanks!

[The_Pleiadian]

Hello Pleiadian! How do you know where to project the ‘D’ in the picture you took?

Thanks!

Hi there pbylina,

This is a simple AB=CD pattern, which dictates that the CD leg should equal the size of the AB leg. So if the price moved say 75 pips from A to B, then in theory the price should move 75 pips from C to D.
In an ideal pattern, the time it takes to form the CD leg should also equal the time it took to create the AB leg.

Hope this helps.

[pbylina]

Thanks for reply Pleiadian! Yea now I remember the Ab=Cd pattern from the book ‘Trade what you see’. I dont know why but I thought that you guys only used the Gartley 222 and the Butterlfy patterns.

[The_Pleiadian]

Thanks for reply Pleiadian! Yea now I remember the Ab=Cd pattern from the book ‘Trade what you see’. I dont know why but I thought that you guys only used the Gartley 222 and the Butterlfy patterns.

Hey pbylina,

I mainly trade the more complex patterns, but I will also trade straight forward AB=CD patterns if I feel it’s a high probability trade.

[pbylina]

Hi guys.

In the attached picture I was wondering if I drew this ‘Butterly Sell’ right and how do you guys know where the real ‘D’ is? Because I keep entering at where I think the pattern is complete and it ends up reversing past my fake ‘D’ and I end up with 30 pip loss.

Thanks

[The_Pleiadian]

@pbylina

Hi guys.

In the attached picture I was wondering if I drew this ‘Butterly Sell’ right and how do you guys know where the real ‘D’ is? Because I keep entering at where I think the pattern is complete and it ends up reversing past my fake ‘D’ and I end up with 30 pip loss.

Thanks

Hey pbylina,

I trade according to Scott Carney’s fib ratios. Your B point is at 0.5XA, and this would suggest a potential D point of either 0.886 XA or 1.618 XA.
Howver, it’s always wise to keep an eye on the bigger picture.

[pbylina]

Hey Pleiadian,

Do you recommend me reading Scott Carney’s books “Harmonic Trading vol.1 and 2”? Or is it the same as the “trade what you see” book?

Thanks!

[The_Pleiadian]

Hey Pleiadian,

Do you recommend me reading Scott Carney’s books “Harmonic Trading vol.1 and 2”? Or is it the same as the “trade what you see” book?

Thanks!

Hey pblina,

I would highly recommend these books if you are interested in trading patterns. His first book ‘The Harmonic Trader’ is a good starter, and you can download this in pdf format for free from his website Harmonictrader.

[spiros]

Hey pbylina,

I trade according to Scott Carney’s fib ratios. Your B point is at 0.5XA, and this would suggest a potential D point of either 0.886 XA or 1.618 XA.
Howver, it’s always wise to keep an eye on the bigger picture.

Hi Pleiadian,

I am a little confused when viewing the graphics that depict a pattern (the ones that have the ratio’s on them from harmonic trader site). When looking at the bat price pattern the B is denoted as having an X-A retracement of 0.382;0.618. It doesnt mention it specifically so does that mean only 382 and 618 retracements of X-A or does it mean any fib between 382 and 618 which would mean that a 50% retracement would be included.

Hope my question is clear enough.

Thanks

[inspira]

@spiros

Hi Pleiadian,

I am a little confused when viewing the graphics that depict a pattern (the ones that have the ratio’s on them from harmonic trader site). When looking at the bat price pattern the B is denoted as having an X-A retracement of 0.382;0.618. It doesnt mention it specifically so does that mean only 382 and 618 retracements of X-A or does it mean any fib between 382 and 618 which would mean that a 50% retracement would be included.

Hope my question is clear enough.

Thanks

Hi Spiros,

Yes, the graphics can be a little confusing for the uninitiated - it was for me too!

I’ve atttached a pic of the Bat graphic below.

You’re almost correct - the B shows an XA retracement of 382-50 (must be less than 618).

C - retracement of 382-886 of the AB leg, so it includes the 50% fib in between.

D - 1618-2618 of BC leg, and should be an 886 retracement of the XA leg (it’s invalid if it exceeds the X point)

Also, the CD leg usually will have an AB extension of 1.27.

All the patterns typically have an AB=CD pattern in the them, and in this case it’s an extended AB=CD pattern. ie. CD=1.27AB

Hope this helps,
inspira

[inspira]

Here’s a variation Bear Butterfly pattern - Variation because strictly speaking, the B point should be 786 retracement of XA.

You can see the PRZ (potential reversal zone) bounded by the 127-1414XA, with confluence of 2618BC and an 200AB=CD leg.

Let’s see what transpires…

[The_Pleiadian]

Hi Pleiadian,

I am a little confused when viewing the graphics that depict a pattern (the ones that have the ratio’s on them from harmonic trader site). When looking at the bat price pattern the B is denoted as having an X-A retracement of 0.382;0.618. It doesnt mention it specifically so does that mean only 382 and 618 retracements of X-A or does it mean any fib between 382 and 618 which would mean that a 50% retracement would be included.

Hope my question is clear enough.

Thanks

Hi spiros

inspira answered your question nicely (thanks inspira ).
I would highly recommend you download the free pdf of ‘The Harmonic Trader’ also found on the Harmonic Trader site. This is Scott Carney’s first book and willl add a little more clarity.

[lil_pip]

iv just finished reading through and making notes on Scott Carney’s harmonic trader pdf which is available for download (not allowed to post links!) and in all the excitement have ordered volume 1 and 2 of the harmonic trading series… for a 24 hour delivery, cant wait to get stuck in!

id recommend carneys work to any1, especially newbi harmonic traders because he explains absolutely EVERYTHING! no guess work required, so do your trading justice and look it up ppl!!

[Pagjr]

Can a former D leg be an A leg, or should you use the following candle?

[lil_pip]

Can a former D leg be an A leg, or should you use the following candle?

Yes, when the market is moving in a symmetrical manner a former D point should be the next A point and a former A point should be the next X point.

[lil_pip]

Yes, when the market is moving in a symmetrical manner a former D point should be the next A point and a former A point should be the next X point.

I believe TMB’s videos posted on page 3 demonstrate this technique…

[pbylina]

Hi guys! Is this Butterfly correct? It doesnt really look symmetrical…

So I drew from X to A then from C to D. The best convergence I think is from 50% of CD and 61.8% of XA. Right? So would that be the target? Is my entrance good? Should my stop loss be at D? Do you only use convergences for determining targets?

(Going to start reading ‘The Harmonic Trader’. Hopefully I will be pro like you guys when I’m done reading:)

Thanks!

-pbylina(AKA “The Newb”)

[pbylina]

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