Just because YOU can NOT use price action, fundamentals, and technicals to trade, does not mean the rest of the world should be like you.
Looks like I was wrong:(
It dropped over 100 points from where I called it…
Hey guys im new to this and just wanting to know if i drew this right?
Eur/usd 4 hour
( x ) = 1.33334 {6/08/2010 at 23:00}
( a ) = 1.25853 {24/08/2010 at 19:00}
( b ) = 1.29197 {6/09/2010 at 15:00}
( c ) = 1.26595 {8/09/2010 at 15:00}
So by that i gathered that " D " would be around 1.29848
Am i wrong? it would be great if i could get some feed back thanks guys.
Hi there Scaws,
You chart looks good to me. While the pattern failed, it did however reverse around 140 pips from your D point. I would now keep an eye on the 2.00XA level, as this ties in nicely with a straight forward AB=CD pattern on the weekly chart… However, looking at the weekly chart I can see several possibilities for the EUR/USD to climb even higher than the level I have marked.
Here’s my EUR/USD 4 hour chart and a weekly chart.
Hey thanks for the quick reply.
So i did draw the pattern right, i remember at the beginning of the thread it says that some people draw the pattern to fit the price.
I just want to make sure i’m doing things right.
And how did you get the 2.00?
was this with another pattern?
Again thank you so much for helping me out. 
The chart you posted was good.
As for the 2.00XA level: I would normally have looked at the 1.618XA before the 2.00 level, but it’s always a good idea to keep and eye on the bigger picture, and the 2.00 level ties in better with the weekly chart.
Another point to keep in mind: If you are following a Carney method, most times the XA level is the extreme level of the PRZ, so on this chart that would favour the 2.00 over the 1.618. But this is not a critical point by any means.
What pair is this, and on what time frame?
Its on the Eur/jpy 15 min
I have a couple of questions for you Scaws:
- Are you following a TMB style or Carney style, or both?
- What fibs do you plot to decide where your D point might fall?
Here’s my EUR/JPY 15 min chart. Following the Carney method, the B is the defining point and this would suggest a D point around the 0.886XA level.
I’m trying to follow the TMB method.
in the videos i saw him use the distance from a-b = the distance from c-d (which is went to come close to the .500 fib line i think?)
is that right cause that is what i have been doing.
I don’t mean to be a pain i’m just trying to lean.
No worries Scaws, you are certainly not being a pain :). We all have to start somewhere.
Okay, for TMB’s method, this is what you should do:
Plot your fibs from X to A. Then plot another fib measurement from B to A, and then move this fib across to the C point (so that the fib level that was at the A point is now at your C point). These are the fibs TMB uses.
Now look for any areas of tight convergence between the two fibs, the tighter the better, and this is where TMB would place his D point. Now if price closes beyond the D point fib level, then TMB would say that the pattern has failed. Also bare in mind that TMB nearly always favours the intial swing after the A point to determine his B point.
Hope this helps.
Ok so i was doing most things right.
So i had the right idea with the moving of the fib levels but i didnt plot the “d” at a point of convergence.
and TMB uses the inital swing for his ‘a’ which clearly i did not.
Thank you so much this has been a great help.
so what is this carney method? is there some where i could read about it?
TMB uses the intial swing AFTER the A point for his B point.
As for the Carney method, I would highly recommend you take a look at Carney’s website, Harmonictrader, and download his first book free in pdf format, ‘The Harmonic Trader’, which you’ll find on the fromt (home) page.
I have located and downloaded the pdf ( 300 PAGES!!!) it looks like im in for some reading!
it never hurts to learn stuff tho.
I just curious are you trading live or demo?
because TMB did very well using this method live.
300 pages, but a lot of the space is used up with chart examples, so not as daunting as it may first appear to be.
I’m trading a live account, and doing pretty well. Up about 25% in four weeks 
I’ve been trading for the last sixteen years, but only a year in currencies. I came across this thread about a month ago and have used harmonics successfully for that period. I have now turned to this style of trading for my other accounts in stocks and futures.
WOW.
So i think i’m talking to the right guy then.
25% in four weeks you sir are awesome.
1)Has that been with sensible lot sizes or with more then 2% of your account.
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Your my idol.
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do you make your living my trading or is it just a part time thing?
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im still shocked that im talking to someone with such experience.:eek: 16 years
…so many questions to ask