TY All for posting and E-mailing your analysis, I will stop receiving/considering post/e-mails in regards to becoming a students on 11/05/2010.
Again, great work and keep it up.
TMoneyBags,
On the EUR/GBP daily there is a gartley that hit the āDā and dropped right around the .89400 mark on the news overnight perfectly. Would you still just stay with your 30 pip limit on such a strong pattern as this on a daily chart? I let it ride for awhile and then got out but it is still going down currently @ 87600 approx, by the way thanks for all you have shared on this thread.
Don
My exception is taking 60 pips on patterns offered by the Daily and the 4 hour charts. As for taking advantage of the bigger move, well price does not move in a straight line so the daily pattern serves as a major indicator for market direction. In other words, I would focus on finding sell patterns and be extremely careful on which buy patterns I choose for the pair if any until target 1 is reached or the original convergence point is broken.
Iām not discouraging long term trading, it is practice that can be done with such patterns when using the correct leverage. For example If I ever where to take a pattern like this long term, instead of using 5-10% of my accounts margin I would only use 1-2%. This is because a failure of the pattern is judged by its daily close above the convergence point.
Also please note that even if you do not see a pattern develop on the 60-30 min chart for sells in such cases, you will most likely find one on the 5 min. These five min patterns can be traded and used as re-entry points for the bigger patterns. Non the less, you should always be cautious when trading in such a way and make sure that you are not near major retracement areas (obviously a full analysis of the market and the levels where price can fluctuate must be present).
Thanks for the reply, I jumped ship after 70 pips mainly because I am trying to follow your rules that you set (30 pips) but with the US news giving strength to the dollar it was hard to pass up. With QE2 around the corner itās going to be a fun ride; we will see how much the Fed can jack things up; looking forward to seeing your future posts and I hope everyone on this thread does well
Eur/GBP has some interesting developments going on, from what iāve been seeing. Iāve been watching this for some time, it stopped me out on that first little dive, but then as I re-entered seeing the higher reversal I also noticed something else.
It seems to have formed a 5-0 pattern. X being the first peak that I lost out of and A being the bottom dip, B bing the high peak, from there I was able to pick up 130 pips, which is the minimum of the 5-0 patterns BC extension of 1.618. But with this one it is a strong reversal and went down to the extream for the 5-0 pattern of 2.24.
From there I"m anticipating a ride up to the 50% of BC and an AB=CD point. And take my sell at D. Having never tried a 5-0 pattern before, and seeing that this one might follow the rules, Iām going to see if it works.
Belthazarr,
Can you post a pic, I only trade the gartley and the butterfly according to TMoneBags rules so I am not familiar with that but would really like to see it, also what time frame were you using?
The 5-0 pattern is from the Harmonic Trader. I was using the daily for the gartley and noticed the 5-0 on the 4hr.
Thanks, I have the book but have not had a chance to read it yet, nice pic, when I get home I will have to take a closer look at it, too bad I have to actually do some work right now; appreciate the posts
Don
Awesome, very nicely spotted Belthazaar!! 
I havenāt really looked out for these, but we found our first one about 2 weeks ago, then another 2 a few days later. They are supposed to be quite rare, so it was strange but most of the majors were at extremes then. All 3 did work out, and ran up to and past the C point.
Looks like this one is about to be invalidated as I typeā¦
By the way, does anyone have any info on Carneyās newest pattern(s) - maybe called the āStingrayā or some other animal lol? 
Yep, looks like it exceeded the 2.24 extension which it shouldnāt do to be a 5-0 pattern.
As I said, this was the first one I saw (thought I saw), at least I got the got the gartleyās āDā and gained some decient pips.
TMoneyBags,
Thanks for the info regarding looking at the 5 min chart for sell patterns, I never have really focused on those because I try and follow your trading rules and stay on the 60/30 min frame, but I was successful at using this last night and today on several occasions; not large movements but enough for me
Don
hi allā¦i found this today and its been good to me so farā¦still ridingā¦
By radofx at 2010-10-27
cashDemoN,
Thanks for the pattern, I am curious on how you figure your stop/limit if you donāt mind me asking
Hi Dbear ā¦Limit is 25-35 pips on smaller tf pattrerns 15m-3hā¦On 4h and daily patterns i aim for 50-100 pips OR 0.382 fib lvl from A to D point
Stop depends alot on previous candle close and price action and how i feel about it ā¦usualy between 10 and 30 pips VISUAL
Hey CashDemon,
I was wondering if you could explain how you found this pattern. Because It seems like you do it a different way then how I do it and I like to keep an open mind and learn new ideas.
One thing I notice is you look for smaller patterns that share a D with the bigger Pattern.
Haha, nice one Cash!!
Iām also in this one - the spike could have been tricky/problematic depending on where you enter with this oneā¦
Also saw the baby pattern, always great for timing. But my macro pattern however is alot different to yours - itās an EIW type pattern (extreme impulse waveā with C > A, nice S/R at the spike low too.
Personally, I wouldnāt have traded your macro pattern - it just doesnāt look right to me symmetrically, and BC swings. My preferenceā¦ doesnāt mean it will or wonāt work out down the roadā¦
Whereās your final PT for this one - Iām aiming for the 9850s but Iām very bullish this pair long term. Iām watching gold as well for cluesā¦
Also a bat pattern in the CHFJPY 4h and almost identical one in the EURUSD 1h - both in play since US open yesterday.
cashDemoN,
Thanks for the info, this pattern is different from what I normally look for as well, but that is cool because I never really looked for patterns on the trend where the BC leg was short; another doors opens visually for me.
inspira,
Would it be possible for you to post a pic of the bat pattern on the EUR/USD you are referring to? I would greatly appreciate it, not familiar with the pattern, thank you
FYI dbear0398,
Note - itās not a āperfectā bat according to Carneyās rules (2nd pic) so buyer beware. 
Also, I highly recommend you read his free ebook from his website for a solid foundation. Itās been mentioned before, but I canāt stress it highly enough lol.
AUDUSD update - has bumped itās head perfectly @ 382 prior swing AC (normally AD but AC is larger). Looking for 618 further upside @ 9850s.
PS. had trouble uploading pics to online server so attached old fashion way.
hi INSPIRA ā¦ i still would have traded the big pattern alone but with very little tiny position size and add to it every 30 pips or so ā¦but i found the baby pattern and it gave me confirmation so i entered full load of lots
my TP was 60-70 pips and i took it early this morning during Asia session/3.30 am my timeā¦it might go way over 100 pips but i like to grab and run:D
watching gold for clues ah?..i must start to do thatā¦
by the way,heads up for this oneā¦happy trading to all!
By radofx at 2010-10-28