30 Pips A day Keeps the your money at bay

hi all…there is a nice gartley pattern that got triggered late last night…still riding it…the interesting part for me was the another euro pair-eur/cad ,wich i traded on a simple support line and indicator dicergence only and nailed 120 pips…if you put a support line on 1.3700 lvl and zoom out you will see it :slight_smile:
same goes for eur/aud-traded it on single support line aswell at 1.3650 lvl and CCI divergence -nailed 170 pips there too…the eur/gbp pattern and the other 2 trades developed at almost the same time and the candle stich formations on the lower tfs gave me confirmations at that time …i used regular lot sizes on all 3 trades with max SL 25 pips on the eur/gbp pair…the result is about 12 % account increase in less than 24 hours…and still riding …happy weekend to all…for me it was a great week ending with 5 winners 1 looser…it was a nail biting experience too:D

By radofx at 2010-11-12

Well done!

Just a question on the EUR-GBP chart. I noticed there was a lower swing extremity on the 29th June. Did you try that as your X swing before choosing the X swing on 23rd August?

Since there was two possibilities for the X position, what made you choose the X swing on the 23rd August for your pattern?

The time in which you trade a pair is important when working with harmonics. This is because of the fact that their are indeed times that fake outs develop. As for what pairs I mainly trade well apart from trading what is symmetrical at the moment I mainly trade the following:

Chart 1: EUR/USD, EUR/JPY, EUR/GBP
Chart 2: GBP/USD, GBP/JPY,
Chart 3: NZD/JPY, AUS/JPY, CHF/JPY

And yes these patterns are proven to run a retracement of 61% (.618) 70% of the time. This number is not taking into account the human emotion factor (fear, greed, etc.) which is why rules such as 30 pips a day should be implemented in addition to always closing out your positions when they fail (Once a trade fails that 70% win turns into ???%).

Thanks for the tip TMB.

So basically you are still scanning patterns from a variety of pairs, but focus on the ones that has good consistency and are most likely to respect retracements levels.

when you say symmetry, do you mean triangles that are equal in areas/shapes? Or symmetry in ABCD zigzag patterns of the Gartleys?

Thanks for taking time to share your experience. I am currently going through this entire thread all the way from the beginning back in 2009. It is like going back in a time machine and following your initial progress and those who tagged along for the ride. Only up to page 20 so far, but some good gems in there. The thread was also quite active back then compared to now, but never mind, there is still a wealth of knowledge to look through.

Cheers.

the X point i took is a C point for a previous pattern vissible on the daily TF

By radofx at 2010-11-12

When I say symmetry i mean everything that goes towards determining a stable market. In other words if the market fits the criteria in my rules of the trade pdf then it should be symmetrical. To clarify a symmetrical market should have a constant flow of buyers of sellers, meaning that retracements within the market should at least reach that of .382 and within past market history patterns should have developed and completed themselves. Also, the appearance and completion of triangle breaks and head and shoulders add towards the symmetry within the market. As a result, the more patterns you see developing and completing within a market (whether it be candle stick, triangle, H&H, Gartley Patterns, ETC…) the closer it is towards a symmetrical market. This is the reason why I have always stated that price history is critical towards your market analysis, if you do not see historical data indicating that your technique will work then why would you even trade that market?

TMoneyBags,

Will you be posting your trades next week?

one for the weekend

By radofx at 2010-11-12

HI ALL ! On yesterdays trade usd/jpy 13.30 news candle did bring the price down under convergence area and helped me decide to add another position… …lost 17 pips on the previous pattern i posted usd/chf /left the trade over the weekend/and 2 more setups missed-eur/usd and nzd/usd both 1h tf.


By radofx at 2010-11-15


By radofx at 2010-11-15

Nice CashDemon!

Here’s my USDJPY version, still good. This was taken last night… but since then it’s still bouncing around up there in the PRZ, lots of consolidation.

And quite a few Yen crosses setup last night too, some still live.

hi Inspira…yes,same ABCD different X point

Hi,

I was reading some of your earlier posts in this thread, i find your methods very interesting, i was wondering, would autochartist software help me in finding the patterns? I’ve never used it before, but i keep seeing my broker advertise it, and i don’t know if its any good or not, was just wondering what your 2 pips on that might be.

Thanks

Which broker is autochartist for(if it is even a feature of a broker)? I know IBFX offers there pattern recognition software but I believe it doesn’t recognize harmonic patterns. However, if you are using MT4 as your trading platform I can give u a custom indicator that would [I]help[/I] you find harmonic patterns. Keep in mind the indicator can’t really show you a completed pattern until it is nearly completed, or completed. If you use the BP school to identify the possible patterns you can determine where price should reach if the pattern were to complete. IBFX’s pattern recognition software is okay, but I don’t really like it and it doesn’t recognize all the patterns. The indicator isn’t perfect as well and would still require your own discretion. I still like to use the indicator though as it does help but it for sure is not completely automated. It can at times show [I]false[/I] patterns which may be harmonic but not an actual pattern (see the BP school).

Honestly, finding the patterns on your own will help you in the long run. Indicators and programs can not substitute your own discretion.

Edit:

Also, brokers can have paid advertising and it is possible that your broker is simply advertising the software because the were paid to do so. If all else fails, check the software, read reviews and see what it is really about. It is possible it could help you.

Edit2:

There are quite a few people on this thread that post patterns that are almost completed. Just look for their postings, they may help you as well. More than once they have posted a pattern that I havn’t been able to see on my own.

hi …i think Autochartist is free to use if you are live acc holder with FXclub…
i have used it before and it wont give you harmonic patterns…i think it is useless same as fx club’s charting sofrtare RUMUS .this is the most user difficult stupid program i have used…their educational videos about forex basics are one of the best i have seen…just my opinion

Just quickly…

Starting to get a good eye for these babies… :wink:

USD strength across the board, EU crisis… be careful out there everyone…

Re: Autochartist, never used it.

Hi inspira…what is the name of this pattern?
looks sharp:D

this was yesterday after the movement in the evening
2 winners
usd/cad

By radofx at 2010-11-16

eur/usd


By radofx at 2010-11-16


By radofx at 2010-11-16

done for today on the 5 min TF lol

A point on this butterfly pattern is a D point on a bullish gartley visible on the 2h and 4h TF but i missed it…


By radofx at 2010-11-17

Hi CashDemon,

Sorry, that was a 5-0 harmonic pattern - i’ve only recently started to trade them. Good success so far, but it’s still early days…

They were discussed a few pages ago as well, with Belthazaar and someone else, i forget…

I’ve attached the pdf, which is freely available from Scott Carney’s website, it’s very helpful!

What I love about this particular one, is that D terminates near the all-important 00 level. Sweet as!! :smiley:

Currently out +40, with one left riding it south…
Still in USDJPY too which is finally moving as well. :slight_smile:

The5-0Pattern.pdf (2.73 MB)

Oh yeah,

Here’s a pic of the GBPJPY 4h crab (not perfect) that I was talking about earlier on this same page, re: Yen crosses.

Also has a nice ABCD pattern completion - nice when everything lines up isn’t it! :smiley:

Plus, if you missed the original entry, the 15m 5-0 that I just posted was a perfect opportunity to either pyramid onto it or enter anew.

… love it when this happens!!! :smiley: :cool: