you know thats sorta interesting, because i saw something that landed in the same place now that 2 other people noticed using different methods or different patterns, kinda cool, btw i haven’t had time to study 5-0 patterns yet, but i’m sure i’ll get to it once i master gartley’s and butterfly’s really well
I’m not disputing that there is a PRZ at the 1.338, there is definitly convergence there. It is overbought on the Stoch and RSI from 4hr to 30 min. GL with the trade.
I’m just wondering about peoples thoughts here on a certain topic. It seems like most people posting on this thread want to, but don’t want to post patterns, setups, positions, etc. that they are watching and want help/guidance/conformation that what they are seeing is correct. BUT we don’t want to be handing this information out to everyone lurking on this thread.
I mean, I see patterns that are forming way in advance, and I have a internal debate going on…do I post the pattern so that everyone can benefit, or do I let them find it on there own and post it after the fact. Usually by then, I’m on to new patterns and don’t post the old.
I’d prefer to post prior to completion so that others have the opportunity to post either conformation patterns, or something showing that the pattern will break.
So my question is: Does anyone know of a forum of the like that is not only protected from nonmembers from posting, but also from viewing?
I know I don’t see every pattern out there, doubt that anyone does. I’d like to be with people who want to grow together and help each other out. I have the feeling by the posts in this thread that many want the same, but it also feels that we hold back.
These are just my thoughts, and wondering if there are others out there thinking the same.
I share the exact same sentiments Belthazarr, and know of some others from this thread who are of similar mind.
In fact, a few months ago one of the members from here, The Pleiadian, started a site for us with just this idea in mind, but in “real-time”. (Unfortunately, he’s MIA at the moment and we wish him all the best and look forward to his return).
So although I know many of us have similar questions/concerns to you, I’m not aware of any such forum either, but would love to be a part of one!
One idea I had instead of a forum was a private blog… will send you a PM. I believe Babypips provides a fantastic ‘entree’, but it’s up to the member’s to keep the ball rolling.
This is already a slippery slope and I don’t wish to violate BabyPips’ TOS, except to say it’s definitely a challenge to find like-minded traders who are serious about this business, with “realistic” expectations, and who want to grow both personally and professionally. (Yes, trading is also a personal development course, believe it or not… :eek:)
Just as an addendum, here’s what I posted back in September to The Pleiadian (it still applies):
You know, it’s so great to meet some people that are seriously committed (finally :(). I truly believe alot of us (me included!) don’t succeed because we simply give up. We realise how challenging it really is and look for the easy options, and/or never stick at one thing (anything!?!) long enough. It really takes alot of hard work, discipline, psychology and you really have to love the process, not just the outcome.
I so look forward to sharing the journey with you my friend, 3, 6, 12 months down the track! And anyone else who’s willing to go the distance.
I do remember reading this.
This thread is great and has attracted some great people.
Success is a state of mind. If you want a good read, look for ‘Think and grow rich’ by Napoleon Hill (if you haven’t read it already).
I have to say I love the psychology of trading. One of the first things you find out about yourself that I still find funny is how scared you are and how greedy you are and the only difference between the two is a thin line of “are you making money” or “are you losing money”. When you first start trading, the second it goes your way, you always think ‘how far will this go’ and then it goes against you and your saying ‘I’ll close this as soon as it goes positive’, but you don’t because greed jumps back in and you start asking ‘how far will it go’ again.
Getting past that emotion is the very first step to take. Once that’s done then you can start to learn the psychology of what’s really going on for each pair.
I have to say, psychology of trading is one reason why I like the 5-0 pattern so much.
0-X is your trend heading to a reversal
X-A is the first attempt of a reversal, but isn’t strong enough and the trend continues
A-B is that continuation draining most of the trends strength
B-C shows the strength of the reversal
C-D is the last ditch effort of the original trend.
the setup from friday actually worked out today…i was stopped at BE late friday afternoon and reentered today…made a stupid mistake pressing buy button instead of sell and went under 23 pips because of that…at the end all went ok
By radofx at 2010-12-06
I have a simular setup, but my X point is on 10/5/2010 with the 4hr time frame.
I am concerned about a Head and Sholders sitting right there to drive the pair lower. Well, not worried, but keeping an eye on it.
What do you guys think of this one? it looks like an emerging bearish gartley on the eur/usd pair 1-hour chart, i labeled where the entry is, stop loss and take profit levels, any thoughts?
You’ll want to look for convergence when doing harmonic trading. Take a look at the attached picture. .786 of X-A and 1.272 of C-D are where your potential PRZ should be with this setup. I’ll post more on this post a bit later, needing to get kids to bed.
i’m not sure i understand, you said .786 of XA, the retracement of B is between .382 and .500 of XA leg, C leg is .618 retracement of AB leg, and what i did to figure D out was draw the fib from B to A then dragged it onto C and i basically see where the .100 level is. i’m not sure where you get the 1.272 level, i can see that if you draw the fib from B to A, the lvl you marked is 1.618, the level where i placed my entry price is around 1.272, i’m a bit confused, when you get a chance, if you can explain, i would appreciate that. Thanks
Yeah, TGR is excellent. That “success bible” has been a key contributor to a huge number of “millionaire-makers” and more.
I too am a huge fan of trading psychology! It’s a crucial element of the trading puzzle and the glue really that holds everything together - risk and money management, methodology etc…
Sounds like you’ve definitely found your niche in the 5-0’s Belthazarr!
Of these, I favour the middle PRZ variation gartley at the 00 S/R, followed by the near-perfect bear bat at the top PRZ.
I say variation because a true Gartley (defined by Carney) has a 618XA at the B point - this one is floating between 382 - 50.
Belthazarr is referring to the Gartley formation in the previous post - middle PRZ in my pic. The D point has convergence with 786 XA (orange fibs) and 1272 AB=CD projection (purple fibs), (and also 200BC, green fibs).