30 Pips A day Keeps the your money at bay

[Auriux12345]

Hello,

Im new on forex - 3 months max But got soooo addicted to it (even on demo account). My self learning course started with Babypips.com + mt4, then i try to find holy grail on idicators (1). Then i tryed moving averages (2) (i know its indicator, but that was my second kinda try to undestand what is going on). Then i found nice book Steve Nison JAPANESE CANDLESTICK CHARTING TECHNIQUES (3). So far 3 > 1+2.
Still i’m not happy what im doing with my demo account.
Last week or 2 I was reading a book LARRY PESAVENTO LESLIE JOUFLAS Trade What You See.
Then i tryed to use an indicator ZAP…
At the end of my trip i tryed to draw the harmonic pattern (4) by my self…
I think i draw a Bearish butterfly on 1h aud/usd.
Got a feeling, that if you combine 4 + 3, should be nice combination for trading
(Can’t attach the immage)

[nlrsniper]

It is amazing to see your progress over the 2 1/2 years that you have been working on refining your strategy with harmonics. I remember those initial skype conversations about who you wanted to be and how you wanted Forex to fit into your life. It seems you sought that dream and made it a reality. I am very impressed and glad to have been there in the beginning. Hope the wife and kid are good. Keep it up man. You are an inspiration to me.

Eric

He’s right; to be profitable in this market one must have additional tools within their trading system besides Harmonic trading. Understanding this is key to achieving consistency in account growth and surviving in the markets. To clarify, when trading patterns look for additional confirmation around the convergence levels that’s not only linked to the “proximity” of the CD-XA convergence. For example, bellow you will see the Gartley pattern which triggered the down trend of April - Today on the EU/USD.

*Note.: The following pattern was triggered on the weekly and the technique used to trade it and predict its fall should be used for all patterns which one takes. You will note that the use of a basic trend line added to the convergence of a pattern can not only be a very powerful tool, but also help you determine the correct convergence point to take and “forecast” the date/time that it should be triggered.

Above we have a weekly Bearish Gartley pattern with good convergence at the .707 of XA and the 161% CD. What’s significant about this pattern is the fact that we have 2 major trend lines crossing with the fib convergence point. Such convergence not only triggers powerful moves in the markets like the one we are seeing (1k+ pip move) but they also allow us to chose the correct convergence point. As you can see, after the first Gartley was triggered at 100%CD with .500 XA with a 1k pip move (Yellow Circle). We pay attention to this area because it shows that price initially respected the convergence levels giving us confidence to find a similar move up ahead. Note that price in the yellow circle is also a retest of the red trend line, apart from this we have the 200 MVA in green crossing with that fib convergence, the result is a 1.1k move from the convergence point. It is important to note that price wicked exactly from the Red trend line because it could easily repeat the same action with good convergence and it did at the 161% CD (Green Circle).

Now, how is it that we can predict the date/time range that price should hit the convergence point? Well as you can note in the green circle, the top of the channel represented by the green trend line crossed with the .707 of XA on the 30th of April. In effect indicating through January-February while the second swing (second C point) was forming that price should reach that cross around the end of April. Some of you might think well, why didn’t you show me this initial move beforehand… before it happened… well, I am teaching you how to find such events and I post this today because we are currently hitting a pattern… one which has halted the current bearish Rally which was started with an red ignition bar and ended with another red exhaustion bar (this week). I will not post the pattern and its convergence points but I will give you a hint so you can find it and take advantage of the move. First of all, we are at the bottom of the channel of the main up trend, second we have hit major fib level with convergence of the AD in the pattern illustrated above (remember AD turns into XA) and finally their are 2 crosses at this exact convergence point, I hope you find it and are able to take advantage of the current move that’s about to come. By the way, please note that this new bullish move if broken will spark and major rally so even if the trade goes against you simply reverse positions and take advantage of the break. All in all, when trading your Gartley and Butterfly patterns make sure that you use additional confirmation for your entries such as trend lines, MVA, Pivot Points, or what ever support or resistance signal you are comfortable using (BTW the pink circle illustrates why that red trend line was important before hitting the convergence point).

By the way, I’m still alive and trading… instead of giving the seminars in July I decided to cancel go through a Discipline Boot Camp in order to trade and give the seminars in order and good faith. The result has been exceptional and has boosted my performance significantly.

Currently I’m trading the above account with my old team and two students from this thread that I have added to the group the combination of our skills has resulted in such discipline. I show you this because it is possible to earn a living from these markets as long as you can stay Disciplined and NEVER GIVE UP!

[B][I]God bless you all and have great and happy holidays this quarter. [/I][/B]

[TMoneyBags]

For all of you who are new to this thread, I suggest going over every post starting from page one. The majority of the question that you have… are answered throughout the thread various times with varying examples. In addition, baby pips has advanced search options that allow you to “pin point” exactly what you need. In other words please take advantage of this tool to enhance your learning curve.

[Heretic]

Hello TMoneyBags,
I read your posts, tried your method, watched your videos and I’m actually learning how to spot a Gartley 222 or a Butterfly that is forming. I can only trade in the evening, after work, and I’m in CET time.
I spotted these two Gartleys. Could you be so patient to give me your feedbacks? Are they good?

The first I think that is a nice pattern, completed and tradable. Do you think that i drew it right?

Is that one a failed Gartley or something like that?

Have you got any suggestions about the best trading hours? I’m trading from 6.30 pm CET, is it a good time to trade in your experience?

[10pipseveryday]

Hello TMoneyBags,
I read your posts, tried your method, watched your videos and I’m actually learning how to spot a Gartley 222 or a Butterfly that is forming. I can only trade in the evening, after work, and I’m in CET time.
I spotted these two Gartleys. Could you be so patient to give me your feedbacks? Are they good?

The first I think that is a nice pattern, completed and tradable. Do you think that i drew it right?

Is that one a failed Gartley or something like that?

Have you got any suggestions about the best trading hours? I’m trading from 6.30 pm CET, is it a good time to trade in your experience?

Always choose a extreme price point for X. TMB states this many times throughout the thread. I suggest you read through the wealth of information in this thread again, if you haven’t read through it twice.

[liftoff]

i guess I am on this journey with 10pipseverday. I have found my calling. Harmonics. How thought drawing a bunch of triangles on a chart could make you money. Two months to master the charts. Lets go 10pipseveryday…are you on twitter?

[Sanjoz]

Hi TMoneyBags

Congratulations for sticking it out and making it to be a full time trader! Also thanks for staying with this thread.

I am new to the gartley method and have read this thread with great interest. I have also read the book you suggested at the begining, and recommend everyone new to this system to do so.

I think I had a perfect bearish gartley setup on the five min Euro chart today. I would be very grateful for your opinion on this because my target was 30 pips. However, after my point D was hit, (absolutely perfect hit) the price went down, but did so fairly slowly.

Then, just before (I mean painfully JUST before) hitting my target, the price retraced and I moved my stop loss to take a min 10 pip profit rather then loose ALL that I had gained.

As soon as I got stopped out with my 10 pip profit, a massive swing, smashing right through my original target! AAARRRRGH!

So my question is, in your opinion, how do you manage this sort of scenario? I have attached an image of the setup.

Thanks again for your posts!

Another great setup I traded. This one seems to be much clearer and worked without a retracement … gained 50 pips from this one: (the one above was part of this bigger setup)

[Sanjoz]

Hi, to anyone reading this thread and considering trading this method, I have been using this system for the past two weeks and as long as you stick to the rules, you can seriously collect pips as simply as you breathe!

The book tbags has recommended earlier in the thread by Larry Pessavento, ‘trade what you see’ is an absolute must! Great trade management concepts.

Yesterday I collected 90 pips on the euro-NYK session. But could have easily got more! My problem is not pulling out of loosing trades quick enough… So trying to tighten up the discipline. Also the book shows, very explicitly how to recognize a trend day, this is extremely important, as on these days, you MUST only trade with the trend.

Will keep anyone interested of progress… Would love to hear any advise from some veterans, ESP tbags himself!

[TMoneyBags]

@Sanjoz

Hi, to anyone reading this thread and considering trading this method, I have been using this system for the past two weeks and as long as you stick to the rules, you can seriously collect pips as simply as you breathe!

The book tbags has recommended earlier in the thread by Larry Pessavento, ‘trade what you see’ is an absolute must! Great trade management concepts.

Yesterday I collected 90 pips on the euro-NYK session. But could have easily got more! My problem is not pulling out of loosing trades quick enough… So trying to tighten up the discipline. Also the book shows, very explicitly how to recognize a trend day, this is extremely important, as on these days, you MUST only trade with the trend.

Will keep anyone interested of progress… Would love to hear any advise from some veterans, ESP tbags himself!

Never give up and in the end you will reach that light at the end of the tunnel!

[liftoff]

Inspirational

[crazysac99]

Inspirational

It really is. I am about half way through the book taking notes and applying the concepts to the charts. On page 7 of this thread and can’t stop reading.

My only request is that for anyone who wants to ask a question on this thread please due your best to ensure the question has not been asked already in the nearly 500 pages of this thread. There is a wealth of information in this thread and I would hate for something to happen to this thread.

[Sanjoz]

Sorry, I couldn’t link this to your previous reply because i’m a newbie and I need at least five posts to link a messge…

Thanks TBags! Love it! is this all just trading purely Gartley and butterfly setups only? Or do you also combine other strategies?

I am looking forward to the day I achievie that sort of result!

[TMoneyBags]

Sorry, I couldn’t link this to your previous reply because i’m a newbie and I need at least five posts to link a messge…

Thanks TBags! Love it! is this all just trading purely Gartley and butterfly setups only? Or do you also combine other strategies?

I am looking forward to the day I achievie that sort of result!

Well the following Quote explains and illustrates how I trade now… simply apply this long term concept to the smaller time frames and that is the key ;). Unfortunately I cannot thoroughly explain our new techniques through this thread… but on the upside I have shared it with certain members from the thread whom I have noted dedication… such as “Cashdemon”. These results where achieved trading with him and other members from our trading team.

He’s right; to be profitable in this market one must have additional tools within their trading system besides Harmonic trading. Understanding this is key to achieving consistency in account growth and surviving in the markets. To clarify, when trading patterns look for additional confirmation around the convergence levels that’s not only linked to the “proximity” of the CD-XA convergence. For example, bellow you will see the Gartley pattern which triggered the down trend of April - Today on the EU/USD.

*Note.: The following pattern was triggered on the weekly and the technique used to trade it and predict its fall should be used for all patterns which one takes. You will note that the use of a basic trend line added to the convergence of a pattern can not only be a very powerful tool, but also help you determine the correct convergence point to take and “forecast” the date/time that it should be triggered.

Above we have a weekly Bearish Gartley pattern with good convergence at the .707 of XA and the 161% CD. What’s significant about this pattern is the fact that we have 2 major trend lines crossing with the fib convergence point. Such convergence not only triggers powerful moves in the markets like the one we are seeing (1k+ pip move) but they also allow us to chose the correct convergence point. As you can see, after the first Gartley was triggered at 100%CD with .500 XA with a 1k pip move (Yellow Circle). We pay attention to this area because it shows that price initially respected the convergence levels giving us confidence to find a similar move up ahead. Note that price in the yellow circle is also a retest of the red trend line, apart from this we have the 200 MVA in green crossing with that fib convergence, the result is a 1.1k move from the convergence point. It is important to note that price wicked exactly from the Red trend line because it could easily repeat the same action with good convergence and it did at the 161% CD (Green Circle).

Now, how is it that we can predict the date/time range that price should hit the convergence point? Well as you can note in the green circle, the top of the channel represented by the green trend line crossed with the .707 of XA on the 30th of April. In effect indicating through January-February while the second swing (second C point) was forming that price should reach that cross around the end of April. Some of you might think well, why didn’t you show me this initial move beforehand… before it happened… well, I am teaching you how to find such events and I post this today because we are currently hitting a pattern… one which has halted the current bearish Rally which was started with an red ignition bar and ended with another red exhaustion bar (this week). I will not post the pattern and its convergence points but I will give you a hint so you can find it and take advantage of the move. First of all, we are at the bottom of the channel of the main up trend, second we have hit major fib level with convergence of the AD in the pattern illustrated above (remember AD turns into XA) and finally their are 2 crosses at this exact convergence point, I hope you find it and are able to take advantage of the current move that’s about to come. By the way, please note that this new bullish move if broken will spark and major rally so even if the trade goes against you simply reverse positions and take advantage of the break. All in all, when trading your Gartley and Butterfly patterns make sure that you use additional confirmation for your entries such as trend lines, MVA, Pivot Points, or what ever support or resistance signal you are comfortable using (BTW the pink circle illustrates why that red trend line was important before hitting the convergence point).

By the way, I’m still alive and trading… instead of giving the seminars in July I decided to cancel go through a Discipline Boot Camp in order to trade and give the seminars in order and good faith. The result has been exceptional and has boosted my performance significantly.

Currently I’m trading the above account with my old team and two students from this thread that I have added to the group the combination of our skills has resulted in such discipline. I show you this because it is possible to earn a living from these markets as long as you can stay Disciplined and NEVER GIVE UP!

[B][I]God bless you all and have great and happy holidays this quarter. [/I][/B]

[Dan89]

Well the following Quote explains and illustrates how I trade now… simply apply this long term concept to the smaller time frames and that is the key ;). Unfortunately I cannot thoroughly explain our new techniques through this thread… but on the upside I have shared it with certain members from the thread whom I have noted dedication… such as “Cashdemon”. These results where achieved trading with him and other members from our trading team.

Hey TMoney, good to see your still on this thread helping people out. I was just wondering, since your trading large amounts 600k etc and your using FXCM, roughly how far apart are your positions being split in pips ? 1 pip 2 pip ??

Cheers
Dan

[TMoneyBags]

the spreads vary but they’re usually a low of .5 - max 5 pips and an avg of 1.5 for the common pairs.

[TMoneyBags]

By the way, I’m heading to London this weekend for the LSE Strategy & Management Consulting Conference 2011 After party and will be staying there for 7-14 days let me know if any of you are around that area or attending Cya.

[sharebazar]

Hi I am in London, please let me know when you are here, I will come to meet you if you have time.
Thank you

[Dan89]

By the way, I’m heading to London this weekend for the LSE Strategy & Management Consulting Conference 2011 After party and will be staying there for 7-14 days let me know if any of you are around that area or attending Cya.

Hey TMB, your coming to london … nice ! Yeah i also live in London. let me know the details of the party. I guessin its invite only. Although i have a number of friends who go to LSE and might be attending.

Also are you now trading mainly longer timeframes. E.g. trading off the weekly or do you still trade the 15m charts mostly ?

Cheers
Dan

[liftoff]

TMoneyBags I wish I could get a mentorship… you make it seem so easy but I know it is really hard… Having you help me will really reduce my learning curve.

[afowals]

Hey TMB,

I have been following the thread for quite some time now and I’ve just gotten the Larry Pesavento and Leslie Jouflas book.

Is it that am late to enter or that the pattern are no longer strong in their effects?

I’ll like you to issue me instructions for strategy build up and wouldn’t mind if I receive that in my mail like some kinda lectures.

I’ll be glad if you reply me through my mail.

Thanks and you’re marvelous with regards to trading using this strategy!