30 Pips A day Keeps the your money at bay

Trading Discussion
5219

@TMB,

Is that a real account? If so very well done :slight_smile:

Am reading through the thread and slowly gaining information. I need to spend more time studying the charts to start spotting the opportunities but getting there slowly. Eventually would like to trade full time as I see with patience and practice this could be achieved.

I currently have a small account with a couple of EA’s running on them which are ticking away nicely pulling on average 24-40 pips a day. Would love to add some good steady manual trading to that also.

Great thread and a lot of information. Thanks for your effort and will definitely be keeping up with this thread and studying.

Thanks, Matt.

5220

To TMB, re: your last post (still cant post links)…Awesome!!! :35:

Just wanted to say a HUGE thank you to you and the other major contributors in this thread, with special thanks to:

TMB (of course!)
SweetPips
Bank
Wrtm
Lavaman

Also others (too many to mention) that contributed.

My story:

before reading this thread, I was making profit pips quite erratically. I think most drawn to this thread, look at pipcounts and not money…

Everytime I had a good day, I would get a little (ok, very) c0cky and loose my gains and more!

since reading this thread, I have been making between 30-80 pips/day consistantly. Every loosing trade I now make, seems to be because I deviated from my trading plan because of greed or emotion (probably both). Getting better and better at controlling this impuse though :57:

As people have stated recently, it is with a ‘toolbox’ of techniques not with just one technique. However, the underlying skill I use in most of my trades is symmetry and fibs. To any others out there, please do not underestimate the power of these two very important tools.

So my special thanks go to TMB for explaining how to use Fibs so effectively… Gartleys and butterflys are great when they happen, but you can aso use the same tools to spot other harmonics, eg retracement patterns etc (Trade what you see), along trend lines.

To all those that are as new to this as I am (plus all the veterans), one of the great successes of this thread, is/was that people post their ideas, trades (won and lost) and discuss them… I have not done that as much as I intended when I first started on this thread, so will be making amends.

Sorry to all for going ‘on and on’ a bit, just wanted to extend my appreciation for the wealth of knowledge in this thread and the sharing attitude of the teacher and all the contributors, you guys all ROCK.

TMB and/or anyone who has found a good mentor, can I ask how you went about finding a mentor? I dont know anyone in this game and as with most proffessions, I think it is important to have a mentor that can nudge you back in the right direction when your thinking goes astray…

Thanks all,

Peace :57:

5221

Hi Puntbee

I have drawn up the Gartley I think you were talking about in blue (wth black letters)… this pattern didnt complete right? would have been nice if it did :slight_smile: the thing I have observed here is that in this pattern, only the tails ever passed 50% of XA on the retrace towards B and D. So the rebound if it did hit D may have been pretty good as there was not a strong downward movement. Also, XA in your pattern, and AB in my pattern (Gold lines) formed a little too quickly imo, but then, that is the nature of JPY.

In your pattern, there was good convergence of 100% of AB with 0.886% retracement of XA.

I have also drawn up another gartley (Bearish) in gold with green letters… On second thoughts, adding the fibs may confuse the picture somewhat!

If D hits here, I think it might be a good one because there is a bit of history at this price point, its bounced from this point three times in the recent-ish past. I will be waiting to see if resistance is respected this time around.

In this pattern there is good convergece at the 1.272 level of AB with 100% retracement of XA, I think this convergence puts my D just above x, so technically this is a butterfly.

If this goes along the current trend line, this is not due to hit for another 14 hours… therefore, due to the comparatively quick creation of AB, symmetry is kinda lost here!

EURJPY 30 mins.jpg700×365 48.1 KB

5222

Guys and Gals,

one thing I have noticed in these patterns is that convergence of XA and CD legs sometimes happens below 100% of the AB leg. I know this is against the rules for a gartley, but I have notced that price seems to respect this convergence point more often than not.

Classic examples above (But I have seen this many times) … where in both cases, the convergence point with XA is at .786 of AB. Has anyone else found this to be tradeable? I’d be interested in your thoughts… where this happens, you can pick up a min of 20 pips, but most of the time, 30

5223

How do you know it’ll take 14 hours to hit? How can I figure that out? 30-80 pips a day is good…

What times are you focusing your trading (EST)??

My drawing is a little different…the best convergence I find is at the 1.618CD and 1.272 XA

5224

Hi Stupip

Our patterns seem to be quite similar, which X did you use? I used the middle of the three you drew. I think I found a similar result to you when I used the far right one, I chose the middle because convergence falls where price has previously found resistance.

My back up would be to also trade the one you have as point D, incase resistance is not found again at my point D.

PS: I just estimated the time it would take if the trend line was respected - it normally falls away when trading JPY, because it is so erratic, so it could be sooner, later or never :slight_smile:

I didnt mean that statement as a matter of fact, just an observation of the trend line at that time.

Edit:
I just re-drew it, and I cant seem to get your convergence point. Even if I take the far most left ‘x’ that you used, then I dont get any convergence at all other than a perfect one at .786 (which is whre we got a correction).

When I re-drew it using the middle ‘X’, I got a much closer convergence at 1.272 of XA and 100% of AB.
not sure why our numbers for D are so different…

Either way, it doesnt look like either of our D’s will be actually hit at the moment, but its not over yet :slight_smile:

5225

I drew all three of XA’s…just to see which one works out the best…and then usually choose 1, 2 or all of them (if it matches with CD).

In this case I’m watching the 1.272CD area because there are three XA’s convergence there…but i’m more focused on the 1.618CD area because the convergence is BETTER with two XA’s (middle and right).

Let’s see how it turns out…good luck to both of us…

If TMB would could analyze this, it would be even better…

5226

Agreed, it would be good if one of the veterans could look at this one…

but I was re-analysing this, couple of points came to mind,

1, If you look at XA, we can see that after B has been hit, the momentum of the bulk price movement has stayed at around the .382 level. its only the tails (shadows) that have dipped below that. This was the same with Punbee’s gartley.

maybe this means that we re forcing a pattern where one doesnt actually exist???

I normally like to see the bodies of a few candles come close to each point, I feel we cant just use shadows… (anyone care to comment?)

  1. I also think that one of the reasons our points are different is that I use esignal as a charting tool… this is not a broker feed and averages out multitudes of brokers’ prices. This could have something to do with the convergence being so different in our charts.
5227

I ended up entering this trade, short at my D even though the gartley/Buttterfly failed.because of the strong convergence on fibs and historical resistance… took 35 pips :13:

Then, I did this amazingly ludricras thing, I re-entered the trade for a further bounce a little later… luckly, I had a look at the daily before and it has just turned upwards (nice morning star :)) and managed to salvage a + 2pip profit… phew!:36:

does anyone else sometimes get the feeling that they could make a lot of pips if only they stayed out of their own damn way!

good night all, its been a long long day…

PS, I think there may be some gartley’s (bearish) forming on the euro and GBP weekly… will do some analysis on that tomrrow, we have some time I think

5228

Hey Sanjoz,

Nice to see someone successful…I keep missing at the moment…

Any differences in our drawings, can either be from our broker OR whether you are drawing based on asking or bidding prices.

Again good luck…please post your next trade as well…

5229

Hey all,

I have already made my 30pips ‘n’ chips for today, so may or may not trade this myself, but I thought I would post it in case anyone else wants a go… :slight_smile:

Supurb convergence of 1.618 of AB with 0.886 of XA.

Way to early to tell if this will eventuate yet, as the DC leg hasnt passed B yet, so if you’re interested, it may be worth a look.

Enter: Long at 1.5646

In the time I have written this, there is a danger this one may get invalidated.

Good luck if it eventuates and you take it :slight_smile:

GBP Bullish Gartley 15 mins.jpg700×572 55 KB

5230

Wow, almost invalidated as I wrote it up… but its still on for now

a note to the experts…

Once again, on this set up, you will notice on the pic there was excellent convergence on 0.618 of CD and 0.382 of XA. It is exactly at this point we almost got invalidated… and could have picked up about 30 pips right there… again this move was predictable :slight_smile:

As I stated in yesterdays post on the EURJPY Gartley, and a post previous to that, it seems there may be some validity in trading these? I know this would not be a Gartley, but that doesnt mean its not tradable right?

Could really use your help in thinking this one through and help with validatation? :slight_smile:

Here’s the result:

Gartley almost failed.jpg700×625 60.9 KB

5231

All may not be lost, I think a pennant is forming now…

one opportunity closes, another opens! :slight_smile:

btw, I gotta say, its very lonely here :frowning: where are you all?? come back! :slight_smile:

5232

hope someone out there also took the opportunity of the pennant break I was speaking of, and was quickly followed by the flag… easy 23 pips :51: - not meaning to detract from the topic of this forum - sorry!

well, that’s it for me for today… time to do that thing where you close your eyes and think happy thoughts, oh, thats it… sleep! :slight_smile:

5234

Hi

Great thread.

A few questions if I may -

  1. Anyone had any experience with using harmonic pattern recognition tools?
  2. noted that the preference is m30 and h1. Why? I seem to have more sucess with m5. Any comments?
  3. Interested in opinions on preferences to approaches between Carney and Pesavento. I’ve noted that carney seems to have much tighter preferences aregarding pattern fib values to validate the harmonic.

thanks
Rod

5235

Hi Rod,

Im a noob at this too, but I think I remember reading that Sweetpips tried the 5min timeframe and found it was too noisy. But I think its been stated this works across all timeframes… 15 is the lowest I have gone to for set up, but then I have used the 5mins tf to manage the trade to finish and sometimes for entry for confirmation of the 15 min tf.

You say you have had more success with it? would love to see some posts around your setups if you wouldnt mind sharing? :slight_smile:

As for fib preferences, I have always used fibs the way TMB described it in his vids and found that to be highly reliable… outside of gartleys too. Not sure if his methods aligns closer to Carney or Pesavento.

Cheers

5236

… and gained another 35 pips :cool:

Another example of where 100% of AB is not achieved, therefore fails Gartley on the CD leg.

What is important yet again is a spot on line up of fibs, in this case at the 50% of AB with 0.786 of XA.

Incidently, I noticed the same set up was posted on fx360. However, they did not trade it… but I did…

you can see it fails exaclty on the 50% of AB… because I saw this while I was waiting for the setup to complete, I jumped in this time…

gained 35 pips… :slight_smile:

Failed Bearish Gartley 15 mins.jpg651×700 89.1 KB

sorry, didnt have time to draw it out properly, but you get the point? if anyone wants me to draw this one out properly, please just ask…

5237

Hey Sanjoz,

What times do you trade…what’s your schedule like…you are finding pips all the time!! How are you doing all this so easily…

5238

I have another question. Everytime i see some new strategy/signal’s service - i ask: Could you please, share some live account in read-only mode (like investor password)? i mean, live account with orders that follow your signals???

5239

Sanjoz

Below is an image of my last trade yesterday, at 41.8pips profit. Did not trade today. Do not like friday’s. Time is Perth WA

First simply identify the ‘ratios’ off Zig Zag lines and then decide if pattern is valid. In this case it was a Bull Crab, using Carney’s guidelines. Profit on trailing stop after each fib cluster penetration. All trades are m5.

regards
Rod

PS Considering using limit targets as the trailing stops seem to be eroding profits unless I happen to capture a big move. Greed kills.

AUDUSD m5 bull crab 1Dec2011 close after a.jpg700×405 51.2 KB