Hey guys, it looks like there is a gartly forming on the usd/jpy
There is also a moderate 9 pip 1.618 convergence but it looks pretty sketchy.
Just found this thread and intend reading it over the bank holiday period. Very inspirational indeed. Had a quick go at it and was amazed at it’s accuracy. No doubt I’ll be back over the coming weeks picking your brains. I’m only in my Forex infancy but I’m prepared to put the work in and this seems a good a strategy as any.
Happy pipping
My midterm fundamental analysis shows as a result of the Fed saying no QE3, the Dollar will continue increasing strength somewhat more…I hope some of you guys caught some pips from the steep selloffs happening.
I have been concentrating on the EUR\USD, and found it wise to trade with this steep trend, patterning the retracements for another sell, example: last night when it retraced to 1.3163 at a D, then sold off hard for over another 100+ pips, like the prev selloff…currently this pair seems to be in the process of setting up for another sell Butterfly, it looks like the AB leg has formed and a possible C point may have formed, too…the dollar might shore up even with a previous low on march 14, or go lower still to Jan 12 low???
I don’t see the bearish butterfly… I see a possible bullish crab or altbat…
Can I ask what, if any, confluences you may be looking for to confirm that pattern?
I am looking much closer in for the actual pattern, with A being the very lowest point at about 1.3034 so far since the big selling began the last few days, I just traded the drop to this lowest point as coming from a previous D, which is the last peak on your red line on your pic, allan87, at the 1.3163, which can serve as an X, than the B point is at about 1.3074…only about 5 to 6 30-minute candles between A and B…pattern is still in infancy, so C is not quite sure, but may be 1.3054…sorry I don’t have enough posts to put up pic…if you guys are using my A point for your D, you probably will make some buying pips (I haven’t looked at a buy, because this is a steep sell trend)…which would be going up my eventual CD leg…again, you would have to really zoom in from that pic you posted to see what I’m talking about…my guess is if my pattern completes, the D will happen between 1:30-2:30 am tomorrow, CST in USA…which would be 24 hours after last “D” formed that I said I traded…I am not suggesting for you guys to trade with me, I am just a noob, too…I just think all this selling will continue at least a bit more…everything is coming down, not just FOREX, stocks, gold, oil, the dollar is coming back.
for just a little more clarification, and to add to my number of posts…hee hee…let me concisely describe last night’s trade points…X was at 1.3239, which was a mild peak of retracement from the craziness hours before, then the A is 1.3106, B at 1.3146, C at 1.3111, and D completed at 1.3164, with my entry at 1.3161, again not very many candles between the A, B, and C, many more up to D, though. Relatively the D showed a very mild retracement from all that selling, which meant significantly more, further falling price later. … 30 minute candles timeframe
Ah I didn’t realise you were down there lol I wouldn’t have traded that personally, I don’t see it as a harmonic, the XA formed, but the AB is under 32% retracement, you should be looking for at least 32%. Your C point is at a higher low, which is another reason why I wouldn’t have traded it as a harmonic. As for D, well it needs to be higher than B, so nothing really formed there. Have you had a look at the school? The Gartley and the Animals | Harmonic Price Patterns | Learn Forex Trading
You’re right, Allen…I thought a pattern was forming up to the C point, but now the C keeps moving down…I will keep watching because a closer X at 1.30817, has B at just over the 0.786 of XA…got a bull candle now…just watching to see if this evolves to form the last two legs.
TMB seems to answer no more questions here in the thread. Is someone here, who has traded live with him? I have problems with the points of retracement. More often than from really good fib level confluences, price retraces from points somewhere between. And I have seen, that with a good (a sure) stoploss, the ROI is really small. I don’t risk more than 2%. Is someone trading this method successfully on a live account?
I am just demoing, mulmil, but when a textbook pattern presents itself, I make 30 pips, everytime…wish I had seen the pattern on USD\JPY just completed…other pairs didn’t really have any good patterns…the point where it fell\sold was the D, you can draw the pattern over what already happened to see it’s pretty much textbook butterfly…wish I could post pic, but X was at 82.427…A at 82.150…B at 82.343…C at 82.202…and D at 82.545…then down it went…also, mulmil, TMB early in this thread was shooting for basically 3% account gain with another 3% bonus trade, sometimes for 6% total per day…increasing 1 lot per $5000…not sure what his current evolved strategy entails.
38.2XAB and from 88.6XAD to 112XAD form altbat
check out AUD\CHF…with X starting at 0.9495, going down to A at 0.9422…waiting to see if possible C point will hold true at 0.9440…this is closer in again…
edit…time proved it invalid …have a good weekend everybody
anybody catching the bearish D on EUR\USD, coming down from 1.3133?
I see it, but it is too small for me, I’m using 4h timeframe, and this one is good on 30m.
hey medisoft…what is your usual TP using 4 hour timeframe and how many trades do you average a day on that?
I always target for the 61.8CD retracement, do trailing stop based on 30M fractals and the regular size of TP is 80 pips. The best one was about 150pips. I place my stops on -23.6CD and they are about 30 pips
I found patterns in almost all pairs every day, sometimes 3 or 4 times a day, but normally there is only one on each pair everyday.
I’m still learning, so I make some mistakes in the D point, sometimes the price reverses, and sometimes not, but with the risk reward I use, I need to have 2.5 losers to offset only one winner, so right now I’m in the “breakeven” stage of my forex learning, oscillating between 1000 and 1300 US CENTS (micro account hehehehe)
I hope in the near future I be able to break the 1300 US CENTS limit on my trading 
Has anybody heard any updates about Tmoney’s harmonic website?
How many patterns on you finding on 4 HR and or 1 HR TF. Im really busy and am simply scanning many pairs for major patters on a daily basis (not doing as much analysis as I should). Usually finding a couple of day on average that are tradeable, usually more on tuesday and thursday and less on the rest.
You should keep an eye out for the AUDUSD, Ive traded two recent patterns on the 1 HR and am getting limited out quickly within 1 bar.
*If you ever see a 30 minute pattern leading to same completion point as a 4 HR pattern, its a sweet setup.