I’m planning to short EU now. any comment?
With the break of the hourly, 4 and 8 hour candle of 99.02 we are building a hydra towards 100.067 . In addition, our sell entries are placed within the convergence of 100.264-100.129 which is the .382 of XA converging with 161% CD (Fundamentally my partners state that the direction will be a bias bullish movement so I will take profit for the short at the .236 of AD once triggered).
I’m shorting the GBP/JPY for 30 pips using a break above 125.765 on the 30 min as my exit or the break of the previous high as my “emergency stop”. Target 1 = 125.396 || Target 2 = 125.123
*Note.: A break above 125.765 will push price towards 126 zone which is a similar pattern to the EJ one were waiting on.
Personally I had a 12.2% loss on my account today. Seemed like every pattern I entered, irregardless of any confirmations, just did what respect the D. Of course I am the only one to blame for my high loss % today. I stacked on a trade because “I knew it was going to go my way.” I have had a run of winners for about 2 weeks before today. I am sure that altered my perceptions and ability to be disciplined in the face of a loss. At the point that I lost my earning back to my starting capital, I forced myself to step away from the computer and stop trading. I am my own worst enemy, and I am fully aware of that. The temptation to “double up” was definitely there, but my past experiences prevented me from doing that. I will just take this for what it is worth and I will start fresh again Monday.
sniper,
I’ve been right in your position losing up to a quarter in a day. That’s when i decided not to trade whenver there are big news or anything important. You just have see your mistakes and move on.
Tonight I have a pattern in the EUR/GBP 30 min. It seems to be a pretty good Gartley. The D should be at XA-.786 and ABC extension 1.0 at .7899. There could also be another convergence point a bit lower at .7886 where the XA-1.0 and ABC extension 1.27 meet.
There seems to be a bearish Gartley just formed on CAD/JPY. It looks good on H4 and H1 so I entered SHORT. I’m not sure how to upload an image so there is no image. If I figure it out how to, I will upload an image as well.
Update: Ok, I just found out that I need a minimum of 5 posts before I can upload an image in this forum. Sorry.
I traded this but entered on a 15 minute Bearish Butterfly. Limited Risk and will maintain a tight stop.
After the GBP/JPY break I hedged the pair by continuing the buy on the EJ (with an additional lot on the EJ to favor its movement) and currently reached the sell zone that was predicted yesterday for the EUR/JPY. As a result, we will build sell positions between the current point 100.039 - 100.219. If price brakes 100.219 and does not respect the pattern, we will buy towards 100.716 for the EUR/JPY. The GBP/JPY is at an 8 hour pattern using the extremes as X (X starts at 125.512 of price) where the 1.272 and 200% CD converge to form a butterfly (Target 125.201).
what is your profit target if you don’t mind me asking TMB
Hello TMoneyBags.
It seems like an interesting way of trading. I have been trying to trade one particular style of trading and didn’t quite work out for me. I think i will try your way. Just to see how comfortable do i feel about it. As am trading only 5/6 months i feel i have room to experiment 
Everything looks quite good. Especially the amount of anticipated triggers. I have started reading this thread from the start yesterday it will be a long journey it seems.
Just few quick question (i am sorry if this was already asked) - do you put triggers right on those overlaying fibs and wait for the trigger or do you wait some kind of confirmation that it really is happening in you favor and only then enter. Because i saw you mentioning that if a candle closes above the fib levels this is a cue to leave trade with whatever loss it is. I hope you understood what i meant.
Second question - is it ok for me to post noob charts where i will be more often wrong than right? So somebody who trades your way can help me identify my problems? Because it is different to do it on your own (finding patters) than to look at history.
Thirdly, started reading your mentioned book - “Trade what you see”. Should i give any weight to other patters expect gartley 222 and butterfly? I find it has a couple more, but do they really work? Should i put my time and effort cracking them or those two are quite enough?
Looking forward to your reply. Thank you!
99.337 for the EUR/JPY || 125.492 for the GBP/JPY, I will be adding lots towards the EJ after the GY close if all goes accordingly.
1)When using a visual stop (which I do for the most part) it’s best to leave the entry waiting 5 pips near or at the fib point in order to exit the trade quicker for both profit or loss scenario. If you are entering a pattern late but have a candle stick confirmation of the direction, the first signal should be enough (save a few lots to add for a retest or continuation of the trade after 15 pip movement).
2)I will be answering questions both novice and advance. If I miss anything I’m sure the community will answer it for you the majority of us here are friendly that way ;).
3)Their will come a point when trading harmonics will be so precise that you may forget about all other trading patterns… Don’t fall for this and always keep in mind that even though it is a powerful tool, it is not a holy grail… in fact, the only holy grail in trading is being A government, a significant economic speaker, or have billions of dollars to push the market in your favor. As a result, if you do not meet this category you must use all the tools in conjunction especially the basics to pinpoint the correct price entries and be humble enough to admit that you where wrong when the time comes and try again.
I’ve had m eyes on that GJ trade for a while, but with my luck this week I decided to sit it out. How are you handling the position now that price has closed above the Entry point on the H4?
Your method has evolved so much over the years Luis that I find it hard to follow your new explanations. I know that you are taking valuable time to present your analysis and trades, but lately (like the above quote) I am left scratching my head thinking “why is he doing that?” I am still trying so hard to relate everything to some sort of pattern, but I am realizing that there are many more aspects to your trading strategy now than just patterns.
Anyhow, this was an interesting week for me. I had the “best trade” using patterns that I have ever had teamed up along side with losing a healthy % of my earnings. All too well I understand your saying that “consistency if key” but I know that I still have some work to do to find that consistency.
" be humble enough to admit that you where wrong when the time comes and try again."
This is key. I am a very competitive person, so my inner desire to not lose has been very damaging to my success. It is a dangerous trait to have and the market will eat you up for having it. I had to redefine what “losing” was for myself as to get over the normal idea of what losing was.
IT is a probabilities game and it is impossible to be right 100% of the time. Accepted.
The only real way to lose therefore is to not follow a trading methodology, utilize proper money management, get out when you are supposed to (profit and stops), or revenge trade. When I do one of these, that is when I am a loser. Since I hate losing I try my best not to do these things.
Do you have any supporting documentation to subtsantiate these claims?
lol what? Let’s just say I was skeptical and found it hard to believe these numbers. What right would I have, over a forum thread where some guy is trying to help without asking for any money for products or services, to request proof? Even if proof was presented (albeit there are tons of account snapshots on this thread) it would in no way make me a better trader other than to maybe motivate me some. Your asking for proof openly in the forum does nothing but to take away from the 6677 posts before it where there is content of value. Sorry if this comes across rude, but I just felt strongly about who are YOU to put a question in that manner to the OP.
Yes, you can search through this thread and look at the statements I have posted publicly or send me an e-mail if your interested on investing 10k+ USD and I will gladly forward you a contract and NDA.
When you guys manege a trade do you move your stop loss to break even after it reaches say 10-20 plus pips in your favor
because I want to know if in the long run it will save me potential losses or should I just let the trade run for a complete loss or win?