Scott carney has a few good books. Just google his name
Trading for Dummies?
Nice find elephant, seems like the D point is also at previous resistance
There are no Fib levels on your image so itās difficult to identify the true D. In my H1 EUR/USD chart itās perfect convergence for point D on .886 of XA & 1.272 of CD at price 1.28242.
āTrade What You Seeā is what TMB recommended to read about Gartley and Butterfly Patterns.
Alexaz can you please post your chart
Market just hit my price level and I entered the market. If your chart is correct, we should see a down trend within 30minutes -4 hours. fingers crossed*
Also, be aware that you have to now change your fib levels, Pashka! New C point (if it doesnāt continue upwards).
seems like price broke through the D point, elephant how did you end up managing your trade
A couple questions. First of all Iām a newb. Iām using FXCM practice account. I just saw this post and ironically was on the Harmonic Patterns lesson in the school of pipsology. So, I get the basics, however, my fibs donāt have an .886. It goes from .764 to 1 to 1.272 etc. How do I change that?
Secondly, what do you think about the USD/CHF? Starting at 5:00 on the 28th I have a pattern showing that looks really close but the numbers arenāt matching up. Thereās been a lot of extremes. How do I know what the X is? It looks like I missed it as it dropped 80 pts overnight.
Found this pattern on the chf/usd but seeing as how there is a weekly pivot before the prz I dont know if price will stall around that area and then reverse or break through to the convergence and then reverse seeing as how there was previous resistance at that area before or break through to the second convergence area at the 127.2% XA or just flat out fail as there are so many possibilities when it comes to trading.
I had a stop loss. Maybe ~15 pips? I had a take profit at 30 pips (such as the forum says) but I got little greedy and cancelled it. I thought it might go bearish for another 10-/+ pips but by that time, i fell asleep.
Manually put in .886. I am not familiar with FXCM but others are. Just wait for them to reply or google!
You will begin to recognize what X is when you look more at your charts. It took me some time.
Regarding that time frame, I cannot see a harmonic pattern? Can you provide a picture of your work?
To add additional fibonacci, once you place down the fibonacci, a box will appear with different fibonacci points on the left. You can add different fibonacci by clicking on ADD. Once you choose all the fibonaccis you want, click on Set as Default if you want those fibonacci to be included every time you place a fibonacci.
Pashka, your yesterdayās EUR/USD pattern failed because price moved up and crossed the A , so here is other one. USD/JPY H4. Iām cautious with this trade because a few important news will be released in Japan tonight.
Alex, if you draw a trend line on the daily you will see its is also very close to your D point
hey guys please check out EU 4 hr. I will be pretty weary taking any trades for rest of week as it will be NFP tomorrow.
Pashka,do you mean horizontal resistance line? Yes, youāre right itās pretty close. The price has already tried to go through it 3 times since August but bounced back down. The question is will it be able to break the resistance this time or bounce again?
What do you think?