I noticed that some of the pairs like the eur/usd rallied somewhat during the US elections. If it was the elections that made it rally why was that and if I just missed some news report out there then please tell me and save me the headache because if it was the elections I am very confused.
yeah, it was the elections. If you look at it today, those euro currencies (euro, gbp, and chf) all came back
i really cant understand
Not expecting a major drop once it reaches point D. Two profit levels place. Taking extreme caution due to the many failed patterns the past week. Two patterns. It can go either way or in a more disastrous way. Most of the patterns I have seen have not been completing and I dont know why. It can be of the election"flaunting" the system whatnot.
Elephant - Iāve been noticing the same thing. Not a lot of patterns out there. I think the market is being somewhat dominated by the news right now with the elections and european stuff going on.
I think I spotted a bullish shark (Harmonic Patterns - Shark Pattern)
The only catch is that B is not 1.13 or 1.618 - itās in the middle at 1.445. Does anyone know, is this a deal killer?
This is on AUD/USD 1 hr
It just hit the 1.618 of AB and has opened higher. That 1.618AB/.886 0X is the point itās supposed to bounce off of. Hmmmā¦itās a practice account, maybe Iāll get in =)
Becareful with this pattern because it seems a little invalid. The reason behind what I say is because C exceeded A.
C is supposed to - did you see the link I posted? Itās not a ānormalā pattern. It actually spiked through the 1.618 of AB but that candle closed just above that line and proceeded to go up about 25. So, it was mostly valid. It didnāt quite go all the way up to the .50 of 0X like it was supposed to though.
Then apparently news released and dropped again, lol. Glad I can practice!
Sticking with the news now. no definite pattern abounds, but does anybody see the transverse forms on the AUDUSD?
Iām not familiar with ātransverse formsā bu I just found an almost perfect butterfly forming on the 8 hr AUD/USD.
The only point thatās off slightly is C - it should .886 but itās about .80
And yes, I had a bad trade on this before (hence the big red arrows) - I got in early, and then got out too early, tried to get back in, but it was too late. Rookie mistakes.
Hey Melchizedek, are you just trading the patterns without looking for any signs of reversals?
Be careful with longer time frames. I thought they would be great because they give discrete candle sticks but remember, not everything will go to plan.
edit: Is that really the 8 hour TF? It looks more like the hourly
Hi I am new to trading , what you suggest about this trade
This is my first trade
With the patterns, Iāve simply been looking for the pattern to complete. iāve only been looking at patterns for a few weeks to a month, so Iām still new - hence posting pics and asking questions and using a practice acct.
Pashka - what other reversal signals should I be looking for?
Elephant - yup - itās the 8 hour. The hourly has a lot more recent red on it, lol. Look at the time and dates in the pic. Regarding your comment about being careful with the long timeframes - thatās why Iām using a practice acct. Iām learning to discern whatās best. Any tips would be greatly appreciated.
which trade are you talking about?
Melchizedek, you must look for signs of a reversal at the D points. Such as candlestick patterns etcā¦ If you read Scott Carneys book, he points out many factors on what to look for when taking trades. āTrade What you seeā by Larry Pesavento and Leslie Jouflas is another good book.
I have trade what you see - but I didnāt recall the reversal parts. Iāll have to go back and look at it.
I have also downloaded Scottās book, but havenāt gotten to it yet.
BTW - on that AUD/USD butterfly, had I set an entry at the BC 1.618 level (1.0298) and set an exit at the BC 1.272 level I would have made around 30-35 pips. Not to shabby for overnightā¦but I didnāt.
I was just going from start of your thread and would like to know about MACD andd SSD to confirm D points.
Your contribution to the new traders is great and I am really thankful to you for your posts. Itās an amazing contribution.
Thanks and regards
Babuajee