I do not trade Friday’s past 6am est. Have a great weekend :).
Looking at a setup for the EJ tomorrow. A lot of fib-levels come together at this point (4 fib levels) including a trend line and a previous resistance/support level. Depending on where i draw the fib from X i get different gartley patterns. For the pattern drawn with a dotted purple line i used the 8 MVA as X to draw my fib from. Then i get a good convergence of the 1.618 and .0.618 level as well as a convergence with a trend line.
Have i overdone it? 
What do you think of this setup?
Edit: As you’ve noticed i’m editing my posts all the time. I’m just a perfectionist and i always discover some wrong spelled words after posting. 
Diablo,
I have decided to check the same pair but my pattern looks a bit different. I have decided to treat it as a double top. I know the second top is a tiny bit higher than the second but I actually blame it on the volatility of the pair Thanks to this I have a good convergence between the 0.382 of XA and 2.000 of CD but I think this will be a fake-out. I assume that the pair will hit the 0.500 of XA which converges with 2.618 of my CD. I set my buy point just above that. Again, like TMB said the EUR/JPY pair is known for its retracement to 0.500 and that is my reason for setting the buy point just there. I think it seems legitimate as so far the technical levels have been respected (marked with awesomely-drawn black arrows). Still, like I said, I’m new to this type of trading and only learning, so feel free to correct me if I’m wrong. Cheers 
Chart:
Looking at your chart it looks like your c point passes your a point which would invalidate the pattern.
I’m far from an expert myself, totally new at this. One reason for the different results can be that i use metatrader and not marketscope. I found that there are many ways to draw a pattern on the current 30m chart and get convergences, but only one where 4 fib levels converge at the same spot wit a trend line. Just a tryout from my side. Yeah, this pair really respects the .500 level very often. With that in mind a convergence at a 0.500 lvl of the XA leg should have a higher chance on beeing the real D. 
Haha, I like you arrows btw! Keep them up! We need something thats not so “clean” on the charts. 
When I draw things up I get the same pattern as you at the same spot. This is where I’ll have a pending order at.
I normally use MT4 as well but since I’m at work I can only use the FXCM Trading Station via web (God bless for the options to manipulate MT4 when it comes to fibs now ;)). Anyway even though it may be invalid due to the second top being about 8-9 pips higher than the first one I am willing to try and trade short 'til the 2.000 retracement, then try to buy and get 30-40 pips and then continue short to in-my-opinion-true retracement. I’ll post the results after the trade occurs
Nice, tnx forexpastor. Good to know someone gets the same results. At least i know markettrader does not mess things up. Do you use marketscope or MT4?
Let’s just hope price hits the spot before the fake out hours. Right now it looks like it will hit the convergence at approx 10.30am - 11.30am. Not a good time.
Well, let’s see how it works out!
I see. I would like to use marketscope since you can switch between BID and ASK price and get clearer convergences which is not possible in MT4. But i am running a mac so i need to install a windows partition first. Maybe i can use the web version until i’ve done that…
I’ll post the result as well. Good luck Drabson! I hope both trades work out fine and if not we will have something to analyze an learn from afterwards.
I use both MT4 and Marketscope. Marketscope is a demo I use to draw the patterns and I trade on MT4. Since TMB uses marketscope, I prefer to use it so I get the same thing as him hopefully.
Same to you! Let’s get all the pips we can and celebrate afterwards btw I see that on the EUR/USD situation for the bullish butterfly might also be a viable option (0.618 of XA and 1.618 of CD which should meet at approximately 1.3152). Might check that one out too
Yeah, it’s anoying to try and look at the same pattern with different results ecause of the trading program. Causes unnessesary confusion in the learning progress. Well, for a shorter period of time i’ll be stuck with MT4 so i’ll have to do my best with wht i have. Feels comforting to know that someone this time gets the same results on marketscope regarding that last chart!
Would love to. But i have to go to bed. Got a 60 hour work week waiting for me. A shame i have so little time and so much i want to do… I wish i had more time to spend with this since i want a higher learning curve. But hey, you cant have everything at once in your life, right?
True, I also feel like work limits my learning potential and I wish I discovered it when I was still at the university when I had a lot of free time but hey, that’s life. 60 hours per week? That sounds like 1,5-time job :o
Yeah, i get paid for 1 job and get to do 1,5 jobs. But i’m thinking about leaving my job even though i have had a good career in the aviation business until now. Would be great with any job where i could work on weekends and trade on weekdays because that is what i wanna do for a living in near future (2-3 years from now).
Like you i wish that i would have discovered this a long time ago. But better late than never, right. Now we have the chance.
Well well, to be able to make a living out of this i still have A LOT to learn. One step at a time…
I see we have the same plan. I also plan to be able to live just from the Forex trading within 2-3 years once I have enough money to manage Some of my friends call that a very optimistic approach, I call it realistic!
TMB
Quite a while back you posted rules on here regarding the trading (page 71, post 701)…I was wondering if these are still valid? Would you say these are valid to have printed and to go by for each trade or have the rules changed enough that they are outdated?
Here’s a trade I’m looking at on the euro. I would say it’s technically valid, but I’m wondering if I’m just looking for a trade. Any thoughts?
Ok, so I went back and redrew on my chart to make things more symetrical, but the d point lies the same, only the time changes. So here’s the updated chart.
Looks fine.