Thanks
I’m actually learning as well :). initially 2 year ago that I knew forex exist. But I could not understand all the terms and I left lol. I came to this board and actually this thread a year ago again.Then doing some practice demo with fake money for like less than a month using this method. But Fake money distracted me too much , so I created a real account, but left before doing any real trade. Now, I’m back again, this is my 3rd attempt to trade this forex world :P.
I hate to do with fake money. So I use real money. I consider it a fee for a training course. I know It is against most of the people recommendation that do practice demo for 6 months. Wells, but that is me, it is my way of learning
I just came back from work and I realized that I had a wrong predicted time because I used 1 more extra trendline, the wrong extra trendline. If I didnt using that last trendline or use other trendline, I maybe able to predict the right time :).
Lesson learn for me from this trade that time can be predicted.
Right now I’m taking a look at a EUR/JPY and NZD/JPY
The EUR/JPY has convergence at .618 and 1.272 at 119.103. In case that convergence was to fail, there is another one at .886 and 2.00 at 119.997.
it’s nearly there. I made 30 pips before C to D and ready to enter at first D. Good luck man.
I am waiting first reversal at 1.27 so again I am long until it’s at 1.27
Good Morning, bellow we have a bearish gartley that has formed on both the four hour and hourly charts. As some of you have pointed out, the convergence lies between the .618 and 127% CD of price. However, on my chart I am using the highest mva curve of the 8 hour and the convergence now lies with the .786 of XA. All this means is that there are multiple convergence zones from different X points within this 15-30 pip range. As a result, I expect price to complete a minimum retracement towards 18.5 of price (our target). If price breaks this zone, then expect the top that has been currently form to act as the top of a bearish channel; meaning that price would reach the 117.0 - 116.5 area of price. Please note that a break of the current convergence zone on the four hour or a bullish candle stick pattern and break developing on it would push price towards the highest high. Always keep in mind both scenarios so you can know how to react in either case ;).
Booked 30 pips, I currently reversed positions at 118.683 of price with 60% of my max lots and shorted the UJ at 89.3 with 40% of my lots. In effect creating a hedge in favor of the EJ buy; the reason I have done this is because the UJ has reached a major bearish convergence zone, but current price action indicates that the rest of the yen pairs may reach higher convergence levels before the YEN strength kicks in. As a result, I will be waiting for my next short around 200% CD of the previous posted chart for the EJ and will most likely take profit on the current buy at 118.999 for a 30 pip exit.
Booked the additional 30 pip profit and bellow are the results. Keep in mind that I’m keeping the UJ short with 40% of my max lots as a long term trade (hence the open position).
That’s so well played TMB. I just can’t play it as fast as you yet.
For the immediate reversal long after that first short, what gave you the conviction that you could buy? Just looking at some very low timeframe candle action? It’s pretty insane man, very nicely done.
P.S. If we hit the 120.00 area today, I’ll post my first massive success story
Looking at a possible setup on the EJ 1H. Guess it is the same as the one at 200% CD TMB is mentioning. Found it actually before looking here today so i’m glad i’m making progress in finding the patterns on my own.
It’s incredible how unassuming this thread is and will probably pass by most people without ever realizing that $1000’s of dollars are made from this thread every single day!
Here’s my results for the month so far:
Best month in my entire trading career and I still have so many errors to trim out, can’t imagine where I could have been.
TMB, this is a thank you for sharing. As you can see, you have started something amazing.
Purchased the EJ with 60% of my lots at 119.848 (still keeping the UJ short from before). I do not like how the hourly and the four hour closed exactly on the convergence of 200% CD for the short. As a result, I will wait for price to push towards the previous high before shorting this pair and test the monthly convergence zone. My target is a bearish entry waiting at 120.639. My failure on this buy towards C to D is a bearish candle stick formation on this zone as a dark cover cloud or railroad tracts on the hourly/4 hour charts (A close bellow 119.6819).
I’m reading this thread front to back, and it is certainly motivating, but it’s also quite humbling. There’s a sense of euphoria earlier on in the first month where everyone seems to be booking the 30 pips daily with ease. Then there appears to be a string of fakeout days or trend days where the reversals stop occurring, and people start losing some of what they made. Then TMB himself loses 60% of his account in one day. It was pretty depressing to read and almost made me lose ‘‘faith’’, and if it weren’t for the fact that the fundamentals of the system have borne out for decades, I might have.
Again, I’m a super newb, but I’m appreciating that while a system can make you money, it’s really up to your discipline to keep it. You definitely deserve props for that awesome month, but be wary of that euphoria and where your emotions will go from there when you get a string of fakeouts and find yourself down 10%. There’s a ton of psych research on loss aversion and how people react as if they’ve had a limb cut off when they lose money even after making a gain. Just $.02(which is actually less when you consider the weaker dollar ) from the contrarian in me.
Yeah man, I have damaged my account enough by tripping out on a couple of good trades and I then always give it back again with losses. But with time on my side I have come a long way, the way I would describe today is having a great day at the office
But, it’s business as usual tomorrow although I might not trade at all tomorrow to let all of this sink it, might be best.
Price went past my EP 13 pips and then retraced. I had placed a limit order because i wasn’t able to be in front of a computer. When i got back the trade hade been triggered so i moved my SL to break even. But price turned around 3 pips before my TP and i ended up ±0 pips.
Well, at least no loss. But i’ve discovered that i have the same problem over and over and i think it’s because i can’t switch between bid/ask on MT4 which results in my entries beeing wrong.
Think i’ll have to start with putting my TP 20 pips above/below my entry instead. At least until i can start using Marketscope. Need to get a windows partition for my mac first.
Booked the additional 30 pip profit and bellow are the results. Keep in mind that I’m keeping the UJ short with 40% of my max lots as a long term trade (hence the open position).
) from the contrarian in me.