Yeah, you’re totally right about that. I guess what i ment is that i need to learn more about price action and watch the candlesticks react at the trigger points for the patterns since you guys seem to easily be able to close a pattern that fails. I’m stuck with predefined stops that need to be big enough not to trigger if price does not turn around exactly at the fib levels which often is the situation. Thats when i get the most big losses.
Guess i have to trim my SL and TP levels more. But hey, practice makes perfect.
Glad these patterns are working so good for you all. Soon i’ll be able to take full advantage of all the patterns i see since most of them seem to work out really really good. Just my SL and TP that need some tweaking.
What do you guys think about the earlier EJ trade we were waiting for? I have a feeling price will just continue upwards soon… Time will tell!
No telling at the moment. I took 57 pips going down and 49 pips going up being conservative. Right now I’m waiting to see how the price action looks. We’re hitting a pretty good resistance level on the weekly chart and it’s been since November since the last time this pair had a decent down swing, albeit not a great swing since the prior swing started in July. So that’s a pretty long time in my opinion to have an almost nonstop upward movement. It may continue going up, but since we’re hitting this weekly resistance I’m gonna say that we’re likely to see a drop in price soon. I don’t think there’s enough force to continue pushing through this level without at least a bounce first.
Price clearly showed that 200% CD was the true D point :). Because of current price action though, I will continue to short EJ towards 118 (keeping the short long term 200+ pips unless 123.0 is broken). Do not worry, I will post some scalps for us tomorrow if you are not following this development
Here is a GBP/JBY pattern in progress on 30 minutes chart, but I can not choose the D point? Seems that are two convergence points on 1.618 and 2.240. The 1.618 with 0.786(XA) seems to be more precise.
Forexpastor, for educational purposes would you be able to tell me where you entered and exitted on the EJ to take profit? The why would also be useful, but the where is enough to deduce it. I am overall down 20 pips or so after 3 trades on the EJ.
The first trade was a sell opened at 122.139 and closed at 121.569. I don’t recall off the top of my head the setup that got me in the position, but price appeared to stall forming a pinbar after a 120+ movement down. I took my profits as apposed to seeing what I just made disappear for a while with the hopes of price going back down. I use price action as my only other means of trading aside from harmonic trading so after seeing this pinbar form after such strong movement, I entered long at 121.707 with a TP of 50 pips. 50 pips was right under 61.8% retracement of the previous swing on the 4 hour chart and seemed to me to be an ideal place to take a profit. Though after being 10+ into the trade I moved my stop loss to +5 pips in the event that price double backed on me, at least I would come out with 5 pips. I was also watching the market as things unfolded. If price started to look as if it was leveling off again before my TP area, then I would reanalyze to determine whether getting out is best or if price still had upward momentum.
We’re hitting a weekly resistance level so I don’t believe there’s any concern for buy orders now, at least any large ones. Right now I’m waiting for a sell entry to continue riding this down. There’s usually lots of patterns on the eur/jpy as you can see from TMB’s postings. Stick with long term trend from higher time frames and watch for the patterns. If you’re unsure, post them on here and ask. Hope this helps.
When I’m trading price action I don’t trade any lower than 4 hour with possible entry points on a 1 hour chart. Usually when it looks good to get into a trade on a higher time frame is about the exact time that it will pull back on a lower time frame. With pattern trading, 30 min charts is as low as I go. I shoot for at least 30 pips on a trade, otherwise it’s a lot of work for not much return and it’s difficult to keep a good risk reward with anything less and lower time frames make smaller movements. It’s pretty much a balance. The larger the time frame the fewer patters you see, but the more accurate they become. The smaller the time frame, the more patterns appear, but are far less accurate. 30 minute charts is reasonable to trade patterns on.
A lot of you guys seem to use FXCM or at least the Marketscope interface. Is there anyway to save a chart on a computer at one location and open it at another. I try to wake up in the morning and run analysis with the desktop version on a few pairs at home. At work I have the web version open in a tab and check it once in awhile to enter or exit an order. However, I have to recreate my fibs from home which is a pain in the butt. Is there any continuous feature to pass data?
Trading Station Desktop uses a different file format than Trading Station Web. While it’s not possible to transfer your chart templates from the desktop version to the web version, it is possible to transfer your chart templates from the desktop version on one computer to the desktop version on another computer using the steps below.
[ol]
[li]In the Marketscope window, go to File > Templates > Save Template
[/li][li]After you’ve saved your new template file, go to C:\Program Files (x86)\Candleworks\FXTS2\Templates
[/li][li]Copy the template file NAME.cht and email it your second computer
[/li][li]Copy the file to your C:\Program Files (x86)\Candleworks\FXTS2\Templates on your second computer
[/li][li]Open Marketscope, and go to File > Templates > Apply Template
[/li][/ol]
Another possible solution is to run Trading Station Desktop inside a Virtual Private Server. Then you can make changes from any computer, and your platform will look the same at home and at work. Using a VPS also has the added benefit of letting you run Trading Station 24 hours a day, in case you want to automate some strategies or signals.
If you have any other questions about FXCM’s platforms, feel free to hit me up in the Broker Aid Station.
Look like this GBP/JPY is pushing the price up to the pink eclipse and we can take a long now, then at the pink eclipse we can short it to 142.8. Can anyone confirm this base on your analysis.
It looks like it may have already hit a D at the .618 of the XA, at least for the moment. if it does go higher, I think that the 1.00 of the XA is a more likely target for a major reversal simply because that’s been an area of major support for several past peaks. I think you may be able to pick up 30 pips at your point too though. Then again, please refer to my member level before taking my advice too seriously.
It seems to be respecting fib levels quite a bit, so I put in an entry order with a tight limit at your specified level. Demo account though.
Who knows, we might still reach it? The reason behind this strong upward movement still is the financial market stimulation from the japanese government. But i agree with you and forexpastor. Price has been going straight upwards since 9th of december without any real pause/retracement. And on top of that you have the big weekly resistance (april 2012).
I got some shorts that i won’t close until that resistance (123.306) is broken. If it does though i’ll have lost a serious amount of pips.
Yesterday i got a bad cold and it’s even worse today so i think i’m heading home from work and straight into my bed. :34:
I wish you all a great day and good luck with your trades!
