Actually, after a little more investigation, I see a near completion of Weekly Pattern 145.75-146.63 127/161.8, with Monthly 61.8 at 145.34, all these more major convergences are magnets and probably will cause smaller tf patterns to be invalidated. So I am going to wait to short this pair to see if it pulls up to these higher numbers.
So it was a fakeout, moved about 20 pips down and now reversed upward. Just closed a candle past the fib point. Had moved my stop to B/E but still disapointing as it seemed like such a nice pattern.
Summary of the day, most of the patterns got invalidated before price hit the entry point.
Had one successful +10 pip trade on a 5 minute chart as posted earlier and the NZDAUD gave me another +20 pips since i clised the trade early because price started behave stangely and after i closed the trade it took of into the wrong direction. So it was a good descission.
Hi all, Iām not sure if this is my first appearance in the thread but Iāve read all except for about 100 pages of this thread somewhere around pages 4-500.
I know TMoney has his analysis coming Monday, but I was looking at the Eur/Usd for a long term strategy that I use. Like Diablo, I canāt trade during the proper time-frames, so Iāve been sticking to pattern spotting and trading a different strategy until I can get into a situation to allow me to be at the computer during the london open, and the NY open.
I was looking for long-term patterns when this jumped right out at me. The pattern starts at the high all the way back in early May of 2011, and when drawn from the MVA, has perfect convergence at the .618, which is one of this pairās major levels.
I use a mechanical system to set tp and sl on all my trades, its part of my trading plan.
I use the CD leg to put my stops on the most important fibo zones depend of the pattern and market conditions.
In this trade my 1st target is at +45, 2nd at +90 and 3rd at +150, sl at around 30 pips. if the 1st tp is hit, i will move the rest to BE. The second position is by far the biggest one.
Have been trading harmonics this way for about a year, but still trying to adapt and improve the method, so any advice will be welcomed.
Now Im at +18 pips. I would like to close it right now, but i have here a big placard above my computer wich says: āFOLLOW YOUR TRADING PLAN OR DIE!ā. I have no choice
using weekly chart.
I market a posible butterfly using the last trend S.H wich converges in the same lvl that the one you have already pointed out.
Great one, i will probably enter between 1.38 and 1.3870. thanks for sharing!
The trade on your screenshot looks great. But when i draw the same fibs on my platform (MT4) i get totally different results. The best convergence i can get if i draw the XA fib from base of price (X) and then i still have like 35 pips in between the two fib levels (1.000/0.618).
Which platform do you use? Are you able to switch between bid/ask price?
Do you mean you are using the extension of the CD leg for you SL? In that case, on which fib level was your SL place on this particular trade (30 pips)?
Just to be sure i tried it on Marketscope aswell changing between bid/ask price but there was no big difference. A convergence with aprox 30 pips in between. Am i missing something?
