HEY! You guys are definitely on the right track if your spotting the setups. Next week Iāll start posting the patterns I see, so you all can join me on the ride or simply double check the entries.
Wow amazing results! I had one trade today GPB/JPY short +80 pips, but im still on demo. First results of this system (for me) are really good :), tnx alot TMB
yeah, it fail on my first entry, but work out on the second convergence perfectly. But I was at work, so I couldnāt remove the limit order when the price go pass C. And I have to take the lost for it. If I place the entry at second convergence, it would work out nicely.
I donāt think so mate, if they are valid, they arenāt too good (the set-ups, not you, lol) your Bs are almost right back to your Xs. Try to find Xs that are at extremes in price.
Going by Rules of the Trade, the AB leg can be 100% of the XA leg, but itās not supposed to be common. In the occasions that I have seen AB=XA though, the D never makes it to the 100% of the AB, at least not in the expected timeframe. Those 2 extensions looks unlikely to be reached. I actually do have the GBP/JPY drawn out and converging on the exact same point as that, but the price is quite distant from it and wonāt go anywhere near it tomorrow.
You dont always have to use extremes. They are not always necessary. Traders are different and you acclimate to what you find work-able. He can be using fractals, which is what I use also.
WOW! Amazing results TMB, congratualtions! You are living a dream, a dream which many of us share i guess. Hope to be there with you in a few years time.
Keep up the fantastic work you do and thanks again for sharing your knowledge with us.
I used the more extreme point of price on the daily to draw X from, sorry for the unclear information from me yesterday.
There is a good convergence even when you use the swing you use but i think this one has a higher chance of working out since we have support of the convergence by price structure earlier which i marked with a red circle. Convergence lands at approx 1.27930.
I placed a buy limit order at 1.28000 since all 000 and 500 levels are institutional levels where the big players usually buy/sell. Should give us one more advantage in this trade i hope.
Price should hit on the 14th or 15th of february since there is a trend line (MVA on daily) hitting the convergence at that time/date.