Entered Final short positions again at the yellow line, same targets (My final entry is at 125.291, exit is a close above 125.358).
As you will note, crosses between the green and the orange/blue mvaâs are rare. As a result, it is good practice to draw from any cross towards a green grossing with the orange and vice versa.
Itâs best to keep your eye on price movement when trading, price action has a lot of significance. If you are allowed to use your cell phone at work, I recommend that you download the mobile trading station from fxcm or trade interceptor (they are really good with mobile charting). You can also manage your account from an online platform offered by my broker at https://tsweb.fxcorporate.com/ (Web Marketscope). If non of these options are suitable for you or if your simply are not able to trade from work, let me know around what time your available to trade on your computer and watch that markets. I will help you find a suitable market for you to trade :).
Actually i have a trading application on my phone but the charts update pretty slowly.
I think iâll be looking at changing my broker. do you think FXCM is a good choice for me as an european custumor?
Yeah, i come to realize the significance of watching price more and more since i have been able to detect changes of price direction by just seeing the candlesticks form.
And itâs really annoying and frustrating to get stopped out time after time on trades that i could have closed manually with profit, like the one today. Instead my account continues to shrink even though its at a slow pace since i with each loss i do minimize my lot size by 50%.
But still this is very demotivating since it feels i can tweak my SL and TP how much i want and still end up with the same result on trades that you and many others succeed with.
BUT, one thing is for sure. I wonât give up no matter what. Either i end up totally broke or i end up as a full time profitable trader. There are no alternatives. The biggest challenge for me first is to get profitable and thereafter the transition from full-time work to full-time trader. My goal is to get there within 5 years.
At the moment though i am only able to peacefully sit in front of my computer between 5pm to 10pm GMT ±0. It would be awesome if you have any good advice for me which currrency pair to focus on at those times of day
Thank you very much for your support TMB i really appreciate it a lot!
Diablo, why not just cancel trades that donât occur in the window when you are at your computer? Youâre picking good reversal points and know the weakness is passive trade management. Just see if something converges while youâre around. If not, donât trade it. You donât need to trade. Thatâs the first rule right? 
If you trade 1 standard lot and make 30 pips, or $300 profit on that a week, you will double a $10k account in a year, even counting taxes. Surely one trade will happen in the window you are active. Double your lot count and continue each year and you will be a rich man.
Just my 2 cents; Iâve already seen how frustrating an unsupervised trade can be. I just donât take them anymore.
EDIT: Or trade even longer timeframes. If youâre watching price action on even the 8 hr time frame, you only have to really check 3 times a day.
Thanks for the inspiring words merper! You are absolutely right in what you say and i agree. Start trading standard lots is my goal and doing a few but âhigh qualityâ and âhigh probabilityâ trades instead of many. But before i can start doing that and invest big money i need to find a good trading system and plan that shows consistent profit. This is why i am here in this thread with you guys. I have now spent approx 350-400 hours to study and learn forex for the last year, watched and tested all kinds of different systems and this is by far the most promising and profit consistent i have found which also research around gartley pattern shows. On top of that i like TMBâs style and that he is so kind to both share his knowledge and proof of his successful trades which is very motivating and shows us who havnât reached that far yet that it really is possible if you really put your mind, hard work and discipline into this.
Now iâm drifting away a bit⊠
What i want to achieve before i really can go for this is to be able to find all patterns on my own withot any help and do at least 1000 trades which must result in consistent profit either by having a high success rate of the trades or by applying a good R:R ratio.
When i have achieved that i will invest serious money into this business, quit my job and start trading full time.
Thats the reason i want to have at least a few trades a week. But what you say makes a lot of sence merper and i will try to find a good balance between those two ideas i think.
I just get so frustraded when i do the right things but fail due to lack of time. Kind of a bittersweet sensation since you get a good feeling from making progress but still fail due to things that are not in your control (time), at least at the moment. I guess you like many others have ben there aswell so thanks again for giving me input and new ideas to reach my goals.
which pair do you suggest to trade from 6PM to 12PM eastern time?
Glad that I spend 350-400 hours within 2-3 months. So, if you can do it in 5 years. Then I will do it in 1 yearâŠ
Dude, I am still trading a demo account and even I can completely understand the frustration at getting the reversal right and still failing to make a profit. Especially once you get a couple in a row. I am appreciating the psychological aspects of Rules of the Trade(and TMBâs source, Trading in the Zone) more and more with each day. The advice is kind of contradictory, though. One one hand, you need to follow your system mechanically and leave emotion out of it. But first, you need a system right? And how can you figure out your system without a lot of trades? So yeah, I can completely understand why you want to get a 1000 trades in to have numbers to see if you can go full time or not. I think you are picking a lot of good trades recently, so Iâm sure you will get there and find a system that works for you. TMB is certainly inspirational, but heâs probably put in 10,000 hours by now, which is what you need to become world class at a skill.
I just opened a small account with FXCM, so I will be joining you in all the joys and terrors of live trading soon. Letâs see if I can practice what I preach. Good luck to you, my friend, and to all of us.
Complicated charts⊠how are the overall results Tmoneybags
GBPJPY retest the 148.204 level
Price hovered below the 50/161%, if you try the also defined other possible AB leg, you will find that AB=CD 100%, kinda explained why price didnt make it to the 50/161 for quite some time. However when price spends a lot of time under a key level like that, never tests it, when it finally does get the momentum to push up, it a will push through that level easily. I would hold off and would bet the 61.8/200 is a great entry at .9240-.9248 (bid)
It already touched the 50/161% level earlier for 3.6 pips over the convergence. And yes, you are quite right, the level at 200 show a greater entry that is where I will enter if this one is fail. But I think it will go down for some pips and push it up at level 200.
Haha, yeah. Guess youâre right. The thing is i am working 10 hours a day, 2 hours traveling to and from work and 2 hours at the gym every day. All the spare time which isnt much i put into this. On top of that i have profitably been swing trading stocks the last years and am still doing it. So i guess a goal of five years is realistic for me.
I really hope you can reach your goal within the next year!
Nice! I really hope that you get a lot out of going live. When i started with my first 1k live account i saw it as money invested into learning the psychology behind forex live trading. After a good start i did as many others and blew it right out the window. But i must say what i learned (and still do) was priceless, worth every penny and nothing a demo account can give you. Your inner game is the biggest challenge in all this. Of course that applies mostly for live and not mechanical trading.
Even more important is that you only use money you do not need! You have to be able to loose that money without doing any damage to your private economy. Personally i am using some of my stock trading profit to pay for those âexpensive lessonsâ.
Thanks for your thoughts on this my friend and i really hope you, me and many others will reach our goals and dreams in near future. I like the support you guys give me, itâs very helpful and motivating!
If we all help each other out i am convinced we all can make it in this otherwise so âlonelyâ businessâŠ
A valid pattern but i think it looks more like a retest of that level since price was close before (6-7 pips) and retraced. If price once again heads down from this level we have a really strong support level there. If you look at the weekly/daily chart you can see that this level has a strong past beeing a resistance/support level many times.
Will be interesting to follow this one. Good luck if you are in this trade.
Today i did it. I looked the door to my office, shut down my phone and dedicated one hours to watch this trade. After seeing up to 6 fib levels converging at the D point of the gartley and the fact that we hade bearish divergence on the RSI AND after finally be able to watch price having big trouble breaking that resistance i enterd short.
After price had moved in my favour +10 pips i moved my Sl to breakeven and price continued down.
All in all a successful trade i thought. I placed a +30 pips TP from my entry point (entered a bit late) and closed down my platform. Before i went to lunch i checked again and i was 8 pips from my TP level. Went to lunch and when i got back i saw that price had retraced up again, stopping med out and then shot down again for 60 pips.
Once again my physical stop loss i need to have in place because i canât watch my trades keeps on messing with me.
But hey ±0 pips is still better than a loss.
To be honest i do not think i will trade anymore this week. Itâs not ment to be right now it seems and i will only make bad descissions after this one. Will only be watching trades for the rest of the week and refocus on the weekend.
Hi folks,
This is what I found, GBPAUD 1H, near completion.
I think there are 2 possible D for the pattern.
The first one (the upper one) converged with 50%XA, 127.2% AB and 161.8% BC. In addition, trend line drawn frm MVA 8 & MVA 20 crosses also met with 50% XA there. The problem with this is, the CD has not reached 100% of AB.
The second one is measured to 100% of AB length from C. It converged with 61.8% XA and MVA 200. It is also almost converged with 161.8% AB.
What do you guys think?
WOW greedy. I set take profit at 38.3 of AD for 60 pips profit (More than target for 30 pips). After it reach 35 pips profit. I move my stoploss for 15 pips profit and let it go, then it go back to re-test the resistant. and come to my 60 pips target profit. So when it re-test the resistant, it hit my stoploss and I only take 15 pips profit.
Eventhough I only got 15 pips. But I am happy that I was able to predict the price will stop there at 38.3(0.91613) and push it up. At least how far the price go now.
WOW, seriously, your work schedule is almost the same as me, I have 9 hours works, 2 hours travel, and 1 GYM.