Hi Modo! By looking at your pattern I just have to say well done! I don’t see a bigger picture, but I hope this trade goes with you. Nothing wrong with posting other instruments.
Let us know the outcome
Hi Modo! By looking at your pattern I just have to say well done! I don’t see a bigger picture, but I hope this trade goes with you. Nothing wrong with posting other instruments.
Let us know the outcome
Thanks wrtm,
Looks like I’m on borrowed time with this one. I was well in the money (took 1/4 position), but the selling ran out of steam in a quiet session, and no doubt price will now grind higher and take out my stop…sigh.
I would like to have a stop above X, but unfortunately that is too expensive for me.
Anyway, thanks for the encouragement, hope you have a good night.
wrtm,
you probably already have it, but i see a nice bullish gartley forming on the usd/csd h4.
x 1.03789
d 1.04341
sorry, no time for chart.
Yes! Indeed I have it! Looks like a nice set up, but remember that tomorrow is holiday for both currencies so I expect a choppy session instead.
The opposite happened to me yesterday when I had this GU pattern, waiting all day long to develop, when suddenly a really big bar hit D, and because of that I didn’t take the trade, wich after that hit perfectly the 50% AD.
You never know! It’s better to stay safe
What time frames are you guys trading with this method? I’m trying to figure out a good compromise between the number of patterns that develop while reducing fake-outs.
Hello Y2A! and welcome to the thread,
Even though at the beginning of the thread we were encouraged to trade 30 minutes 1 hour charts, I personally trade 1 hour and 4 hours charts for the most part of time. I feel more comfortable with these timeframes. Occasionally I trade the 30 minutes chart.
I picked up on that one but took the x further back at 1.02068 which put my d at 1.03452
How did you go about deciding which low to take for your x?
I should note I spotted the pattern on the 60 m chart after scrolling back a bit.
Thanks for the welcome!
I myself have been trading the daily charts, which means I’m usually trading in the middle of a pattern since they don’t form as frequently as in smaller time frames.
Here are some patterns I’ve drawn up on eur/usd, gbp/usd, and usd/chf, are these valid and have I drawn them correctly?
Now that I’ve chimed in, I’d like to rewind and say hi to everyone. I’ve been studying this thread and the books Luis recommended for the last three or four weeks (maaan, it takes a long time to get through 2000 posts, doesn’t it?!)
I’ve been making trades on demo accounts for the last two weeks and it’s starting to come together, although I’ve still got miles to go.
I started using marketscope from fxcm uk last week and like it more than mt4. Thought I’d share a bit of wisdom about the ZUP indicator that Sweetpips mentions here in the thread:
If you’re just starting out with recognizing patterns like this, do yourself a favor and avoid it!! I came very quickly to rely on it more than my own analysis and got into some bad trades because I wasn’t disciplined enough to spot these patterns on my own and verify them. If I had taken the time, I’d have known they hadn’t completed!
Now that I’m on marketscope, I’ve gone back to relying on myself to spot these patterns and I’m doing much better. It’ll do me a world of good in the long run.
Here’s a question for the veterans around here
Do you keep a trading journal? How do you do it?
I’ve been recently journaling patterns I spot (regardless of if they work out or not) in OneNote on my tabletpc.
I like being able to look back and try to learn from what I thought I saw, etc.
How do others around here do it?
By the way, I’ll be sharing each day’s pages on my skydrive and posting the pdf’s here. Any commentary at all would be INCREDIBLY appreciated. Pardon the handwriting if you do take a look… I’ll make more of an effort with my penmanship going forward.
i will trade anything from 1 minute to 1 day hehe.
but the smaller timeframes only in the direction of a pattern in the longer timeframe.
my preference is for the 30 min to 1h tho.
I trade on 30 / 60 minutes as well. I’ll look for patterns at 15 minutes if they’re in the context of a pattern on a larger timeline as well.
I chose the most recent swing low, (the strongest one in my opinion) and with my criteria it seems like this pattern has 3 possible D’s:
1.0456
1.0431
1.0396
Now that I take a look closely, I find more supporting evidence for the third one (1.0396). Better and more convergences at that particular point, although three possible D’s have extra convergences the last one seems to have the strongest or so I think.
I can’t spot the D you mentioned, but since you said it was in a lower timeframe it totally makes sense and you can be right, patterns develop in every timeframe in different positions, the fact that we spotted one in a larger timeframe doesn’t mean yours is not going to work, it can be a correction before resume its way down.
Hope that helps
Good advise!
yes, i keep a daily and weekly journal.
i download closed positions from my broker and dump them into a spreadsheet. nothing too fancy, just a few performamce stats, method used (gartley, butterfly, 3 push, or grail setups i use), and an equity curve. very useful to determine what is working (and what is not!)
i really need to include a time of entry and duration column, as this would add a lot of value.
i don’t go so far as recording the actual pattern, but i like how you do that. i have two folders on my desk for that purpose…winning and losing trades. i had planned to print them at time of entry and when closed. you keep all the winners in one folder and the losers in the other. you can learn a lot from that for sure, especially if you note time of day. if i was trading the longer timeframes only i would defanately do this as it would be more practical in terms of volume.
Hi Y2A! Daily patterns are a great call when they work! A huge potential profit, I wish I have the patience for them to develop
Here’s what I see on your patterns:
First and third pattern look good to me, although I can’t spot the convergences they seem to follow the rules. Just one thought, it’s really soon to call a C point, since it can go further up/down (first/third patterns). I’d wait for C to develop more in order to consider it a leg in development.
Regarding your second pattern I’d like to know how you predict in advance where B C D will be.
chose that X cos it gave a nice D hehe. nah seriously, i thought it related to the correction, but i am probably wrong. can totally see the arguments for other x’s.
I thought my x gave pretty good convergence for d too!
I’m going to plot yours out. Either way it plays out, looks like we’ll see a turnaround in that area. Just gotta get in at the bottom!
hey man, you gonna take this. i’m in two minds…leaning towards no.
I’m not sure either , though I really like that area since it’s highly congested with fibs everywhere, actually a smaller pattern also converges at that point, but that’ll be countertrend to my eyes (and psychology)
Last week I thought of XA as the resume of a previous uptrend and the end of wave C, but now it doesn’t look like that to me anymore.
What are your thoughts about this one?.