Not smarter necessarily… I felt the same way when I first became aware of this method…just took the time to learn about it is all. It’s actually quite easy, but my favorite part is seeing the butterflies flutter across my screen…oooo pretty …:D:D
Lol I know!! This morning when I woke up the first thing that I thought when I saw my chart was “I hope Sweet Pip took this” and now I realize you did! I didn’t.
Lol now i know I was blinded by excitement! By looking objectively at the trade there were signs. And you sticked to your plan and I jumped back losing a little bit of my gains! :rolleyes:
Well I wanted to share this, it also serves me as practice. All of the next information we had it in advance, I just extended the trend line of the C leg (green line), to confirm we were good in time, you now symmetry.
Please take a look at the chart while I write what I saw.
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Miner says a retracement before the 50% internal retracement in price, is more likely to be a temporary support/ressistance. What happened with our first entry? It retraced to the 23% AD leg and then resume its uptrend. Nice profit, yes, but it was just a retracement, not a continuation of the downtrend.
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The true end of C, lies exactly at the 50% internal retracement, with the 161.8% app, wich is a great convergence. (Orange line)
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I’m not sure if this is a signal present in all the high probability opportunities, but we have divergence at the true C (Red lines in price and in stochs), wich we don’t have in the first D. Miner also mention this as a good signal.
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Price already touched 50% 5C retracement, which is the minimun potential profit for the short term amount. We would’ve been stopped well for +100 pips. (Not bad for a first amount huh?)
Did I see this in advance? NO!!! Did we have the information? YES!
I love this example because it’s a text book example, exactly, and the only thing that looks not that good to me so far, is the entries thing. I mean, waiting for a momentum reversal doesn’t give you certainty (or at least that I think) and in case of a true reversal, it gives away many pips. Not sure about this yet.
Ok sorry for extending me so much, but I wanted to point all the factors present in this particular trade. 
Lol not at all! After almost a year trying this, either your learn it, or you learn it! There are no other options! 
If you are interested take your time to study and learn and you’ll see that’ll become second nature.
dont get it it sound great with a 80 % win or even and a r/r of 15:1 but where is the strategy this thread is little messy ?
best regards
^^ get yourself a copy of miners book to get a hang of it - really a great book !
i know i have bouth of his books. but i cant find a system here is it just miners trading setups yu trade here ??
best egards
Here is what happened.
Once the thread started Walts123 put some very interesting insights on how to build a system. Sweet Pip pointed out a book with concepts similars to what Walts was trying to communicate. This is something that really suits my trading style, hence I’m trying to adapt Miner`s strategies with what I already do, it gives me more clarity and increases by far the profit potential.
I wish Walt123 was here, as much as TMoneyBags, but since they’re not, this thread has helped me to consider new and higher perspectives.
So in conclusion, no particular system at all (yet), everyone here is trying to incorporate some premises to their own trading style. I don’t know what direction this thread is going to take, but a good one for sure.
Just for an example, I typically look for 30 to 60 pips, with a stop loss of 20 to 30 pips (just to put some numbers). Friday’s trade is 200 pips so far with the same stop loss.
in the other thread you mention that you having great result, not so good as tmoneybag but good how good in % account increase per mounth if i can ask that ?
best regards
This is just my personal experience, and I don’t want to be taken as a reference for evaluating a method/system, but since trading gartleys/butterflies my monthly results have been oscillanting between break even (august was a very difficult month to me) to 45% has been my maximum.
I’m not a pro and still have a lot to learn yet. As I said before I wish TmoneyBags and Walts123 were here to guide us and to clarify some doubts.
I do consider my results as really good (for my standars), but what I wanted to point out with this current filter that I’m trying (this thread), is that I’m averaging 2% to 4% profit per trade with TmoneyB method, while with this one the profit potential increases to a 10% - 20% or more per winning trade, while keeping the risk the same. Sound great huh? That’s why I’m testing it.
Money management is another important thing, while I lost a little bit in failed trades, [B]Sweet Pip[/B] was able to get a profit, a small one if you want, but she had the discipline and the patience to wait for the big one.
Now we have what it looks to be Waves 1234. With that information we can project the end of wave five to be at 128.64ish, and take it as a possible profit target, or wait to be stopped out at the most recent swing high/bearish momentum reversal.
Let’s see how it goes
I had problems understand the gartleys and the butterflys but i think i understand then now. But then this is mutch harder for me to understand in particular the counting of waves from 1 to 5 it kills me :eek:
best regards
I’m still monitoring this particular trade from time to time.
What caught my eye is that price keeps on doing bearish divergences at every swing high, wich could be a sign of continuation in our desired side.
With the most recent trailed stop loss, 100 pips have already been locked…
Keeping up with the monologue :D, a new bearish momentum reversal has been made, allowing us to trail the stop at the most recent swing high at 130.36 for a locked profit of 120 pips, with the trade still open.
The trade was stopped out at our most recent swing high closing the trade for a 120 pips profit.
All the trade from start to finish, is on the chart, I didn’t modify any lines/mess in there from the beginning.
As the trade progresses, we should make desicions with the current information available, wich is a great way to stay in the trade for as long as possible and to make logic desicions. After the pennat was broken to the upside maybe it was a good signal that conditions had been changed.
Well this example allowed me to practice from start to end how to spot, enter, and manage a trade like this, my first trade live, Cad/jpy is currently 70 pips in locked profit and still open. First entry was a fake out with a profit of 10 pips.
It looks promising, I’ll keep on trying this and reading to learn more, try to make a live trading journal, and well this is the last post of the first practice trade.
I’ve been watching this one develop …since yesterday after I missed wave 3…:rolleyes:. Now I know I posted a comment earlier about the wisdom of countertrading wave 5, but (beyond the underlying truth) since there’s such a nice looking butterfly there, convergence looks good, and there’s no news for the next 9+hrs, I have placed a pending long order @ .8905. 
Cool…2 butterflies now…
If wave 5 ends here now, it will be at a perfect AB=CD of the bigger butterfly. The smaller butterfly is the same one as in my prior post.
I’ve marked the first 1-5 down trend, followed by the up ABC correction, then followed by hopefully another completed 1-5 down trend, the start of another up ABC correction again.
Hi Sweet Pip,
So you trade the legs from the fractals?
I have projected wave five at 0.8873 (currently there) though I didn’t trade it, just sitting in hands waiting for the abc correction.
I was googling for something and came across some content that recommended trading counter wave 5, along with trend waves C, 2 & 4, .
I’m not sure what you mean by “legs from the fractals”…this is on the hour chart, but on the 15min chart, yes there are fractal waves within each of the waves I labeled…even this hour chart is fractal to the 4H, Daily, Weekly ect. Actually I try to focus on the 15min chart for the ABC correctives during the Asian session because I usually miss the higher t/f moves in other sessions, so if Walt123 uses the 4H and is around for the few setup he says can be expected, then I’m trying to increase the setup odds, albeit lesser moves, for for myself for when I’m around.
I’ve noticed that even tho the trend structures didn’t end in 5 waves, there is still a high possibility for some kind of a reaction at the convergence points. Some reactions give a better pip gain potential than others as we saw last week, enough to get at least 5 pips after a 40 pip potential just by moving the stop up as soon as possible.
I’m hoping this trade still has the potential to do that…seeing a bullish divergence of price & stochs now on the 15M… and still in it ;)…lol.
Seasonal greetings to all.
I have not been to this forum since Dec 10th and for one reason or other it seemed that I have missed a number of newer postings.
Anyway still have not had a chance to read that Miner’s book. However, I have established couple of heuristic things:
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The timeframes. I think observing the higher time frame and trading on a lowe timeframe say 1/5 of scale seems to be reasonable. For example observe weekly timeframe and trade on the daily timeframe
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Certain EW anlaysis are pretty simple. For example trading when you are on 1-5 waves is far easier than trading on A-C waves and working out complex diagrams. My experience is not to trade if you are not sure or trade on another instrument where the wave pattern is clearer.
I just started observing the weekly and daily EUR/USD diagrams. I have attached both of them. Notice the big drop on the daily curve. What do we make of it. Looks like Wave 1 of downtrend for EW. Notice also the RSI movement that has taken a beating from the beggining of Dec and now it is on an uptrend. I have done a Fib retracements and expect wave 2 (if that is wave 2?) to move up to at least 50% at 1.4678. Now what I like to know if others agree that the big drop is the start of wave 1 of EW downtrend. It seems to me if I am not mistaken that there is money to be made for the next few days.
Cheers,
EURUSD_weekly_20091226.pdf (41 KB)
EURUSD_daily_20091226.pdf (52.9 KB)
Well it does look promissing. A fair bit to go before Fib level of 38.2%. RSI shifting up as well. All on track.
Cheers
EURUSD_daily_20091229.pdf (53.1 KB)