Pattern: Butterfly
Entry:79.27
Exit: 79.189
I traded this pattern according to my rules. I got out as soon as price made a lower low compared to the turning point of the pattern.
Price fell through initial turning point and has found support a little further down at 79.18. Should I have stayed in the trade? Was the initial reaction just a fake out? Was the support at 79.18 the real turning point? Should I be exiting trades when price breaks my initial turning point or should I stay in it until I know it really fails?
UPDATE: Price ended up reversing at 79.18, I should have just stuck it out and waited until my stop got hit.
Pattern: Gartley
Entry: 79.19
Exit: 79.263
I got into this trade late and because of that my stop loss was not in the right spot. Although, the pattern failed, I also failed trading this pattern.
If I miss an entry I can’t just jump back in, it’s over and done with. Since I trade such small patterns that little pip spread or an entry missed by a couple pips could cost me big time!
Pattern: Butterfly
Entry: 113.481
Exit: 113.461
I set this one to buy at the end of the pattern because I was not near my computer when it happened. Price reversed quickly but, did not quite make it to target profit. I then exited my trade manually as it broke the trend line.
This just shows the importance of actively managing your trades!
Pattern: Gartley
Entry: 118.86
Exit: 118.904
Price reacted to my D point and my analysis was correct on this trade. The problem was I had left an order on the 118.86 level but since you have to account for spread I didn’t get triggered into the trade. Then when the pattern completed and the reaction reversed I was entered when it blew past the 88.6% level and hit my stop loss.
Lesson: Account for spread!
I should’ve made a good 7.5% tonight. But, I didn’t. I missed trades, I called into bed early and I wasn’t prepared. I have to be ready for the trade. I will do this by setting alerts way before the PRZ and I will calculate my position size before I am ready to enter. With this, I will be able to get into trade at the optimal level. I feel that my focus is inconsistent and I need to be on top of this game more. My mental toughness needs to be honed into. I know I have the ability to make these patterns work and I know I have the ability to make my dreams come true! Stay focused!
4/2/17
-1 %
Pattern: Gartley
Entry: 84.219
Exit: 84.185
This pattern worked, it didn’t reverse but it still reacted for a few pips. I failed myself on this pattern.
This pattern should have at least been breakeven but, it is just that I got into the trade not accounting for spread. Spread is killing me but, I can’t do anything about it to compensate for it. I wish I could switch timeframes but, my trading hours don’t allow for it. I will just have to get better to beat spread. Two things I could do is have a stop loss that accounts for spread or place entries into trades a few pips higher to so I get filled in at the exact level. Lesson re-learnt!
Pattern: Gartley
Entry: 1.40381
Exit: 1.40396
The spread on this pattern alone had me at my stop loss before even price moved. Spread is KILLING me but, I have to figure out a way around it.
-2 Pips
Pattern: Gartley
Entry: 1.4047
Exit: 1.40559
Price had a initial reaction but, then just popped back up and hit my stop loss.
I feel like I should go back to demo trading. I have lost about 50% of my capital and I feel the need to go back to honing my skills rather than making money.
Pattern: Gartley
Entry: 1.41034
Exit: 1.41096
There was nothing wrong with this pattern. I measure it perfectly and I placed my entry at the perfect point, this pattern just didn’t work out.
Pattern: Butterfly
Entry: 1.01497
Exit: 1.0143
Since these patterns keep failing I think I should look into patterns that have more range between the X leg and A leg. Of course all these patterns failed but, maybe they failed because they weren’t powerful enough.
Pattern: Butterfly
Entry: 0.75445
Exit: 0.75406
Same idea, I just feel that these pattern are failing because they aren’t powerful enough, persay.
Pattern: Gartley
Entry:0.83736
Exit: 0.83761
I few this pattern spot on, waited for the perfect entry and went for it. Initially the trade went well but, not enough the cover the spread.
Lessons:
I need a new way to make sure my entries are consistent and I am getting the best possible price. Also, small patterns like these are killing me because of the spread. I know I have said before the bigger patterns are what need to work for me but, I can’t bring myself to sit and watch them. But, I will bring myself together and take a look at those charts over the weekend. Why trade more patterns when I can trade less and more consistent patterns? Let’s see!
Pattern: Butterfly
Entry: 111.2
Exit: 111.5
I made sure this pattern had enough price range and that convergence was there. Initially the trade went toward my profit target but, it then posted a spinning top and reversed. I stayed in this trade since my risk was only 0.5% just to see if price would reach PRZ again and shoot toward profit target. It didn’t.
Lessons:
- With patterns on the five minute time frame sometimes it is just better to take profit as soon as possible. Remember the longer you stay in a trade the more likely chance you have of price reversing and counting in its previous direction (especially on the five minute timeframe) . But, I’ve also seen many times where price looks like it’s reversing only to take a breath and fly back toward profit target. I think the only way I can combat this is to just keep taking trades and learning from experience!
Pattern: Gartley
Entry: 83.16
Exit: 83.65
This was a good trade. I had perfect convergence and a spot on RSI sometimes, harmonic patterns especially five minute patterns don’t work all the time.
Lessons:
I feel that RSI conformation is essential to me picking the best of the best trades. I have run over the numbers and I know that I do pull ahead in the long run. I will continue to add tools, experience, and knowledge until I can master harmonic price patterns!
Pair: EUR/USD
Entry: 1.0876
Exit: 1.0872
FINALLY! A WINNING TRADE! I was a little late to this trade, I could’ve squeezed a few more pips out of this trade if I had gotten in on the right price.
Lessons:
I must be more alert and get more accurate on my entries.
After so long and many, many sad sleepless nights I have finally made money using harmonics. The only thing that concerns me is if that was a one hit wonder or if this system is actually profitable. I can only find out by trading and trading. I can’t wait to see what the future holds!
I have gone back through the few videos that gave me the basis on how to trade. I have re learned some very important factors that I did not use before. Maybe using these factors will be more beneficial to my trading by cutting down on losses and really finding the true D points that reach target profits. I will be comparing the current way I trade to the new possible way I could trade based on each trade I take.
I’ve waited so long for this moment. Years, I mean years, of just waiting and not giving up. I still have doubt in my mind if my winning EUR/USD trade was because of my proper analysis or because of pure luck. That has been on my mind this whole weekend and it is only something that can be answered by this week’s trades! I am very nervous and very excited for the week ahead. I can’t wait!! I will make it!!
Pattern:Gartley
Entry: 1.0985
Exit: 1.0989
In this trade we had two Gartleys meeting in a tight range of pips. I took the trade based on the entry of the smaller pattern. Although, the smaller pattern had an entry the larger pattern didn’t. If I would’ve waited for the entry on the larger pattern, I would’ve not gotten in and saved myself from a losing trade.
Lessons:
I know excatly why this didn’t work out. The smaller pattern gave me an entry but, the larger pattern didn’t. I took the trade because I didn’t want to miss out (FOMO.) I now know that larger patterns and patterns that meet in a close range must both give the entry signal to enter.
Pattern: Butterfly
Entry: 112.92
Exit: 112.846
This was a trade that I measure out perfectly and took. Had great risk to reward but, I learned something very valuable.
Lessons;
I had conflicting signals on my Stochastic and my RSI. I took the trade anyway because I had never back tested the Stochastic and I wanted to make money. I was being greedy.
Pattern: Gartley
Entry: 0.7413
Exit: 0.7413
I followed all my rules on this trade! Had a perfect entry and followed all my rules concerning moving my stops. This trade was two pips away from target profit and then it sank back down to entry, where I exited at breakeven.
Lesson:
I used trendlines to stick a little longer in this trade but, I think I am going to start using them more. Either I hit target profit, hit my stop loss, or breakeven. That’s it. No manual exits this method will hopefully make me a better trader. It will also make me more accurate in my trades.
Pattern: Gartley
Entry: 1.3596
Exit: 1.3593
THIS CAN’T HAPPEN AGAIN. My D point wasn’t even the correct D point. It was such a pointless trade and a waste of capital.
Lessons:
Always recheck your numbers!!
