EUR USD bat pattern and near the target 1 of a larger butterfly pattern all pointing to the same target we have all kinds of EUR news tonight during the London session that may help push this down further
[QUOTE=âAce Trader117;609628â]EUR USD bat pattern and near the target 1 of a larger butterfly pattern all pointing to the same target we have all kinds of EUR news tonight during the London session that may help push this down further<img src=â301 Moved Permanentlyâ/>[/QUOTE]
Nice Iâm bid at 1.3683 where an AB=CD would complete. Last week an amazing Gartley formed at 1.3642 which yielded nearly a 4:1 RR. The majors are continuing to deliver great action off of the patterns that are completing, relative to the second half of last year.
On Sunday night a bull Gartley formed at the 786 to the pip in USDJPY. Great reactions to the 382 and 618 so the pattern looked ok but I didnât buy bc of the gap on Sunday. Maybe too conservative but we havenât seen an opening gap on quote a while.
Mobile so no charts.
theres a lovely butterfly forming on audcad, near perfect confluence of the 1.272 of xa and the 1.618 extension of ab along with and ab=cd completing a few pips higher
Spotted also a possible bat formation in USDCHF weekly time frame. Might slowdown though at 2.0 extension of B-C at .8190.
for me the x point isnât really valid, its not at a significant swing point, you would want it to be from the pin bar 3 bars back in my opinion
I see. Thanks for the input mate!
I see. Thanks for the input mate!
i was just checking that out, the ab=cd completes 12 pips above the 78.6 and there are 3 other fib levels around there from the downtrend, looks like a very solid area to me, u seem to really be getting the hang of this 
XAUUSD cypher Daily
completes right at 1400, also the 50 of the big move down from march 13 to dec 13, reasonable historic SR
no worries mate. its only my rules but x must be a significant swing point otherwise you could kinda start the patterns anywhere you wanted really if you see what i mean?
Got it. I think your rule is valid. Got me there at seeing patterns anywhere I wanna see it lol! rookie mistake. Overlooked that basic principle.
Thank you! And as I didnât want to just post two words, I have another pattern and also a question.
GBPCHF gartley:
As for the question, do you ever trade countertrade patterns? Because I have noticed that besides the butterfly, none of the others seem to work most of the time.
apart from butterflies and cyphers occasionally i tend to try and trade with the overall trend, like the old saying goes âthe trend is your friendâ
i have the GBPCHF trade on my charts too but it doesnât look as nice as the EURGBP trade to me, the EURGBP trade lines up beautifully with the trend line i have marked and the GBPCHF breaks the trend line, also the ab=cd completes nearer the .886 of xa, will be keeping my eye on it around those levels though, some good PA and i will look to go long
would just like to mention that so far this year Iâm up 31%, not all harmonics trades as i trade PA as well but its not been to bad so far!!
Well, thatâs nice! Congratulations! So in your experience, do the harmonic patterns hold true to their 70%~ success rate claims?
it really depends on the trader tbh, for me personally its around 65-70%. thats with fairly tight stops and moving to break even at the first target but if you only take good patterns where the entry level has more the 3 confluences it should be around that. if you were really selective you could probably get it up above 80
[QUOTE=âWookie1985;610835â] it really depends on the trader tbh, for me personally its around 65-70%. thats with fairly tight stops and moving to break even at the first target but if you only take good patterns where the entry level has more the 3 confluences it should be around that. if you were really selective you could probably get it up above 80[/QUOTE]
I wouldnât get too hung up on success rates, since the ultimate goal is to make money. With these patterns you should strive to be over 50%. For instance, in 2014 I am only at 58% but my return is over 40%.
Wow, that means you have a great risk to reward ratio. Where do you place your stops? Beyond the X of the pattern?
Also, it seems like the EURGBP gartley isnât doing as well as I had hoped.