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Damion's Tribute

  • #101
  • Jul 8, 2009 6:00pm Jul 8, 2009 6:00pm
Good day all,

here is a trade am looking for a re-entry:

My thoughts:
Looking at monthly, its a simple large consolidation range 2000pips, place a horizontal line 12658 and 1.0509 u will see this clearly, mkt is about to start its journey south

Daily: mkt has completed a cycle of abcd=127 and now we have another abc with correction at 78.6 and an equal low 12374

1hr: am looking for a pull back and a short at where the arrow is indicated if the the low of 12374 is taken out. 1.618 of this present wave convergese with the low.

anybody taking this trade shd be able to hold on to it and be canceling and replacing stop until 1.0509 is achieved. it could be possible!
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  • #102
  • Jul 8, 2009 8:39pm Jul 8, 2009 8:39pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts


Mike,Soya,Aftab et al

You guys are the real deal.I m glad to be part of this.

I m having a blast.
  • #103
  • Edited 9:23pm Jul 8, 2009 9:07pm | Edited 9:23pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
I really like this trade =) well done bro
Thanks bro.I hope you caught it too.
for now it might retrace before moving south again.I m on to the pairs you mentioned.Thanks for the headsup.

Aftab: When I mentioned earlier about how beautiful the trendlines and harmonics work together this is what I meant. Again I saw this when I got up an 30 mins back. Cannot help it my friend.

Indeed beautiful my friend.Keep up the good work.This is a good place to record our thoughts and actions for future reference.Australia is wonderful.Had colleagues from Australia, and they are all wonderful friends.
Time is relative when you see a good set up.I m still studying your charts,they are fantastic stuffs.Thanks bro.

Mike: anybody taking this trade shd be able to hold on to it and be canceling and replacing stop until 1.0509 is achieved. it could be possible!
The Audnzd looks like a good potential trade.
The monthly nzdusd looks promising too Mike,I m currently stalking this in the 4hr tf but I might consider the monthly as Soya had mentioned.We see how it turns up.
  • #104
  • Jul 8, 2009 11:22pm Jul 8, 2009 11:22pm
To echo Nimrod's post, this thread really is great. Thank you soya, and to those of you contributing.

I don't get a chance to watch the charts like I used to. That has left me watching the daily charts for the most part (which may actually be a good thing).

However, I am fascinated by Gartleys and am trying to develop an eye for them. Does this look like I've got the right idea?
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  • #105
  • Jul 8, 2009 11:32pm Jul 8, 2009 11:32pm
Quoting Naijafx
Good day all,

here is a trade am looking for a re-entry:

My thoughts:
Looking at monthly, its a simple large consolidation range 2000pips, place a horizontal line 12658 and 1.0509 u will see this clearly, mkt is about to start its journey south

Daily: mkt has completed a cycle of abcd=127 and now we have another abc with correction at 78.6 and an equal low 12374

1hr: am looking for a pull back and a short at where the arrow is indicated if the the low of 12374 is taken out. 1.618 of this present wave convergese with the low.

anybody taking...
I definitely like this pair for an extended trip south. Looks like it put in a potential double top at the end of April, and has been in a descending triangle since then. It appears to be accelerating the decline as the last pullback fell short of the TL. Personally, I would like/hope for a larger pullback to get into a long term position.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 45 KB
  • #106
  • Jul 9, 2009 3:05am Jul 9, 2009 3:05am
there are diverse version to it. but i look at these two types

1.http://www.harmonictrader.com/price_patternsgartley.htm

once all criteria as specified is met, then u can trade it exclusively, a convergence with trendline is superb


2. abcd type: here wot i look at is using abcd=127/168 in an large AB to give convergence for C and trade down for large AB fib extension
  • #107
  • Jul 9, 2009 4:24am Jul 9, 2009 4:24am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting finswin56
To echo Nimrod's post, this thread really is great. Thank you soya, and to those of you contributing.

I don't get a chance to watch the charts like I used to. That has left me watching the daily charts for the most part (which may actually be a good thing).

However, I am fascinated by Gartleys and am trying to develop an eye for them. Does this look like I've got the right idea?
Hi finswin56,
looks fine to me from here. Here a recent Gartney I was stalking, and placed a buy for 30 pips before closing it.Hope you guys caught it.

Hope my Gartney is fine.
Attached Image (click to enlarge)
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  • #108
  • Jul 9, 2009 4:38am Jul 9, 2009 4:38am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
Keep an eye out for these pairs, my trade plan is to sell on dips/retrace using the abcd method. Some may be wondering where we should go from here, simple, start identifying all your resistance levels! these are areas where your stops are going to be placed and protected =) look for price to retrace near these levels and enter your positions based on price action.

AUDJPY
AUDUSD
CADJPY
CHFJPY
EURJPY
GBPJPY
NZDJPY - a retrace to 59.300 looks good.
NZDUSD - instead of adding positions, i am just gonna let this trade run, a bearish engulfing is forming...
I don't know about you guys but,
I m Lock and Ready.Waiting for 4Hr TF CF.
  • #109
  • Jul 9, 2009 5:07am Jul 9, 2009 5:07am
Quoting Nimrod
Hi finswin56,
looks fine to me from here. Here a recent Gartney I was stalking, and placed a buy for 30 pips before closing it.Hope you guys caught it.

Hope my Gartney is fine.
Nimrod, the pattern is not a Gartley.

These are 3 points that invalidate a gartley.

1. The D completion point cannot exceed X.

2. The C point cannot exceed A. C can be a 1.00 or double top or double bottom of X, though this is a rare pattern but is still valid pattern.

3. The B point cannot exceed X.

Be careful my friend with the way you trade it.

Like I mentioned to you, when it sets up, it goes your way or against you very quickly. I have experienced both of them, and believe me you do not want to ever trade it without a stop.

I have been slaughtered very often in the early days. The trades that slaughtered me were the ones that I did not use stops. Fortunately this happened in the early days when real capital was not committed.
AFTAB Time Will Tell & Price Will Show
  • #110
  • Jul 9, 2009 6:01am Jul 9, 2009 6:01am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting aftab
Nimrod, the pattern is not a Gartley.

These are 3 points that invalidate a gartley.

1. The D completion point cannot exceed X.

2. The C point cannot exceed A. C can be a 1.00 or double top or double bottom of X, though this is a rare pattern but is still valid pattern.

3. The B point cannot exceed X.

Be careful my friend with the way you trade it.

Like I mentioned to you, when it sets up, it goes your way or against you very quickly. I have experienced both of them, and believe me you do not want to ever trade it without...
What I tell you.I m having a blast in this thread.

Thanks Aftab, now I know better.I was lucky I suppose, to be able to get out of the trade with a few pips.LOL.Got in on what i thought was a gartney ,which I should know better and got out while not too sure about my pattern.
Lesson learned and I m sure I ll keep practicing to spot the right gartney.

Aftab, could you please post more post on how to plot gartney? I appreciate and value your say.
  • #111
  • Jul 9, 2009 6:09am Jul 9, 2009 6:09am
Are we stalking the retest of the daily trendline?
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AFTAB Time Will Tell & Price Will Show
  • #112
  • Edited 6:34am Jul 9, 2009 6:28am | Edited 6:34am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
I went to scratch my head over this and indeed, all the previous samples from books shows that D must not exceeds or break X at any level.Thanks Aftab, I had a very good lesson.

My D point in the Aud/Usd chart was indeed exceeding X and I m now convinced it was invalid. I guess that morning star got me lucky. And not to mentioned , it was a counter trend trade which I should have not taken.LOL

Thanks Aftab bro.
Attached Image
  • #113
  • Jul 9, 2009 6:32am Jul 9, 2009 6:32am
Quoting Nimrod
What I tell you.I m having a blast in this thread.

Thanks Aftab, now I know better.I was lucky I suppose, to be able to get out of the trade with a few pips.LOL.Got in on what i thought was a gartney ,which I should know better and got out while not too sure about my pattern.
Lesson learned and I m sure I ll keep practicing to spot the right gartney.

Aftab, could you please post more post on how to plot gartney? I appreciate and value your say.
Will do.
AFTAB Time Will Tell & Price Will Show
  • #114
  • Jul 9, 2009 7:17am Jul 9, 2009 7:17am
Quoting aftab
Are we stalking the retest of the daily trendline?
That would be an aggressive trade. But I realized you are a pretty aggressive trader so it will suit yourself well. =)

But just watch the bullish strength of the morning star. In the mid-term the trend remains UP for this pair.
Attached Image(s) (click to enlarge)
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  • #115
  • Jul 9, 2009 7:25am Jul 9, 2009 7:25am
Quoting finswin56
I definitely like this pair for an extended trip south. Looks like it put in a potential double top at the end of April, and has been in a descending triangle since then. It appears to be accelerating the decline as the last pullback fell short of the TL. Personally, I would like/hope for a larger pullback to get into a long term position.
Hi finswin,

It's really nice to see an oldtimer from Dra's thread here, welcome!

I am not so sure whether it is completing a double top, but doubletops are really difficult to trade with despite their simplicity. and I am agreeable with the view that this pair's short term trend is down.

I see 1.23800 as a major support level that has been tested on many occasions. Intead of waiting for a large pullback, I plan to trade the breakout of this level to 1.22500. This is not dra's method, I do trade S&R levels too. The entry i am looking for is a daily candle closing below 1.23800.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.gif Size: 17 KB
  • #116
  • Jul 9, 2009 8:24am Jul 9, 2009 8:24am
This is an early trade using the 1h chart. I like the bearish candle.
Attached Image (click to enlarge)
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  • #117
  • Jul 9, 2009 8:25am Jul 9, 2009 8:25am
Quoting Naijafx
there are diverse version to it. but i look at these two types

1.http://www.harmonictrader.com/price_patternsgartley.htm

once all criteria as specified is met, then u can trade it exclusively, a convergence with trendline is superb


2. abcd type: here wot i look at is using abcd=127/168 in an large AB to give convergence for C and trade down for large AB fib extension
Thanks for the link and feedback!
That Cable gartley that I think I saw obviously failed. I didn't trade it, even with the minimal risk that comes with gartley patterns, for the even more obvious reason of the looming BOE rate decision.

Just trying to sharpen my eyes, so to speak.
  • #118
  • Jul 9, 2009 8:31am Jul 9, 2009 8:31am
Quoting finswin56
Thanks for the link and feedback!
That Cable gartley that I think I saw obviously failed. I didn't trade it, even with the minimal risk that comes with gartley patterns, for the even more obvious reason of the looming BOE rate decision.

Just trying to sharpen my eyes, so to speak.
I personally find harmonic trading a very complex concept, however the ABCD concept (which is the core of harmonic trading) is much easier to understand and its application is profound. Extremely useful to identify profit taking levels.
  • #119
  • Jul 9, 2009 8:34am Jul 9, 2009 8:34am
Quoting soyabean
Hi finswin,

It's really nice to see an oldtimer from Dra's thread here, welcome!

I am not so sure whether it is completing a double top, but doubletops are really difficult to trade with despite their simplicity. and I am agreeable with the view that this pair's short term trend is down.

I see 1.23800 as a major support level that has been tested on many occasions. Intead of waiting for a large pullback, I plan to trade the breakout of this level to 1.22500. This is not dra's method, I do trade S&R levels too. The entry i am looking for is...
lol at old timer I still feel like a rookie.

I LOVE horizontal S/R lines. I'm salivating over that area. However, this pair can be so volatile that I think I'd prefer a close under that spot.
Maybe we'll get lucky and get some action like EUR/GBP gave in early June. After finally closing below 8800, it retraced to a convergence of 61.8, .8800, the TL, and formed a shooting star.
  • #120
  • Jul 9, 2009 8:38am Jul 9, 2009 8:38am
Quoting soyabean
I personally find harmonic trading a very complex concept, however the ABCD concept (which is the core of harmonic trading) is much easier to understand and its application is profound. Extremely useful to identify profit taking levels.
Absolutely. Especially in regards to profit taking. I believe that to be the most difficult thing about trading. I finally feel comfortable about my decisions on where to TP because of them in conjunction with s/r levels.
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