Ok, it looks like we have the potential for a Broken Tail Bat, or Broken Tail Butterfly Harmonic Pattern. For those of you unfamiliar with these kinds of Harmonics, just know that it means that the "C" point is NOT contained by "A" - that's all you need to know. Other than that, it performs just like any other 61.8% based Harmonic Pattern.
This one is now producing a Bullish CD Leg on the M1 chart (if the Harmonic holds, of course).
Y = MX + B. The most important price level of all.
I think that was a good blow-by-blow example of how the 127% expansion test on the M1 chart can be used to get a good idea of what the market is really doing.
Unfamiliar with the value of 127%? Get familiar with it, fast!
Y = MX + B. The most important price level of all.
A pretty strong 127% bullish rejection to the downside by the M1 on the EURUSD. Pretty heavy selling across an 11 minute time span for the M1. But, it sets up another bullish 127% test from X = 3697 to A = 3672, placing B at 3703 (for now - these points will change dynamically, obviously).
Y = MX + B. The most important price level of all.
3700, will be critical for any bullish continuance for the remainder of this session. If that value level gets breached, then this Swap Cycle can see some really good profits - which I honestly did not think was possible to the upside, given such harsh downside pressure in the EUR today.
Y = MX + B. The most important price level of all.
Ok, that just about does it for me on this test. I've reached me 50-75 pip net profit range on this one as price did reach 3711, which was +64 pips.
1345 V-Trigger Entry Long at 3647
1406 M1 bar closed below Line at 3643 (-4) Entry Short
1409 M1 bar closed above Line at 3650 (-7) Entry Long
1641 M1 bar high at 3711 (+61) Test successful (50-75 pip)
Current close = 3692. Closing position for +36 pip 'actual' net gain.
I need to get some rest for the 0000 GMT launch.
Y = MX + B. The most important price level of all.
0000 T-Trigger: Entry Long at 3654 (some platform slippage - actual entry 3657 - 3654 will be defended)
0000 Initiate swap cycle 0101 minimum profit target (50 pips) achieved
0136 test complete - closed position
It is time for me to get back to production trading. I'm satisfied with my test results.
This will end my participation in this thread and this test sequence. I actually won't need to continue for four weeks - I have pretty much confirmed what several months of off-line testing has predicted.
If there is a better of way of trading, I've not discovered it. That there are equally as optimal method of trading, has never been in question.
So, much for rookie discussions. LOL!
If I derive a better way for producing consistent profits long term, I'll be sure to stop by and do my public testing of that "way" on this site. Until then, trade well.
Y = MX + B. The most important price level of all.
Thanks for sharing your testing with us. It is a very interesting approach. Good luck!
Ignored
No problem Ranger and thanks.
I'm not "back" - but I thought this trading session (in one of my small cash-test accounts) offered a rather fitting rebuttal to what's being put out there right now by the "professionals."
Everywhere, even the "professional traders" are claiming that the financial markets are now impossible to trade, given the global economic crisis, and the instability in the U.S. and Europe. They are saying you "cannot make money in these markets..."
I'll leave the forum now with this as a response to what the professionals are saying:
You can make money - in just about any market - as long as that market has depth of range. Simply learn where to draw a line in the market and how to defend it.
A good defense is the best offense.
Goodbye!
Y = MX + B. The most important price level of all.
