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  • #341
  • Dec 3, 2012 6:55am Dec 3, 2012 6:55am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
From the 5M - bizarre
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  • #342
  • Dec 3, 2012 7:06am Dec 3, 2012 7:06am
Quoting 9er
Any idea what is driving this price action? There hasn't been any news releases for 3 hours??
Futures up, don't know why though, someone knows something we don't.
Barry
  • #343
  • Dec 3, 2012 7:17am Dec 3, 2012 7:17am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
ECB released some economic data or speculation of Spain Bailout??

Quoting Bary
Futures up, don't know why though, someone knows something we don't.
  • #344
  • Dec 3, 2012 7:19am Dec 3, 2012 7:19am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Gonna go take a nap. Be back later to check on the 4H

2 trades today

+5.01 pips - love Monday's
  • #345
  • Dec 3, 2012 7:23am Dec 3, 2012 7:23am
Quoting 9er
From the 5M - bizarre

Hi 9er, thanks for starting this thread which is informative. Had learned of ABCD when I started forex a few years ago but never get to use it. Thanks for showing how and guiding us through each step today. I was looking at the 1H B to C and drawing a fibo noted that the candle got rejected before 1.618. Is this also one of the reasons it got rejected and going down. also if you look to the left, there is a supply/demand level which is in confluence with this rejection. Could there be a reversal soon? Pls excuse the painted long rectangles.

regards
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  • #346
  • Dec 3, 2012 7:48am Dec 3, 2012 7:48am
Quoting marksbizz
Hi 9er, thanks for starting this thread which is informative. Had learned of ABCD when I started forex a few years ago but never get to use it. Thanks for showing how and guiding us through each step today. I was looking at the 1H B to C and drawing a fibo noted that the candle got rejected before 1.618. Is this also one of the reasons it got rejected and going down. also if you look to the left, there is a supply/demand level which is in confluence with this rejection. Could there be a reversal soon? Pls excuse the painted long rectangles.

regards...
I'll try to answer but I hope 9er or Mr Pip will verify my answer.
You don't draw fib from B to C. You draw from A to B. Then the C leg retraces between 38 and 78, and your D leg projection is between the 1.27 or 1.62 fib extention of AB
Barry
  • #347
  • Dec 3, 2012 7:51am Dec 3, 2012 7:51am
Like this:
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Barry
  • #348
  • Dec 3, 2012 8:07am Dec 3, 2012 8:07am
Quoting Bary
I'll try to answer but I hope 9er or Mr Pip will verify my answer.
You don't draw fib from B to C. You draw from A to B. Then the C leg retraces between 38 and 78, and your D leg projection is between the 1.27 or 1.62 fib extention of AB

Thanks Bary for the correction and info. Many thanks.

Regards
Mark
  • #349
  • Dec 3, 2012 8:16am Dec 3, 2012 8:16am
Well, after a review my position has changed price did move into the PRZ identified in post 268 and corrected. If you got in there price moved in favor 27 pips depending on your rules you could have made some green. Now what’s going on from a harmonic prospective that would change our bias and look for a move towards higher highs? Let’s examine the congestion area on a smaller timeframe the 5M.
There were many clues that price had little intention of moving south and we would see higher highs.
· At first glance this congestion area is a flag pattern which signifies to me a high probability of a trend continuation and the trend is up.
· Price tested the 38% fib and failed 4 times. This signifies strength to the bulls and weakness to the bears.
· There was no bat pattern per the rules I follow which is why 9er is correct in saying you can’t follow the ZUP blindly. Remember we must qualify our patterns and confirm with price action. The bat pattern does not have a retracement larger that 50% of XA and did not achieve at least a 61.8% correction of AB this invalidates the pattern.
· We did have a bullish ABCD completion 1:1 terminating at the 38% fib supported by structure giving a nice area to enter long.

Please remember patterns are great and profitable but I will always say this and hope it sticks PRICE ACTION IS KING. It will usually leave clues as to what it wants to do. Read your chart from a price perspective. Build that case for entry.
Sure as hell price shot up and with major momentum don’t know why and found some exhaustion at a confluence of structure around 1.3075 and the 138.2% Fib extension. From here we would have to wait to see how it interacts with the 38% and structure. Review chart below. I am also attaching a visual of the patterns I trade and their ratios for reference.
Cheers,
Mr. Pip
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Attached File(s)
File Type: docx DCASTFX Advance Pattern Reference Guide Revised.docx   605 KB | 641 downloads
If you fail to plan, you plan to fail.
  • #350
  • Dec 3, 2012 8:16am Dec 3, 2012 8:16am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Folks I apologize - I set this sell stop when i got downstairs. Off the divergent candle from the 1H chart. It was purely speculative as today price is tricky.

Wanted to share the premise with you though. Currently locked at BE again
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  • #351
  • Dec 3, 2012 8:19am Dec 3, 2012 8:19am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Barry - apologize for missing this, but you absolutley should be drawing your Fib from B to C. This gives you your potential target area.

Does this clarify?

Quoting Bary
I'll try to answer but I hope 9er or Mr Pip will verify my answer.
You don't draw fib from B to C. You draw from A to B. Then the C leg retraces between 38 and 78, and your D leg projection is between the 1.27 or 1.62 fib extention of AB
  • #352
  • Dec 3, 2012 8:22am Dec 3, 2012 8:22am
Quoting Bary
I'll try to answer but I hope 9er or Mr Pip will verify my answer.
You don't draw fib from B to C. You draw from A to B. Then the C leg retraces between 38 and 78, and your D leg projection is between the 1.27 or 1.62 fib extention of AB
That is correct. I draw an extension of AB which gives me target D
If you fail to plan, you plan to fail.
  • #353
  • Dec 3, 2012 8:23am Dec 3, 2012 8:23am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Closed hourly short trade and took profit based off the 5M and the 200
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  • #354
  • Dec 3, 2012 8:27am Dec 3, 2012 8:27am
Quoting 9er
Barry - apologize for missing this, but you absolutley should be drawing your Fib from B to C. This gives you your potential target area.

Does this clarify?
BC could be measured too. I found that AB is more consistent LOL more than one way to skin a cat.
If you fail to plan, you plan to fail.
  • #355
  • Dec 3, 2012 8:31am Dec 3, 2012 8:31am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Mr Pip - drawing extension of A to B is great, but please post an example. I ALWAYS draw from B to C - ALWAYS have and it is pretty damn accurate with your target area.

Read the Gartley info I posted - I'll attach it here refer to page 3

Taken from Gartley: The next leg is where the math begins [B to C]. The B to C leg is the important leg to check the math on.

Quoting Mr. Pip
That is correct. I draw an extension of AB which gives me target D
Attached File(s)
File Type: docx Gartley ABCD.docx   298 KB | 560 downloads
  • #356
  • Dec 3, 2012 8:42am Dec 3, 2012 8:42am
Quoting 9er
Mr Pip - drawing extension of A to B is great, but please post an example. I ALWAYS draw from B to C - ALWAYS have and it is pretty damn accurate with your target area.

Read the Gartley info I posted - I'll attach it here refer to page 3

Taken from Gartley: The next leg is where the math begins [B to C]. The B to C leg is the important leg to check the math on.
Reviewed the document. I got it now. Thanks
Barry
  • #357
  • Dec 3, 2012 8:44am Dec 3, 2012 8:44am
Quoting 9er
Mr Pip - drawing extension of A to B is great, but please post an example. I ALWAYS draw from B to C - ALWAYS have and it is pretty damn accurate with your target area.

Read the Gartley info I posted - I'll attach it here refer to page 3

Taken from Gartley: The next leg is where the math begins [B to C]. The B to C leg is the important leg to check the math on.
Hi 9er

You using autochartist to draw your ABDC, gartley and butterfly patterns?
  • #358
  • Dec 3, 2012 8:52am Dec 3, 2012 8:52am
I feel good with this method & style. I want to learn more from you 9er, try to adopt your style, demo and demo it until it becomes my natural trading style. Sorry for my bad English and thank you for your lesson 9er.

Just demo this method. A nice little pip for first time use..cheers
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Dangdut is a music of my country
  • #359
  • Dec 3, 2012 8:53am Dec 3, 2012 8:53am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
No sir using ZUP indicator

Quoting ozziedave
Hi 9er

You using autochartist to draw your ABDC, gartley and butterfly patterns?
  • #360
  • Dec 3, 2012 8:57am Dec 3, 2012 8:57am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Glad to hear - but do not take my lead for not setting a stop loss on your trades. Stop loss is your responsibility! Whatever the signal candle is, if you are buying your stop loss should be at the low of the signal candle minus 3 pips (for EU).

When I am at my PC I manage my trades, I am not the best at setting stop losses. If I am ever going to be away from my PC, I ALWAYS set the stop loss.

Set your stop loss, if the premise of your trade is correct, you shouldn't have to worry about your stop loss getting hit!

Quoting NuNix
I feel good with this method & style. I want to learn more from you 9er, try to adopt your style, demo and demo it until it becomes my natural trading style. Sorry for my bad English and thank you for your lesson 9er.

Just demo this method. A nice little pip for first time use..cheers
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