I missed a nice bat pattern throughout the night
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Ratios & Harmonics: a Different Way to Trade
- #3,725
- Apr 8, 2013 6:58am Apr 8, 2013 6:58am
I was hoping for a deeper retracement on the EURJPY. Lol, oh well. Looks like it finished up as a bat pattern because point D closed around the 0.886 of XA. Even though point B wasn't exactly closed at the 50% retracement of XA, it clearly wasn't a Gartley because point D closed below the 0.786 of XA.
I'm seeing Gartley's and animals (Bats, Butterflies, Crabs) all over the place today. I highly recommend reading Harmonic Trading by Scott Carney and Trading What You See by Larry Pesavento. I've read both books from cover to cover in less than a week. Now, I can spot patterns much easier than I did before. Practice, Practice, Practice, and these animals will jump right out at your face. And, remember, don't forget to feed the animals.
I'm seeing Gartley's and animals (Bats, Butterflies, Crabs) all over the place today. I highly recommend reading Harmonic Trading by Scott Carney and Trading What You See by Larry Pesavento. I've read both books from cover to cover in less than a week. Now, I can spot patterns much easier than I did before. Practice, Practice, Practice, and these animals will jump right out at your face. And, remember, don't forget to feed the animals.
Potential butterfly setting up on EURJPY?? Let's wait and see..
- #3,726
- Apr 8, 2013 9:23am Apr 8, 2013 9:23am
- Joined Jul 2012 | Status: "Winners knowl"!! | 2,171 Posts
Don't follow me! You can and most likely will LOSE all your money!!!!
- #3,728
- Apr 8, 2013 10:15am Apr 8, 2013 10:15am
- Joined Jul 2012 | Status: "Winners knowl"!! | 2,171 Posts
Hey Traders hope all is well. Here some analysis ive been keeping my eyes on for Aud/Usd 4hr chart which also plays out nicely on 1hr and 15m. Currently running a short with my stops at BE based on my 1m scalping strategy but looking at these key areas for the almighty price behavior I enjoy trading. So time will tell!! Enjoy and as always may we all make BANK!! {image}
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- #3,729
- Apr 8, 2013 10:16am Apr 8, 2013 10:16am
- Joined Jul 2012 | Status: "Winners knowl"!! | 2,171 Posts
waiting for price to complete ab=cd to the upside and to get in 61.8-78.6 zone on H1 as per my yesterdays plan. I have a nice confluence above 1.0440 lets see what the price will do and as you say may we all make bank!
Thats cool Buyorsell way to stick to your analysis and your trade plan!!
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- #3,731
- Apr 8, 2013 11:02am Apr 8, 2013 11:02am
Hello traders,
It's nice to see how this thread is getting back to the basics: confluence, structure and price action.
Building a case is a lot more than identifying a harmonic pattern. We need to pay attention to one to one swing movements, order flow, etc.
I've had a self catharsis about the fact of trying to make this an automated process. Though it can be repeatable it certainlly isn't something we can let a robot do the job. I'm saying this because I did precisely that and started to program an Expert Advisor but I was not capable of providing this robot the human eye that is necessary in this type of trading. It has nothing to do with psycology, but the human eye can analyze better and see the big picture.
However, we can still get a lot of help from indicators or EAs. I respect one of the rules of this thread of not using indicators. I don't use them. But I understand indicators as EMAs, RSI, etc. What I mean is that having a Clock in your screen doesn't have to be considered as an indicator for example.
I want to help MT4 traders with a tool I've been developing during the past weekends, still testing, it will help a lot for those who don't want to have a big mess of Fibo lines of the same color, ending at the same time, or without knowing which corresponds to what swing. One of the main features is that it tells the exact values of entry price and targets considering the difference between Bid and Ask price - the spread, depending on whether you are buying of selling, as some of you know, the MT4 bars feed provides the bid price. This is shown in both Agressive C Trades and PRZ Trades. It works fine with ABCDs and XABCDs. The only thing you'll need to do is to draw the trendlines (swings) and name them XA, AB, BC, CD on the Objects window, and the program will do the rest: place the fibo lines, adjust their lenghts, tell you if that retracement corresponds to the AB leg or any other, place the letter labels, draw triangles and calculate prices.
I still will need another weekend to test it and optimize its execution.
The result looks like this:
It's nice to see how this thread is getting back to the basics: confluence, structure and price action.
Building a case is a lot more than identifying a harmonic pattern. We need to pay attention to one to one swing movements, order flow, etc.
I've had a self catharsis about the fact of trying to make this an automated process. Though it can be repeatable it certainlly isn't something we can let a robot do the job. I'm saying this because I did precisely that and started to program an Expert Advisor but I was not capable of providing this robot the human eye that is necessary in this type of trading. It has nothing to do with psycology, but the human eye can analyze better and see the big picture.
However, we can still get a lot of help from indicators or EAs. I respect one of the rules of this thread of not using indicators. I don't use them. But I understand indicators as EMAs, RSI, etc. What I mean is that having a Clock in your screen doesn't have to be considered as an indicator for example.
I want to help MT4 traders with a tool I've been developing during the past weekends, still testing, it will help a lot for those who don't want to have a big mess of Fibo lines of the same color, ending at the same time, or without knowing which corresponds to what swing. One of the main features is that it tells the exact values of entry price and targets considering the difference between Bid and Ask price - the spread, depending on whether you are buying of selling, as some of you know, the MT4 bars feed provides the bid price. This is shown in both Agressive C Trades and PRZ Trades. It works fine with ABCDs and XABCDs. The only thing you'll need to do is to draw the trendlines (swings) and name them XA, AB, BC, CD on the Objects window, and the program will do the rest: place the fibo lines, adjust their lenghts, tell you if that retracement corresponds to the AB leg or any other, place the letter labels, draw triangles and calculate prices.
I still will need another weekend to test it and optimize its execution.
The result looks like this:
Best time to plant a tree was 20 years ago, second best is now
- #3,732
- Apr 8, 2013 11:40am Apr 8, 2013 11:40am
- Joined Jul 2012 | Status: "Winners knowl"!! | 2,171 Posts
I took a trade on the GBPUSD. Price formed a deep crab. I got in a little too early, at the 2.618 projection of BC. It went all the way down passed pi. I'm down about 14 pips, it retraced quite nicely though, about 15 pips already. Not too worried, only risking 1% of my account. I remember GBPUSD moving a lot more than it has lately.
Don't follow me! You can and most likely will LOSE all your money!!!!
- #3,734
- Edited 3:21pm Apr 8, 2013 12:50pm | Edited 3:21pm
Or this EUR/USD bullish gartley and PRZ is identified correctly?
It's again against the trend and if you scroll to higher time frames you could see that it's a double top and a retracement top on hourly chart and could go down very fast just making small amount of pips.
Or am I digging to deep by going into higher time frames and it has little effect on it?
Will be waiting for your responses
Update: Previous consolidation held as suport and price went up back to C.
I have question, if we for example make an agressive C sell/buy, how much can we let price retrace? Can i go back all way to C before continuing to D or how much?
It's again against the trend and if you scroll to higher time frames you could see that it's a double top and a retracement top on hourly chart and could go down very fast just making small amount of pips.
Or am I digging to deep by going into higher time frames and it has little effect on it?
Will be waiting for your responses
Update: Previous consolidation held as suport and price went up back to C.
I have question, if we for example make an agressive C sell/buy, how much can we let price retrace? Can i go back all way to C before continuing to D or how much?
Or this EUR/USD bullish gartley and PRZ is identified correctly? It's again against the trend and if you scroll to higher time frames you could see that it's a double top and a retracement top on hourly chart and could go down very fast just making small amount of pips. Or am I digging to deep by going into higher time frames and it has little effect on it? Will be waiting for your responses
as for the aggressive C, or any entry for that matter, just pick your target and stoploss and let the trade run Set & Forget
- #3,740
- Apr 9, 2013 8:00am Apr 9, 2013 8:00am
- | Joined Feb 2011 | Status: Trader | 1,204 Posts
Mr pip,
Could you post what trades you made today? Heres my one trade that failed. 10 pip stoploss, ab = cd trade, take profit at 38.2 retracement.
Could you post what trades you made today? Heres my one trade that failed. 10 pip stoploss, ab = cd trade, take profit at 38.2 retracement.