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Making Bank: The Harmonic rhythm of the market

  • #161
  • Jun 13, 2013 6:09pm Jun 13, 2013 6:09pm
Quoting liemo
{quote} Failed pattern...!!...Gave 35 pips back to the market..!!... {image}

Hey Liemo just to help you a little. It's not a failed pattern just a failed trade for you the way you traded it. To be honest with you it was an improperly drawn pattern in my opinion but regardless of that its a failed trade right now not a failed pattern. There is a difference and if you want to improve you have to understand the difference. Go back and take a look at what you did and why, then see if you may have handled it differently whether entry or management of trade. Re evaluate your rules and see what the probabilities are for those rules and try to improve your analysis to make it better. Just sharing my opinion hope your not offended and hope the examination of the trade helpd you to get better. Best of luck

Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #162
  • Jun 13, 2013 6:16pm Jun 13, 2013 6:16pm
Quoting Starry
{quote} It looks like the C point was wrong, it was a shallow retrace of price, compared to the rest of price.... CNTrader had this chart and ignored that C point edit: my bad, he did use that point. it still looks wrong though haha i reserve the right to c hange my mind http://www.forexfactory.com/showthre...69#post6747869

No Starry I used that point for a different type of pattern not a Gartley. There is a big difference. His point C used was really an indication of a Bat pattern completion potential and his entry was too early for that and his stop was no where near appropriate for that trade entry. Even though it may have been appropriate for his account, leverage, and stomach. See the difference? Thats all I'll say on the matter. but this was how I recommended he draw it if in fact he wanted to trade the Gartley. And if it was a Gartley he was trading then the stop was inappropriate.

Attached Image (click to enlarge)
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Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #163
  • Jun 13, 2013 7:49pm Jun 13, 2013 7:49pm
Quoting CNTrader
{quote} Hey Liemo nice trading and nice contributions. This would be a more appropriate way to draw the Gart but at the moment same result and by all means stick to your rules as long as your making bank lol {image} Here is anothe way to look at the Harmonic rhythm on Aud/Usd 1hr chart. With same resulting sell zone {image} Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank

Target 1 Attained. Stops rolled to BE

Attached Image (click to enlarge)
Click to Enlarge Name: AudUsd 1hr.gif Size: 79 KB


Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #164
  • Jun 13, 2013 8:49pm Jun 13, 2013 8:49pm
Quoting CNTrader
Hey traders keep this 4hr in mind for a little bit bigger picture as well for Aud/Usd. Save this one and watch price behavior to see if, when, and how price travels harmonically to reach its destination. {image} Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Another potential harmonic set up to keep in mind. Hopefully, you did not post it somewhere.
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The world you desire can be won. It exists.. it is real.. it is possible..
  • #165
  • Jun 13, 2013 8:55pm Jun 13, 2013 8:55pm
Hey CN,

been great learning from you and others so far..

wondering your thoughts on the 3 drive pattern as in what are your criteria to be a 3 drive pattern on the approach (not the price behavior in PRZ)

so in other words what defines a 3 drive formation in your words?

thanks
  • #166
  • Jun 13, 2013 9:05pm Jun 13, 2013 9:05pm
Quoting FineForex
Hey CN, been great learning from you and others so far.. wondering your thoughts on the 3 drive pattern as in what are your criteria to be a 3 drive pattern on the approach (not the price behavior in PRZ) so in other words what defines a 3 drive formation in your words? thanks
Not sure what his criteria would be, but this is a good place to start.

http://www.harmonictrader.com/price_patterns3d.htm




http://www.harmonictrader.com/images...e_patterns.gif
The Three Drives Pattern Although it was not specifically identified, one of the first references to a Three Drives pattern was outlined in Robert Prechter's book, "Elliot Wave Principle." He described the general nature of price action that possessed either a three-wave or a five-wave structure. Adapted from this principle, symmetrical price movements that possess identical Fibonacci projections in a 5- wave price structure constitute a Three Drives pattern. In "The Harmonic Trader," the patterns importance of other larger retracements and projections improved the accuracy of the pattern in real trading situations. The book was one of the first to emphasize the the critical aspect of this pattern that each drive complete precisely at consecutive harmonic ratios - either a 1.13, 1.27 or a 1.618. Also, the price legs should possess clear symmetry with each drive forming over equivalent time periods.

http://www.harmonictrader.com/3drivesbullre.jpg http://www.harmonictrader.com/3drivesbearre.jpg

Bullish Bearish
The world you desire can be won. It exists.. it is real.. it is possible..
  • #167
  • Jun 13, 2013 9:14pm Jun 13, 2013 9:14pm
Quoting CNTrader
{quote} No Starry I used that point for a different type of pattern not a Gartley. There is a big difference. His point C used was really an indication of a Bat pattern completion potential and his entry was too early for that and his stop was no where near appropriate for that trade entry. Even though it may have been appropriate for his account, leverage, and stomach. See the difference? Thats all I'll say on the matter. but this was how I recommended he draw it if in fact he wanted to trade the Gartley. And if it was a Gartley he was trading...

My bad, I overlooked that, I do see the difference it is big lol. Thank you
  • #168
  • Jun 13, 2013 11:54pm Jun 13, 2013 11:54pm
Quoting Mr. Scott
{quote} Not sure what his criteria would be, but this is a good place to start. http://www.harmonictrader.com/price_patterns3d.htm {image} The Three Drives Pattern Although it was not specifically identified, one of the first references to a Three Drives pattern was outlined in Robert Prechter's book, "Elliot Wave Principle." He described the general nature of price action that possessed either a three-wave or a five-wave structure. Adapted from this principle, symmetrical price movements that possess identical Fibonacci projections...
cool thanks, ill def try and find some and include them in later patterns
  • #169
  • Jun 14, 2013 12:42am Jun 14, 2013 12:42am
Havin some fun..
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  • #170
  • Jun 14, 2013 4:57am Jun 14, 2013 4:57am
Quoting CNTrader
{quote} Hey Liemo just to help you a little. It's not a failed pattern just a failed trade for you the way you traded it. To be honest with you it was an improperly drawn pattern in my opinion but regardless of that its a failed trade right now not a failed pattern. There is a difference and if you want to improve you have to understand the difference. Go back and take a look at what you did and why, then see if you may have handled it differently whether entry or management of trade. Re evaluate your rules and see what the probabilities are for...
None taken mate, more than happy to discuss trade setups. I knew that the C leg I had was a bit shallow and is a good indication of CD leg being same length of AB or even longer - 1.272 or even 1.618, which should of prompted me place my stop above the high rather than where I did. Agree with you that my stop was is a cr@p place, if I had traded MY gartley pattern it would have been above the high.The main reason I placed my stop where I did was because of the TL on the larger TF, at the time I didn't think it will break that level and reduce my risk exposure and increase R:R. I'm trying to incorporate TL into my analysis because I find larger TF it is effective finding support/resistance, still work in progress.
  • #171
  • Jun 14, 2013 5:07am Jun 14, 2013 5:07am
Quoting FineForex
hey traders, taking UJ long from 95 .. do you guys think would be a valid bat? also My target 2 for current trade is 96 im wondering if we have any harmonics supporting a sell there. I guess possibly not enough info yet any comments questions welcomed thanks {image}
Excellent forecast Fine Forex, I hope you traded this because it would have worked out nicely. IMO, for this pattern I would have drawn my X at the higher high slightly to the left of where you had your point X.
  • #172
  • Jun 14, 2013 5:12am Jun 14, 2013 5:12am
Quoting CNTrader
{quote} Target 1 Attained. Stops rolled to BE {image} Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Nice work. At this rate you'd be retiring in no time.

My apologies if you already there..haha
  • #173
  • Jun 14, 2013 5:23am Jun 14, 2013 5:23am
Quoting FineForex
{quote} cool thanks, ill def try and find some and include them in later patterns
I find this pattern repeats itself quite often on the AU pair and does have a high success rate. This pattern I like to use for trend reversal and you'll be able to bag some pips on the retracement at the very least when you counter trend. Don't take my word for it, as CNTrader would put it Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank.
  • #174
  • Jun 14, 2013 5:53am Jun 14, 2013 5:53am
G/J - watching this one...!!!
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  • #175
  • Jun 14, 2013 6:43am Jun 14, 2013 6:43am
Quoting FineForex
Hey CN, been great learning from you and others so far.. wondering your thoughts on the 3 drive pattern as in what are your criteria to be a 3 drive pattern on the approach (not the price behavior in PRZ) so in other words what defines a 3 drive formation in your words? thanks
Hey FF didn't want you to feel I was ignoring you but looks like Mr Scott provided a great post on the matter. I would suggest the same that you start there. Good luck.
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #176
  • Jun 14, 2013 6:49am Jun 14, 2013 6:49am
From experience, the patterns don't always line up correctly on the fibs, if the pattern looks about right -- it generally is. The bearish & bullish gartley patterns are the most common and tend to happen on all timeframes a lot of the time, they're the easiest to spot with just your eye, sometimes hidden amongst the noise.
  • #177
  • Jun 14, 2013 6:59am Jun 14, 2013 6:59am
Quoting liemo
{quote} None taken mate, more than happy to discuss trade setups. I knew that the C leg I had was a bit shallow and is a good indication of CD leg being same length of AB or even longer - 1.272 or even 1.618, which should of prompted me place my stop above the high rather than where I did. Agree with you that my stop was is a cr@p place, if I had traded MY gartley pattern it would have been above the high.The main reason I placed my stop where I did was because of the TL on the larger TF, at the time I didn't think it will break that level and reduce...
OK cool at least you learned something well done. I would tweak your trade plan slightly without knowing the details of it entirely and suggest that in regards to the TL that should tell you something. Again I dont want to turn this thread into a training thread so all I will say is, if you are putting your stops at a TL you are just begging the dealer to hit it. How often do you see a TL get a false Break then rip in the other direction. Trend lines get violated and tested all the time without it being able to sustain. Why? lol because that is where every other silly rabbit is placing their stops as well. Its like making the silly mistake of placing stops right at X on Harmonic pattern. Again your just asking the dealer to clear you out. Thats why an understanding of behavior is critical. If you want to use TL with Harmonics try using them slightly differently or not. lol up to you what you do. Just sayin Capice? Thats all I'll say about it so please don't ask any questions lol. Hope that helps.

Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #178
  • Jun 14, 2013 7:04am Jun 14, 2013 7:04am
Quoting GDR3k
From experience, the patterns don't always line up correctly on the fibs, if the pattern looks about right -- it generally is. The bearish & bullish gartley patterns are the most common and tend to happen on all timeframes a lot of the time, they're the easiest to spot with just your eye, sometimes hidden amongst the noise.
Thanks for your insight GD and welcome to thread whether you are hanging out or just popping by for a visit.



Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #179
  • Jun 14, 2013 11:55am Jun 14, 2013 11:55am
Hey Traders here is some Harmonic analysis I'm currently involve in. Last chart of the week for me. Make a fantastic weekend!!


Attached Image (click to enlarge)
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Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #180
  • Jun 14, 2013 12:52pm Jun 14, 2013 12:52pm
Quoting FineForex
Havin some fun.. {image}
woooo T 3 attained.

don't have enough screen time with these set ups on Friday so not taking the long. anyone have thoughts on this ?
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