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Making Bank: The Harmonic rhythm of the market

  • #381
  • Jul 17, 2013 1:19am Jul 17, 2013 1:19am
Quoting liemo
{quote} Short C/J {image}
stopped out on C/J and GBP/CHF
  • #382
  • Edited 4:16am Jul 17, 2013 3:55am | Edited 4:16am
Quikflipp its seem it may have one more push up. I would look at price behavior first. Most of us here(or should be) are focused on price not the pattern per se. In my case harmony in the markets, but as I say buttholes are like opinion eberybody's got one. So my 2 cents means nothing. IF you feel good about it. trade it. if you win ask why? if you lose ask why?

BTW Group lost 11 pips on EA long trade I posted.
Edit: Unclezoot took 50pips out of AU trade. it move up soon but don't take my word for it
Empower Your Mind
  • #383
  • Jul 17, 2013 4:28am Jul 17, 2013 4:28am
Quoting vqtrader
Quikflipp its seem it may have one more push up. I would look at price behavior first. Most of us here(or should be) are focused on price not the pattern per se. In my case harmony in the markets, but as I say buttholes are like opinion eberybody's got one. So my 2 cents means nothing. IF you feel good about it. trade it. if you win ask why? if you lose ask why? BTW Group lost 11 pips on EA long trade I posted. Edit: Unclezoot took 50pips out of AU trade. it move up soon but don't take my word for it
Good morning, I played the chart for small ride as I need to understand this strategy more before commiting for extended pips. I Took an okay profit from a $5 short. I will be doing lots of homework on this strategy as it blends well into my current arsenal.

Do you know how to measure the distance between the bottoms (points)? I saw youtube videos where the person would attach a line from one botom to the next and it would calculate the distance between i.e. .88 or .618 or whatever....? All help always greatly appreciated.
"It is not enough to have a good mind; the main thing is to use it well"
  • #384
  • Jul 17, 2013 5:29am Jul 17, 2013 5:29am
Quoting liemo
{quote} stopped out on C/J and GBP/CHF

Nice finds, I was in on cj and closed + a few pips as counter-trend and pa stalled. Have to watch PRZ for reaction, keep up the good work.

Harmonic patterns are often good for a tradeable reaction but fail as prevailing trend resumes.

Keeping eyes peeled on yen pairs.
The world you desire can be won. It exists.. it is real.. it is possible..
  • #385
  • Jul 17, 2013 5:52am Jul 17, 2013 5:52am
Quoting Mr. Scott
{quote} Nice finds, I was in on cj and closed + a few pips as counter-trend and pa stalled. Have to watch PRZ for reaction, keep up the good work. Harmonic patterns are often good for a tradeable reaction but fail as prevailing trend resumes. Keeping eyes peeled on yen pairs.
Cheers mate. Kind of tough when your at work and watching the trades. I'm watching AU and U/CHF ..
  • #386
  • Jul 17, 2013 6:43am Jul 17, 2013 6:43am
Quoting liemo
{quote} Cheers mate. Kind of tough when your at work and watching the trades. I'm watching AU and U/CHF ..

Very good, had bat lat night on AU, closed + a couple as Ben blew it up this morning and did not reach targets, now watching for potential crab. You can see bat which was pb.
Attached Image (click to enlarge)
Click to Enlarge Name: audusdh4717crab.jpg Size: 184 KB
The world you desire can be won. It exists.. it is real.. it is possible..
  • #387
  • Jul 17, 2013 10:23am Jul 17, 2013 10:23am
Quoting CNTrader
Hey Traders back from vacation and its great to see all the contributions to the thread while I was gone. Keep up the great work. Here is what I'm watching on the GBP/Jpy: {image} Enjoy, have fun, make a great day, do your Due diligence, trade your plan, and may we all make bank

welcome back....hope you had a great time CNT...think I am going to change it to TNT
choose a job you love and you will never have to work a day in your life
  • #388
  • Jul 17, 2013 11:28am Jul 17, 2013 11:28am
Quoting vqtrader
Edit: Unclezoot took 50pips out of AU trade. it move up soon but don't take my word for it
Broke even on NZD so had a crisis of confidence and pulled the plug on AU for 50 pips, on the premise that that they are related markets (in my head, at least).
And just checking what happened today, a good job I did too!

On a separate note, I know stops are a personal thing, but on the last few cyphers + sharks I've watched (in anger/bemusement) that my initial TP1 of 38.2% is nearly getting hit most of the time before the market changes its mind and stops me out for breakeven.

So ... trying 34% from now on!

Anyway, happy trading folks!
  • #389
  • Jul 17, 2013 12:36pm Jul 17, 2013 12:36pm
potential hourly gartley on usdjpy
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy potential bullish gart.jpg Size: 76 KB
  • #390
  • Jul 17, 2013 12:39pm Jul 17, 2013 12:39pm
Quoting QuikFlipp
New to Harmonics. Did my first harmonic (Gartley Pattern) on Gold 4Hr Chart. Can anyone confirm or provide input to the accuracy of this pattern please. {image}
I would day that's not a (bearish) Gartley at all: the middle bit of the W shape needs to close quite near to 61.8% of XA (that one is over by quite a few %), and then the final leg needs to close near to 78.6% of XA. A Bat is very similar but using 32-50% and 88.6% retracements. Even if that happens, it just means there's a good chance the action will change direction in that specific area i.e. you still need to watch what happens like a hawk and be happy that momentum is going your way.

I'm beginning to learn that harmonics patterns really only tell you where to focus your attention: you still have to conclude that things are turning your way before you enter the trade. However, they help you decide where and when to look which is very cool.
  • #391
  • Jul 17, 2013 12:42pm Jul 17, 2013 12:42pm
Quoting FineForex
potential hourly gartley on usdjpy {image}
nice chart
Price Is The Best Indicator Itself.
  • #392
  • Jul 17, 2013 12:54pm Jul 17, 2013 12:54pm
Fine Forex: This is how I see it. good luck
Attached Image (click to enlarge)
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Empower Your Mind
  • #393
  • Jul 17, 2013 12:57pm Jul 17, 2013 12:57pm
Quoting FineForex
potential hourly gartley on usdjpy {image}
There was a .707 retracement like this one the other day.
I passed it by but noticed the final leg reached 113% before doing it's thing (alt butterfly?)

Will be fun to watch tomorrow!
  • #394
  • Jul 17, 2013 1:47pm Jul 17, 2013 1:47pm
Quote
Unclezoot took 50pips out of AU trade. it move up soon but don't take my word for it

I think it is going up because:

1) Jim Mellon says so and he's clever: https://https://twitter.com/jimmhk
2) The bullish butterfly and crab suggest so
Attached Image (click to enlarge)
Click to Enlarge Name: Screen-Shot-2013-07-17-at-21.44.58.png Size: 105 KB
  • #395
  • Jul 17, 2013 2:37pm Jul 17, 2013 2:37pm
Bearish crab?
Eur/Jpy H1
Attached Image (click to enlarge)
Click to Enlarge Name: Screen-Shot-2013-07-17-at-22.34.46.png Size: 51 KB
  • #396
  • Jul 17, 2013 3:25pm Jul 17, 2013 3:25pm
Without taking into account the spike @ 1.32x here on EU I'm playin the aggressive C sell...
Potential Bullish Bat (4hr)...GL!
Attached Image (click to enlarge)
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  • #397
  • Jul 17, 2013 5:08pm Jul 17, 2013 5:08pm
Quoting vqtrader
Fine Forex: This is how I see it. good luck {image}
could be.

if it does i have something bigger in my sights ; )
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy daily harmonic.jpg Size: 65 KB
  • #398
  • Jul 17, 2013 6:20pm Jul 17, 2013 6:20pm
Very Good! Fine Forex. That is my overall site as well with a better price entry at the area where I posted earlier if it reacts. Time to hurry up and wait for it.
Empower Your Mind
  • #399
  • Jul 17, 2013 6:50pm Jul 17, 2013 6:50pm
Quoting unclezoot
Bearish crab? Eur/Jpy H1 {image}
Hey Zoot just wanted to say welcome to the thread and thanks for contributing.

FYI: that is not a crab measured from the levels shown in your chart it is however a Butterfly. There is however a crab there if you look a little more closely

Otherwise, keep up the good work
Don't follow me! You can and most likely will LOSE all your money!!!!
  • #400
  • Jul 17, 2013 6:54pm Jul 17, 2013 6:54pm
Quoting iqyu5an
that's bat pattern .. should be tight SL. once high broken.. next is butterfly ... {quote}
Hey Igy thanks for stopping by brotha!!

Your right its not a Gartley but its also not a Bat either lol.

Hope you continuing to make bank bro and stop by anytime
Don't follow me! You can and most likely will LOSE all your money!!!!
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