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Davit's Confluence Trading

  • #821
  • May 22, 2014 12:36am May 22, 2014 12:36am
Quoting Davit
{quote} I don't have the answers but I do know we need to be patient Check this out {image}
I see that too, looks promising. There's a red flag gbp news event in an hour so there may be another short loading opportunity.

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It's all about bucks, kid. The rest is conversation.
  • #822
  • May 22, 2014 1:44am May 22, 2014 1:44am
Out G/CHF short
4 positions +120 pips
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In trading, you have to be defensive and aggressive at the same time
  • #823
  • May 22, 2014 2:15am May 22, 2014 2:15am
I'm not used to your system yet Davit. I'm still holding a bit. Would this be a reasonable target (arrow) based on your system? 4H chart. Thanks buddy.
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Ghost Rider - WWTBMD?
  • #824
  • May 22, 2014 2:24am May 22, 2014 2:24am
Quoting albchr
I'm not used to your system yet Davit. I'm still holding a bit. Would this be a reasonable target (arrow) based on your system? 4H chart. Thanks buddy. {image}
100% correct target.
I exited little early because I added 2 more positions in effect doubling the distance.
Now I am lot more relaxed on my GU shorts

I moved GU shorts TP to 6780
Perfect BB spot which happens to be a S/R zone
Regards

You can move SL to 75 protect profits then let it go as far as it can.Worse can happen you made profit irregardless.
In trading, you have to be defensive and aggressive at the same time
  • #825
  • Edited 3:07am May 22, 2014 2:31am | Edited 3:07am
Quoting Davit
{quote} 100% correct target. I exited little early because I added 2 more positions in effect doubling the distance. Now I am lot more relaxed on my GU shorts I moved GU shorts TP to 6780 Perfect BB spot which happens to be a S/R zone Regards You can move SL to 75 protect profits then let it go as far as it can.Worse can happen you made profit irregardless.
I just closed it a few minutes ago for +30

Thanks for the reply and confirmation of what I thought though buddy.

EDIT: That was a quick off the cuff pip total (watching other pairs at the time). Actual worked out as +27.1 ... still....
Ghost Rider - WWTBMD?
  • #826
  • May 22, 2014 3:18am May 22, 2014 3:18am
Quoting Davit
Out G/CHF short 4 positions +120 pips {image}
Dear,
Thanks for nice call. I was also following this trade and made good money.
  • #827
  • May 22, 2014 3:32am May 22, 2014 3:32am
Possible AU scenarios.

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It's all about bucks, kid. The rest is conversation.
  • #828
  • Edited 9:31am May 22, 2014 9:21am | Edited 9:31am
Quoting iamsovereign
{quote} Hi Gjgjg Took this tade last night. Regards {image}
Nice! I regret waiting now Was thinking it had a bit more south in it before the hop up Next time!

PS GBPAUZ looks pretty decent too at the mo! (sorry the fib levels are not really part of it, just noticed i didnt delete them...)
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  • #829
  • May 22, 2014 9:33am May 22, 2014 9:33am
Quoting azfarjaved
{quote} Dear, Thanks for nice call. I was also following this trade and made good money.
play small and get comfortable
In trading, you have to be defensive and aggressive at the same time
  • #830
  • May 22, 2014 9:35am May 22, 2014 9:35am
Quoting gjgjg
{quote} Nice! I regret waiting now Was thinking it had a bit more south in it before the hop up Next time! PS GBPAUZ looks pretty decent too at the mo! (sorry the fib levels are not really part of it, just noticed i didnt delete them...) {image}
be careful Aussy is very Bearish.
I would not take that trade.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #831
  • May 22, 2014 9:38am May 22, 2014 9:38am
Quoting Lalu
Possible AU scenarios. {image}
Watching for good spot to go long on AU
your boxes are good zones
In trading, you have to be defensive and aggressive at the same time
  • #832
  • Edited 10:54am May 22, 2014 10:07am | Edited 10:54am
Psychology of Harmonics


Let’s break this down, one leg at a time.
The X to A leg
As shown on Figure 1 (below), this is the impulsive move. Otherwise known as the trending direction, in this case upwards.
Psychology: This is when both investors/traders are feeling positive towards the market, as most would be making money during this phase.
http://www.upfronttrader.com/wp-cont...1-30-01-14.png
The A to B leg
As shown on Figure 2 (below), this is the correction/profit taking phase. The pullback in price, needs to respect (find support) at the 61.8% Fibonacci retracement. The retracement is drawn from X (low) to A (high).
Important: If prices don’t respect a 61.8% retracement, then a Gartley pattern is not present.
Psychology: Both investors/traders would view a short term correction as healthy, and those that use Fibonacci retracement as part of their strategy would expect the 61.8% Fibonacci retracement to offer solid support. Trend traders would use this level as the next buying opportunity, in attempt to ‘trade with the trend’.
http://www.upfronttrader.com/wp-cont...2-30-01-14.png
The B to C leg
As shown on Figure 3 (below), prices do indeed rally. It is at this stage that we draw an additional set of Fibonacci retracement to determine resistance. The retracement is drawn from A (high) down to B (low).
As highlighted by the green box, the B to C leg can complete anywhere between the 38.2% to 88.6% Fibonacci retracement region in order for the pattern to remain valid.
Psychology: Both investors/traders that went long or entered a new position to buy at point B would be sitting on a decent profit. Traders would more than likely be expecting a retest of the previous high at point A and hopeful of a break higher.
http://www.upfronttrader.com/wp-cont...3-30-01-14.png
As shown on Figure 4 (below), prices begin to decline. From this point it sets up the AB = CD pattern.
Point D is derived from the below:

  1. Either a 127.2% or 161.8% Fibonacci extension, drawn from B (low) to C (high)
  2. A 78.6% Fibonacci retracement, drawn from X (low) to A (high)

Completion of the bullish Gartley pattern (point D), should reach the cluster point identified above. In turn, a sharp rebound in price is likely. This is when an advanced harmonic trader would enter a long trade (buy).



Psychology: As prices begin to turn lower at point C; this begins to cause nervousness among those traders that entered long. Prices continue to decline and reach point B, now they are on the edge of their seats. This is because most traders would have placed their stop loss just below point B.
Prices continue to drift south, triggering stop losses, and thus this leads to one final push south, which would likely complete at point D. When this occurs, almost and if not all, stop losses will have been flushed, and this is when prices rebound swiftly higher.
http://www.upfronttrader.com/wp-cont...4-30-01-14.png

In trading, you have to be defensive and aggressive at the same time
  • #833
  • May 22, 2014 6:24pm May 22, 2014 6:24pm
double dipping on shorting G/CHF
2x at 5087
In trading, you have to be defensive and aggressive at the same time
  • #834
  • May 22, 2014 6:35pm May 22, 2014 6:35pm
Harmonic trading Trading a Bearish Bat Pattern
objective is to go short (sell) at point D or go Long at A.
Please look at EU which is forming nicely to go long.We just need to establish A point.
http://www.upfronttrader.com/wp-cont...0-17-04-14.png
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In trading, you have to be defensive and aggressive at the same time
  • #835
  • May 22, 2014 9:11pm May 22, 2014 9:11pm
Quoting Davit
Harmonic trading Trading a Bearish Bat Pattern objective is to go short (sell) at point D or go Long at A. Please look at EU which is forming nicely to go long.We just need to establish A point. {image} {image}
Hey Davit,

Do you have a compilation of these images in Gartley, Bat, Crab and ab=cd patterns? (bullish & bearish).

I only ask as I'm in the process of learning harmonic patterns and find these images so easy to read.

Thanks.
Follow me at andrewfx2020 (dot) com
  • #836
  • May 22, 2014 9:27pm May 22, 2014 9:27pm
Quoting AussieForexM
{quote} Hey Davit, Do you have a compilation of these images in Gartley, Bat, Crab and ab=cd patterns? (bullish & bearish). I only ask as I'm in the process of learning harmonic patterns and find these images so easy to read. Thanks.
They are from here
http://www.upfronttrader.com/2014/01...rtley-pattern/

Once you understand Bullish and Bearish Gartley then rest are slight variation of Gartley.
For Example A-B Gartley must be 618 but at 50% is Bat and C-D leg defines other shapes.
So Gartley is the skeleton backbone and rest are just slight modifications of it.
I have this picture on my PC wall in front of me.
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In trading, you have to be defensive and aggressive at the same time
  • #837
  • May 22, 2014 10:15pm May 22, 2014 10:15pm
Hi, Davit
I really like the way how you manage your positions...less stressful and more effective. I am willing to learn about new position sizing method~
Yes, harmonics are very effective when applied properly and consistently, I used to trade harmonics and wave counts combined.
I personally find this kinds of head on shoulders patterns very effective as well...
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  • #838
  • May 22, 2014 10:37pm May 22, 2014 10:37pm
Quoting PurePA
Hi, Davit I really like the way how you manage your positions...less stressful and more effective. I am willing to learn about new position sizing method~ Yes, harmonics are very effective when applied properly and consistently, I used to trade harmonics and wave counts combined. I personally find this kinds of head on shoulders patterns very effective as well... {image}
Hi PurePA

I trade basically without hard stop but do have sl

This is from my trading plan
STOP LOSS
1 Decide how much each swing is worth example $500
2. Divide $500 into mini lots for multiple entries example .50c a pip gives 1000 pip distance
3. This allows averaging in orders as seen fit irregardless if previous orders are in red
4. Orders are placed as long as reason for trade is still valid
5. If conditions change loss is taken since orders are not placed all at once this allows smaller loss

regards
In trading, you have to be defensive and aggressive at the same time
  • #839
  • May 22, 2014 11:58pm May 22, 2014 11:58pm
Davit, which harmonic indicator do you use? I've got one in my indy folder called ZUP_110 but it doesn't seem to work properly, I'd like a simple one which just displays the relevant pattern when it arises, should I miss it due to a lot of noise.

Cheers.

(Have you noticed the bullish bat/gartley on eurjpy, off the daily/weekly?)
  • #840
  • May 23, 2014 12:16am May 23, 2014 12:16am
Quoting GDR3k
Davit, which harmonic indicator do you use? I've got one in my indy folder called ZUP_110 but it doesn't seem to work properly, I'd like a simple one which just displays the relevant pattern when it arises, should I miss it due to a lot of noise. Cheers. (Have you noticed the bullish bat/gartley on eurjpy, off the daily/weekly?)
Hi GD
I don't use any.I find training my eyes more rewarding.Starting to see things better.I used zup before but always found it lagging like showing pattern after 100pip move which becomes pointless.Even if you make mistakes its better doing it yourself.
I am not taking anymore orders until I close present ones. Currently have 15orders running.
regards
In trading, you have to be defensive and aggressive at the same time
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