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Dragon Riders GBP/JPY

  • #15,761
  • Apr 3, 2016 10:35pm Apr 3, 2016 10:35pm
Quoting Geppy
{quote} Harmonics are a crock. When "they hit" it's like claiming you had a winning session of roulette play by following your "system". It's a joke; I wouldn't take anyone too seriously that trades them.
what you doing with dragon lad, any thoughts on the current situation ?
  • #15,762
  • Apr 3, 2016 10:45pm Apr 3, 2016 10:45pm
Quoting Geppy
{quote} Haha, gotcha. Been a good day for my shorts today
Congrats on the shorts
  • #15,763
  • Apr 3, 2016 10:48pm Apr 3, 2016 10:48pm
Quoting raiders
{quote} i stopped trading harmonics about a year ago because they proved to be very unreliable for me. Don't get me wrong when they hit its very nice. If you go way back and see one of my very first posts here I called a target that was about 1K pips away using harmonics. But as far as my own trading now, after a few conversations with dudes who did big time bank trading and killed the game, i have found that breaking the chart down to the simplest most easiest recognizable trend line is what is best. Again thats just my opinion. But more often...
Agree.

IMO people should react to how the market moves instead of predicting them. They always predict it wrong anyway.

Try confirming those waves and Harmonics with trend line breaks. It might improve trading a little.
  • #15,764
  • Apr 4, 2016 12:25am Apr 4, 2016 12:25am
TP : 157.779
* closed +9 , no volume.
Exits == most important part of your strategy
  • #15,765
  • Edited 1:44am Apr 4, 2016 1:09am | Edited 1:44am
Quoting maflip
{quote} Agree. IMO people should react to how the market moves instead of predicting them. They always predict it wrong anyway. Try confirming those waves and Harmonics with trend line breaks. It might improve trading a little.
One example is right here. GU trend break to the downside. We are on Wave 4 H1 chart so hopefully we hit wave 5 today. We'll see. But we may b on a B trap looking at M5 so I did not short this one. I'm only watching it. We may make one more push up. For now I got no trade yet still watching. If this does keep going down and I missed the ride it's fine there will be always another one it's best to be on the highest probability possible.

For GJ no signs of wave 4 yet we are still on 3. Thing with Wave 3 we don't know how deep it is before pushing back up so if you want to go long better not do it yet.

Biggest sin of new traders they see a divergence on Wave 3 and they keep going against it. I told someone here if his friend gets a margin call for trading against the trend that is another confirmation the market is going to be on a big wave 3. hah hah So ask your friend next to you how is your counter trend doing?

I added Ichimoku on the chart because alot of people likes it.
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  • #15,766
  • Apr 4, 2016 1:23am Apr 4, 2016 1:23am
Quoting maflip
{quote} One example is right here. GU trend break to the downside. We are on Wave 4 H1 chart so hopefully we hit wave 5 today. We'll see. But we may b on a B trap looking at M5 so I did not short this one. I'm only watching it. We may make one more push up. For now I got no trade yet still watching. If this does keep going down and I missed the ride it's fine there will be always another one it's best to be on the highest probability possible. For GJ no signs of wave 4 yet we are still on 3. Thing with Wave 3 we don't know how deep it is before...
FANTASTIC CHART!!!
This is basically the same GU chart I have been watching since last week only change I've made to it is the pink box and I moved the fib levels to coincide with the recent movement. Im going long at the pink box
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  • #15,767
  • Apr 4, 2016 2:06am Apr 4, 2016 2:06am
Quoting maflip
{quote} One example is right here. GU trend break to the downside. We are on Wave 4 H1 chart so hopefully we hit wave 5 today. We'll see. But we may b on a B trap looking at M5 so I did not short this one. I'm only watching it. We may make one more push up. For now I got no trade yet still watching. If this does keep going down and I missed the ride it's fine there will be always another one it's best to be on the highest probability possible. For GJ no signs of wave 4 yet we are still on 3. Thing with Wave 3 we don't know how deep it is before...
Hi there

just learning about all this so excuse me if this is a daft question. What is the indicator that draws the white line on your chart please.

Cheers
JD
  • #15,768
  • Apr 4, 2016 2:32am Apr 4, 2016 2:32am
Quoting JampelD
{quote} Hi there just learning about all this so excuse me if this is a daft question. What is the indicator that draws the white line on your chart please. Cheers JD
Zigzag indicator 60. So on M1 you will see M5 wave on M5 you will see H1 wave.
  • #15,769
  • Apr 4, 2016 2:40am Apr 4, 2016 2:40am
Boring Monday...

I was expecting a little break up the fractal to complete C. But nothing yet. It might not even do it now and I missed the boat down.

Oh well. But price action works man

It will stand the test of time.
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  • #15,770
  • Apr 4, 2016 3:05am Apr 4, 2016 3:05am
news ahead of us 25 mins to go , I think it will sink down.. lets wait.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #15,771
  • Apr 4, 2016 3:14am Apr 4, 2016 3:14am
Sure but I'm already long. Taking insurance at 62% FE. I don't think this news will have so much impact but we will see. My stop you can see on the chart. My Final target is 100% FE or if it hits my trailing stop.
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  • #15,772
  • Apr 4, 2016 3:23am Apr 4, 2016 3:23am
Counter scenario??? But I will not stop and reverse this trade. I'll just accept the hit if I'm wrong.
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  • #15,773
  • Apr 4, 2016 3:35am Apr 4, 2016 3:35am
New Target 100%FE... At the retest of this swing high will move stop to BE. This move up is weak.
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  • #15,774
  • Apr 4, 2016 3:37am Apr 4, 2016 3:37am
Took half position out at +2 pips since move is weak. To lower risk exposure.
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  • #15,775
  • Apr 4, 2016 3:38am Apr 4, 2016 3:38am
Quoting maflip
New Target 100%FE... At the retest of this swing high will move stop to BE. This move up is weak. {image}
Lazy market today , kind of sideways

GL on that,

Cheers

Al.
Dream, believe,fight for it and you will achieve and NEVER EVER GIVE UP!
  • #15,776
  • Apr 4, 2016 3:39am Apr 4, 2016 3:39am
Sold GBPJPY @ 158.70 with SL 158.90 (Small risky trade for monday)
  • #15,777
  • Apr 4, 2016 3:43am Apr 4, 2016 3:43am
Out -1 on GU. It's still first 2 hours of London session it should have moved fast.

Overall +1 pip on the trade. hah hah
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  • #15,778
  • Apr 4, 2016 3:45am Apr 4, 2016 3:45am
Quoting Almo2312
{quote} Lazy market today , kind of sideways GL on that, Cheers Al.
Thanks bro already out. What's most important is we loose small and we gain big. I'm done this London session. Will be back US session.
  • #15,779
  • Apr 4, 2016 4:09am Apr 4, 2016 4:09am
can't agree here about the patterns. Patterns are a natural part of any ranging market. And any market will range 80% of the time and trend only 20% of the time. Patterns won't work in a trending market, not just harmonics, any TA patterns just won't work.

Other then that bottomline is it don't matter, if you can be profitable by trading patterns or Goku pullbacks/retracements, then by all means go ahead and use Goku.
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  • #15,780
  • Apr 4, 2016 4:10am Apr 4, 2016 4:10am
Quoting asgcorp
can't agree here about the patterns. Patterns are a natural part of any ranging market. And any market will range 80% of the time and trend only 20% of the time. Patterns won't work in a trending market, not just harmonics, any TA patterns just won't work. Other then that bottomline is it don't matter, if you can be profitable by trading patterns or Goku pullbacks/retracements, then by all means go ahead and use Goku. {image}
Sure but only at Super Saiyan 4
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