Harmonic Trading - page 54
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thanks Esbee...i like the fact that you stick to some strict trading rules...i think if i follow your rules it will make me a more disciplined trader...keep posting your charts...sometimes i miss some patterns...the previous chart that i posted was a great example of why not to trade a butterfly with a 61.8%...here's the updated chart with what i thought was my predicted target...
well, there is many perfect patterns which failed and many unperfect ones which worked nicely, the question of how much tolerance we should accept of these retracement values have not been answered even by the harmonic trading author himself, gartely pattern says ab has to be 0.618 of ax, what about 0.6 or 0.58 or 0.66 or 0.7 ?, one or 2 pips plus or minus can make the pattern perfect or unperfect
well, there is many perfect patterns which failed and many unperfect ones which worked nicely, the question of how much tolerance we should accept of these retracement values have not been answered even by the harmonic trading author himself, gartely pattern says ab has to be 0.618 of ax, what about 0.6 or 0.58 or 0.66 or 0.7 ?, one or 2 pips plus or minus can make the pattern perfect or unperfect
hi ziko
i should say the excat cases in these kindes of markets do not happen frequently specially in Forex (of course we have but less than the non exact ones)anyway.in my opinion and according to my exprience in trading with patterns the amount of tolernace is depended on the time frame.i mean,in lower time frame we need a little tolernace to have a good pattern but in daily or weekly and h4 the tolerance can be more.to put it simpely i personally accept 10-15 pips tolerance in H4 time frame and higher.
thanks Esbee...i like the fact that you stick to some strict trading rules...i think if i follow your rules it will make me a more disciplined trader...keep posting your charts...sometimes i miss some patterns...the previous chart that i posted was a great example of why not to trade a butterfly with a 61.8%...here's the updated chart with what i thought was my predicted target...
IDK,
Again these are personal rules, based on personal experience of the market. I do not say it is a perfect rule and there are probably many people with better rules out here. However, this rule fits my trading style and I am happy using it, because I hate taking a loss. Other will probably be happy using so-called "unperfect" pattern because they hate missing a profit and do better than me. Again, I am not competing against people for pips, nor looking for an "ego-raise" telling I am "right, you are wrong", I am happy with my monthly income of the FX market and not looking for more pips and therefore will not take unecessary risks to hunt pips (cancelled USDCHF and CHFJPY, but looking to trade EURJPY). There are enough trades our there, here's another one:
IDK,
Again these are personal rules, based on personal experience of the market. I do not say it is a perfect rule and there are probably many people with better rules out here. However, this rule fits my trading style and I am happy using it, because I hate taking a loss. Other will probably be happy using so-called "unperfect" pattern because they hate missing a profit and do better than me. Again, I am not competing against people for pips, nor looking for an "ego-raise" telling I am "right, you are wrong", I am happy with my monthly income of the FX market and not looking for more pips and therefore will not take unecessary risks to hunt pips (cancelled USDCHF and CHFJPY, but looking to trade EURJPY). There are enough trades our there, here's another one:
Well said Esbee....
I typically only trade chart patterns from the daily and 4 hr charts. What time frames do you typically trade?
again EURJPY but this time on H4
Ref Math
Kamyar or other can u write in the math that u like to use for the patterns i will try in school and make a spreadshet for calculations . I was thinking sommething with 3 or 4 input by user after that it calculates targets and stop levels. if u have any suggestion please post them i still have 6 or 7 weeks left in school before im out working again so i am quite busy. Happy trading all.
sailor
Kamyar or other can u write in the math that u like to use for the patterns i will try in school and make a spreadshet for calculations . I was thinking sommething with 3 or 4 input by user after that it calculates targets and stop levels. if u have any suggestion please post them i still have 6 or 7 weeks left in school before im out working again so i am quite busy. Happy trading all. sailor
hi sailor.
well done.nice idea also see these execel files.u can get the idea
thanks
kamyar
NOTE:the last files is attached somewhre in this thread an it is password protected(i think the pass is "spectrum7" i'm not sure).anyway,if if does not work search this thread u will find the pass.
Well said Esbee.... I typically only trade chart patterns from the daily and 4 hr charts. What time frames do you typically trade?
No special timeframe, I watch daily, 480, 240, 60 and look for an "ideal" pattern. Then I look on higher timeframes to confirm and lower timeframes for timing. Btw, I am short EURJPY at 144.40 for 143.50, SL 144.75... Could be a nice trade.
No special timeframe, I watch daily, 480, 240, 60 and look for an "ideal" pattern. Then I look on higher timeframes to confirm and lower timeframes for timing. Btw, I am short EURJPY at 144.40 for 143.50, SL 144.75... Could be a nice trade.
hi
yes it would be a good trade.i do not know about your MM but i use two target for this trade
TG1@143.86(conservative)
TG2@143.40(somehow agressive depends on the next movement)
let see what will happen
note:as this pattern established after a strong up trend it is high probable that it goes lower
hi
yes it would be a good trade.i do not know about your MM but i use two target for this trade
TG1@143.86(conservative)
TG2@143.40(somehow agressive depends on the next movement)
let see what will happen
note:as this pattern established after a strong up trend it is high probable that it goes lower
Kamyar, we have the same target 143.50 is 143.45 bid (I often add/remove 5 pips from target for security as I do not count the number of times my limits have been missed by 1-2 pips).
100% agreed with larger targets, when I trade gartleys or bats, I often take 50% profit at the 61.8% retracement (143.45 in this case) then go for a larger profit. Why ? Because Gartleys and bats are only a retracement of XA and there is a very good chance that market violates "A". My second target = 142.60...