07-19-2012, 02:53 PM #641
a great trade
Originally Posted by kaser1559
07-20-2012, 06:59 AM #642
Worked perfectly , did you plot the pattern manually or was it indicator base , cheers
07-20-2012, 07:31 AM #643
Just would like your advice, 1) How long can a live pattern stay active ? , we have a 1hr bearish Butterfly that hit TP1 on the EUR/USD but 69 1hr candles later neither TP2 or stop has been hit, can we still target TP2,
we also have a Bullish 4hr butterfly and has yet reach TP1 or stoploss 29 4hr candles later. Have they both run there course and we look for new patterns ?, 2) I like to trade with the Trend but at the moment EUR/USD downtrend(DAILY) and AUD/USD uptrend(DAILY) are fighting for direction , they normally move together, so im not sure of which patterns or pairs to trade , at the moment im not trading, any Help, cheers
07-20-2012, 07:50 AM #644
my method is simple, I look for a pattern (M5/M15/M30 usually) and best possible entry moment (always from M1).
Normally the higher TF pattern should have the priority and I think should be kept till TP1/TP2/TPx is reached. However my approach is a bit different, probably NOT better, but it's mine.
I traded the 4H bullish scenario but on bearish butterfly I closed the LONG mood and went into SHORT mood. I am still in SHORT/bearish mood so i keep the shorts. Another good looking bullish pattern may again change my mood. My secret to harmonics it to find the highest probability entry places that will tell me what to do next.
07-20-2012, 07:56 AM #645
07-20-2012, 08:04 AM #646
well, it was not ment to be THE advice :-) My advice is rather, you follow what best fits your understanding and psyche. We all at the end must find OUR OWN METHOD for trading, such that we fully understand and that fits us.
I think, initially OUR OWN method is a collection of couple of sub-methods. With time and experience number of sub-methods in the method should decrease, as we must simplify to survive.
07-20-2012, 08:12 AM #647
maybe an example from yesterday (a bit to the point we talk here) ... many methods confirm the best entries -> FOREX Harmonic Trading: best trades are CONFIRMED by mutliple methods
1. if i see couple of signals for a bearish entry, it may kill my bullish mood.
2. good trades/entry points are confirmed by multiple methods
3. understanding all different methods is good thing, but with time and experience it's too much effort to verify all (at least for me)
07-20-2012, 08:26 AM #648
Yes understood , With my short time with harmonics im looking at use Patterns to close Trend trades rather than open , and if that works for me than great , if no patterns develope I may let the trades run longer , thank you again
07-20-2012, 10:02 AM #649
Attachment 1399USDJPY D1
Last edited by draugas2; 07-20-2012 at 10:24 AM.
07-20-2012, 11:58 AM #650
I do not use indicators
Believe me, always use your eyes and you will succeed...