10-05-2012, 04:06 PM #881
Last edited by drlobo; 10-05-2012 at 06:40 PM.
10-05-2012, 11:02 PM #882
@kor: Basically, I trade Gartleys, Bats, Butterflies and Crabs, no 121 or 3 dives nor SHARK or 5 - O. The criteria is the same for all of them, (still perfecting my entry), I use RSI and look for divergence in overbought or oversold consitions. For the advance patterns I calculate PRZ with XA -D leg and convergence with BC - D retracement. For all retracement patterns (BAT, Gartley) I also use AB=CD ( Gartley) pattern or the alternate 1.27 (Bat, Butterlfy) as a third convergence. On extension patterns, 1.618 AB = CD on Butterfies. Crabs don't normally converge with AB=CD patterns, but when they do, it's normally a 1.618 alternate pattern.
Originally Posted by kor4x
I Calculate Fib Time Zones to estimate first price action retracement candle. Normally its from X to A as Time zone 1, and Time zone 3 will give an idea. (this normally for Crabs, but it works great on Bats). Time zone 1 from X to B, Time zone 2 will give excellent price action for Gartleys. Finally, price action in the PRZ zone, if there is a GAP or BREAKTHROUGH PRZ, I would consider pattern failed, but if a retracement bar tests all Convergences in PRZ, this would be a great confirmation to trade the pattern. Finally I would analyze my stops, to make technical sense, calculate the amount of PIPS to Stop, use a position calculator to type my risk (1-3%), and place the lot size. I normally trade for a 1:1 Risk, but if price action is strong, I leave the trade to find a second profit target.
I'm still struggling for exit points though, but I beleive there will be more tweeking to do!, thank you for your support KOR!,
10-06-2012, 11:11 AM #883
Could the following be incorporated into AMP Monitor -
1) Wolfe Waves - sometime a useful confirmation tool for Harmonic Patterns
2) USD Index - a synthetic representation for Harmonic Pattern recognition
10-06-2012, 02:01 PM #884
10-06-2012, 02:16 PM #885
10-06-2012, 04:31 PM #886
10-06-2012, 04:58 PM #887
10-07-2012, 11:43 AM #888
10-07-2012, 05:37 PM #889
10-09-2012, 05:14 PM #890