See my thread for a very cool indicator that can aid your analysis greatly... I bought it from BJF Trading group.
Me too there are no real gaps..
Thanks for the update on EURJPY... although normally I dont trust lower time frame patterns ( I use 1hr charts) Its intresting to see how she will behave. I would trade her if she was confirming a pattern on the higher time frame 1hr.
BTW how do u determine the SL for extension patterns?.... this is my dilemma.
Optimizing human brains to speed up evolution
See my thread for a very cool indicator that can aid your analysis greatly... I bought it from BJF Trading group.
Last edited by jaguar; 02-21-2012 at 10:44 AM.
Optimizing human brains to speed up evolution
Well, in theory butterfly shouldn't exceed 1.618XA so i put my SL above this level, I dont trade any other extension patternOriginally Posted by jaguar
Accually Iam testing other method of confirmations, but I am observing your results in your topicSee my thread for a very cool indicator that can aid your analysis greatly... I bought it from BJF Trading group.
p.s. didnt trade that butterfly on EJ, incomplete
yesterday case of Bearish Butterfly on EURJPY M15
Well pattern looked nice till it found resistance on 1.27XA, it took him a while to break it and go further, not bad entry near 1.618XA, tight SL. My one and only mistake was that I traded this pattern, I shouldn't because it is not looking nice and didn't get other confirmation but I was already so into this that i didn't saw that. Also on higher TF it was looking already preety overbought so i took my chance and got stopped this morning
plz feel free to comment
H4 EURJPY overview
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BTW...nice gartley on EURCHF 4hr. I am Long on it already.
Optimizing human brains to speed up evolution
yesterdays Bearish Gartley on AUDUSD H1,
did I played it the best i can? Yes, but i could set lower SL.. now after fact i dont know is that was even Gartley because his PRZ clearly voliates X point, it was not also a butterfly because he didnt reach 1.27XA. It looks like simple AB=CD with alternate level of 1.27AB...
any thoughts on this pattern?
drap
Hi drapi, i' ve traded that one too, but not like gartley, as you have pointed out it violated the x point, i' ve traded like butterfly, it reached 113 fib level and then fell down, i closed at tp1![]()
i think it's common mistake. we try to trade pattern as the Gartley pattern but when it fails we still try to trade thinking it must be a butterfly than.
You are right, if you thought it's a gartley your SL was too high.
btw: note the internal ab=cd inside the CD swing.
so even if you took SL on your first trade you could have a good reason to re-enter again.
Fear of traders: when they catch an SL they afraid to re-enter on the next signal (even if it's more valid signal than then first one).
were you set up your SL?Originally Posted by kidrock82