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Thread: Harmonic Journal

  1. #61
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    FIFO = first in first out. I see 4 open sell orders on your GBP/USD chart.

    You must exit/close your #xxxx1712 "short" entry first.(before all others)

  2. #62
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    i know what FIFO means but i dont use it in my strategy

  3. #63
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    @trademonster: i am also curious what you mean about the FIFO trading :-) ... enlighten us please.

  4. #64
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    Its NOT a strategy. it how to be complient when Closing Trades. with multipul entries of the same currency

    USA clients must follow a forex regulatory policy on how you close your trades.

    Starting May 30, 2011, introducing “First In First Out” (FIFO),

    a forex trading policy that complies with National Futures Association (NFA) regulations. If you keep multiple open positions of the same size and same currency pair, this new trading policy may mean important changes to how you manage these trades.

    What is FIFO and what does it mean to my trading?
    In forex trading, FIFO is a requirement that you must close the first (or oldest) open trade when there are several open trades of the same pair and equal value.

    Basically, if you open more than one position on a currency pair, you must close the first before closing the second one. That’s the NFA’s not-so-straightforward way of preventing hedging.


    However, brokers outside the USA dont have these limitations/ restrictions.


    On DEMO- you can get away with anything you want.
    Last edited by trademonster; 05-11-2012 at 01:15 AM.

  5. #65
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    @trademonster interesting, I hope that will not become world wide standard

    @kor4x can you suggest how u would set SL levels in my last GBP case? because i dont have idea.. I've used extention 2 XA as ultimate SL, more for securing whole deposit from unexpected happenings than a failed pattern

  6. #66
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    I dont have too much time during the day for trading so i will not be posting often, but i wanted to discuss with you an interesting case of Bullish Bat on EURJPY from beginning of the May



    As you can see I had lose on this one, but Iam not sure that i have correctly read the market, because as you see above price was going nicely to point D but suddenly it bounces from FE 127 (didnt have full cofirmation so no enter there) make a strong pullback and then go to point D at 78.6 XA where i had confirmation and I've entered market, PA was looking good, but price missed 38.2 ret level and dropped.

    Now, Iam wondering maybe this Bat has completed itself at FE127, pullback does reach 38.2 ret whichc is mine standard of a winner pattern and then dropped.. so I was entering already invalid pattern, what think about it? any1 traded this one?

  7. #67
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    I think this video may give you an idea regarding the entry -> Harmonic Trading - Gartley vs Bat pattern - YouTube
    With bat pattern it suggests to wait till 88.6 retracement.

    Anyway, if you followed your rules in this trade, and they worked well till now, do not change anything. Single trade means nothing. Just my 0.02$.

  8. #68
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    being honest i dont have too many experience with bat pattern, but when they occur mostly they are losers for me, i dont trade bat with B point at 38.2, i trade only Bats with B point at 50.0 because they make more sense for me and usually D point forms at FE127 of AB and 78.6XA

    maybe i should stop trading it at all...

  9. #69
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    I think it's smart what you say, if you do not feel comfortable with given pattern just ignore it. I would say we should trade only what we understand and feel comfortable with.
    I like Bats as they offer so small SL and the the last part of CD swing is rapid which is what i like/need.

    but when they occur mostly they are losers for me
    Yes, many harmonic patterns fail. Focus on: what can be done to increase the success ratio! Concentrate in your research (for a change) on the winners and not losers.

  10. #70
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    speaking about Bats, yesterdays formations on AUDUSD and NZDUSD M15

    NZD close on TP 61.8 ret

    AUD little bit to early entry, get stopped out because of spread


    @kor4x I will stick with bats to get more experience with them but only bats with B point at 50.0 and i think minimum entry lvl should be 78.6, it would change my loser on AUD in a winner.

    Kor4x, i saw that u are using B point as TP1 and C point as TP2, Iam using 61.8 ret, but if I wait for point C level i could increase my RR, how in your experience often C point level is achieved?

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