indexdollar: Re: [OpenFX] Patterns

Senin, 07 Januari 2008

Re: [OpenFX] Patterns

sorry. I will post as attachment:

Note that we made a spinning top on Friday.

Then, the open of Sunday gave a very healthy decline.

Using the 1H and 15M chart (not shown), I was able to get a nice piece of that.

I used the Daily chart as my guide and used break of symmetry support on the lower time frames (Multiple time frame simultaneous signals) as my trigger. When all the time frames align, CCI has a way of showing concurrent triggers.

cheers.

On Jan 7, 2008 9:37 AM, Peter McIntyre <mcpetetrader@yahoo.com> wrote:

Thanks Chin,

I do not see your chart as it did not appear on the email. I would assume you are looking at the daily chart?

Peter

NobleTrader trader <nobletrader@gmail.com> wrote:

Great Post, Peter:

I see that you are looking at Point D on the GBPJPY.

I have something equally interesting on the EURUSD. But, instead of looking at point D being formed, I am looking at the possible end of C on the EURUSD.

I am looking at the active phase of a Gartley possibly starting.

The Active Phase, for those who may not know the term, is the arm from C to D. In other words, D has not been made, yet. Instead I am talking about Price heading from C down to point D..

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On top of all this, I also see timing. I have included a picture to illustrate the timing:

On this picture, there is actually a Time/Price square. . . This is a special relatiionship between the time axis and the price axis.

If the fib Time/Price Square holds up, then, price may head south and hit the cluster of fib support at around 1.4160.

cheers.

chin.

cheers.

On Jan 4, 2008 10:58 PM, Peter McIntyre <mcpetetrader@yahoo.com> wrote:

>

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> I reponse to a question i have put the following information together...

>

> So, the ab=cd is the basis of most if not all patterns. Lets exclude some of

> the classic patterns like wedges etc. So for the trader with a keen eye we

> are able to pick up ab=cd patterns on just about any chart. We also know

> that the ab=cd pattern is the back bone of the Butterfly, gartley etc...

> Now lets assume we have an x to a donw that then moves into a b through

> rising price. The ab is set. Now we watch price fall to a (simple) higher

> low than the previous a. Now we have the ab=c.

> The part of the ab=cd leg I like to play is the cd leg. Through experience I

> have learned that there are two really safe entries into a cd leg. One is

> off divergence and the other is above the area of stochastic consolidation

> that incorporates the a to b to c and then to the high of b. This area

> without divergence should be approached with entries above this channel

> area.

> Now we are into a trade on the cd leg and we are asking how high will price

> rise?

> The biggest variable is the time frame one is trading. The larger the chart

> the longer the potential distance. The larger the chart the more the pull

> back.

> Now we have figured out when and where to get in but how do we know the

> direction of the trand is valid. Better figure that one out before you

> start. Entering with the trend- price allways moves futher and the pull

> backs are usually less substantial.

> So here is the setup. lets say I am clued into the bc leg of a daily chart

> and the move is long. This is my Global Positioning System <GP(S)> I.e. this

> gives me direction on the big chart. Now knowing how to cycle into a trade

> with momentum (indicator of your choice- mine is a 10 3 3 stochastic) we

> identify the setup as a ab=c and enter based on the criteria above. This is

> very effective for this trader on a 3 minute chart as mutltipe entries are

> placed(my cluste.) Although there are multiple entries during the cd rise

> (the cluster of trades) the trade is treated as a single trade. As you can

> imagine when you see an exit signal all trade should be removed

> simultaneously. Even if you are late and the last one or two entries go

> against you your cluster should be QUITE positve.

> So this takes some sophistication to implement and manage a trade as such

> but in reality the whole method is straht forwrd. (ie study)

> The following charts were traded this week. The first chart is a 3 minute

> projection chart, the second is the same chart that meets the projection.

> The 3rd chart was traded off specific signals as taught by Derrik S. Hobbs

> in his book, Fibonacci for the Active Trader (Cw 2004)(ISBN 0-9755513-2-9)

> chapter 9, The Shark Attack. The chart explanation is found on the chart.

>

> Have a great weekend!

>

> Peter

>

> ________________________________

> Never miss a thing. Make Yahoo your homepage.

>

>

>

>

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Pip Whisperer, The NobleTrader.

Never miss a thing. Make Yahoo your homepage.