fib. expansion and retrace in forex

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Quote from shopster:

shop trades are harmonic setups.........


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I see from your harmonic pattern this is the work of nen and his zup indicators, there are other great harmonic programmers such as kor4 and more recently hwfm, all providing a huge help for new traders, you have to admire their skills and help given freely to many struggling traders. Albeit, even on the 4hr timeframes these can sometimes fail, they are however very powerful when the stochs line up.

I have made several hundred pips using these patterns.
 
shop setups are usually " inside " the harmonic pattern.

the second leg of the W or M as it completes, is the entry area.

exits are all the way up or down on fib. expansion, as the second triangle is being painted.

you are early to the party, not trading after it is over....

re study the pics.

you trade inside the pattern , not after it.

harmonics are too variable , most people enter too early as the thing is still painting and get blown out.

if you are already inside the pattern, you just move up your trailing stop as it rolls up to a 4.2 or 5.7 exit


" Prediction is very hard, especially about the future ." - Yogi Berra

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Do you have any recent examples you could show us? Perhaps you'd even be so kind as to show us one live at the point of inception when one next develops ... it might be helpful if we could see what you see before all the profits come gushing forth.

Best Wishes,

Thales
 
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"shop setups are usually inside the harmonic pattern"??? Inside? What do you mean exactly?

Can you mark with arrows the 'inside' and why?

For example on this 4hr eur/usd the box marked red is where I would have entered long, especially if the stochs lined up on either the 4hr t/f or the daily and you normally get a fractal for good measure, many pips can be made with harmonic setups, it is very clear where to enter in the here and now, you also have hwfm and kor4 that will provide 'emerging patterns' so one can take this into consideration in the overall possibilities for the trending instrument.
 

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Shopster,

Excellent thread here. probably one of the best ones i've seen on ET in a very long time. you're very kind to teach the novices how to fish. please dont be pressured to give out fish for free instead of teaching them how to fish. let them do their homework. i enjoy your posts especially with all the "cryptic" lingo.

:cool:
 
I am still having a hard time making sense of this.

A double top/bottom with indicator divergence is simple enough.

But I don't understand all the talk of .86 retraces when in most of the cases you're circling 23.6 retraces.

See here:
attachment.php


And you said: first trade, left side .86 retrace short.

second trade was a DT setup, diverged.

notice the zero lag cross over the the south side as the price continues to puke out the longs.

On the first trade it's the 23.6 circled, not .86 so that's where I get confused.
 
Quote from DonCorleone:

... please dont be pressured to give out fish for free instead of teaching them how to fish. let them do their homework. i enjoy your posts especially with all the "cryptic" lingo.

:cool:
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But those of us who have really been around a long time have come to be impatient of those who speak cryptically while serving up cold dishes of long dead examples.

And I agree with you - this is a very good approach. I have used myself as the basis of my own trading for years.

But let us also agree that no one is asking the OP to "give out fish for free." He did, after all, choose on his own free volition to start this thread.

So far, every example I have seen is from months if not years in the past. Asking to the OP to share just one , real time, real life example as he sees price action unfold is hardly asking him to "give out fish for free," anymore than a professor of medicine showing students how to read and diagnose a patient's condition from the patient's actual real time vitals would be "giving out fish for free."

Teachers of skills teach by example, i.e. by doing, not by speaking in puzzles, unless the teacher is Yoda and the skill he is teaching is how to control the mysterious Force.

Neither price action, fibs, nor momentum divergence are mysterious, so teaching others to use them will be better accomplished by examples, at least one of which should be fresh and unfolding.

Not thousands of fish, nor 100, not even ten, but just one tiny minnow would suffice to help most novice anglers to learn, with the practice, study, and hard work you urge them to exert, to use this method profitably.

In short, if you are going to help folks, then truly help them.

By the way, my experience has been that those who really have experienced success in this field are far more generous to others who wish for that success than is typical of what is found in trading forums.
 
Thales

I agree with you, I do like the "give the man a fish etc" too.

In my opinion a novice will do really very well using Gartley/Harmonic Patterns and really understand how to profit from these, an excellent start would be to download the zup indicator created by Nen over at forexstd and go to www.commercialad and start earning money quickly, that's it, this is ALL you need. Don't 4get to download the hwfm this too is at forexstd, search and you will find it.

It has taking me two years of searching to find this not too mention all the anquish that went with it.

Gartley works in all timeframes, how you trade it is the most important part. If there was a holy grail, then Gartley would be it, you know when Gartley produced his book "it sold for £15,000 thats the price of a car today".

Good luck.
 
" been around a long time have come to be impatient........."

not sure why you are hanging around this thread, other than to annoy.......

you obviously know it all and can pass judgement, as required....

to satisfy those who cannot see past the end of their nose

here are 4 trades from friday on the Euro trash.
2 in the last hour

the last one completed on the close.

should be fresh enuf meat.......

there were 4 more during the last 24 hour period on the euro alone.

do the work and look them up.......

no more bitching and moaning.
period, end of subject.


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