PATTERNS -- So These REALLY Work???

Even though I have been busy I still trade full-time everyday. It constantly amazes me how these profitable patterns continue to "ring the cash register" daily.

For example, here's a trade that showed on up Friday's NQ market. Please notice that point B occured at the confluence of the .618 of PRICE and at the 2nd cycle of TIME of the XA swing.

Al C.
 

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I have received many private messages and emails questioning me as to whether or not the patterns I use produce consistant profits.

I have been asked to "prove" the fact that one may be profitable every trading week. I have also been challenged by some on this board to post calls "live".

In an effort to post "live" and still trade my first choice must be my own personal need to make money to support my growing family (just had a new baby girl 7 days ago). I think I have solved the problem because I am posting realtime trades in concurrent with my taking the trades. I not only post entries, stops and targets but, I do so with a "live" realtime, chart. So, those of you who doubt the validity or honesty of my posts please feel free to see the posts here:

http://relay1.ezpeer.net/im-live/?-rm=realtime



To enter you will need a "room key" which is "passs" without the quotation marks.

For those of you who question my motives -- it's FREE. As before I am not selling anything or offering anything but an honest contribution to this board.

Thanks,
Al C.

p.s. - here is another chart we traded on Friday
 

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al c. -- and all, of course.

After reading this thread I thought you might not be terribly bent out of shape if I asked you for advice on buying a Pesavento book. Currently, I own "Fibonacci Ratios with Pattern Recognition," and I have my eye on his "Profitable Patterns for Stock Trading." Do you think there'd be a lot of overlap between the two? If so, I can just as easily buy a different book on such patterns . . . in which case, I'd be very grateful for your suggestions.
 
Quote from Salzburg:

al c. -- and all, of course.

After reading this thread I thought you might not be terribly bent out of shape if I asked you for advice on buying a Pesavento book. Currently, I own "Fibonacci Ratios with Pattern Recognition," and I have my eye on his "Profitable Patterns for Stock Trading." Do you think there'd be a lot of overlap between the two? If so, I can just as easily buy a different book on such patterns . . . in which case, I'd be very grateful for your suggestions.
More...

They are about 98% exactly the same...typos and all. The only difference is in some minor incidental stuff.

Another stellar example of vendor/educator etc. BS.
 
Quote from Salzburg:

al c. -- and all, of course.

After reading this thread I thought you might not be terribly bent out of shape if I asked you for advice on buying a Pesavento book. Currently, I own "Fibonacci Ratios with Pattern Recognition," and I have my eye on his "Profitable Patterns for Stock Trading." Do you think there'd be a lot of overlap between the two? If so, I can just as easily buy a different book on such patterns . . . in which case, I'd be very grateful for your suggestions.
More...

Salzburg,

You'd be far better off reading Private Thoughts from a Trader's Diary. It expands on the Fib Ratios book and is full of examples of applying the ideas and the thought process that goes along with the setups.

I would avoid the Scott Carney book. It has to be the biggest ripoff of Fibonacci Ratios ever. I was apalled when I read it; categorically the worst trading book I've ever paid for. I will gladly sell my copy if you want it. Seriously.

--opm8
 
Quote from al c.:

Thanks for all the posts and private messages. I am sorry that I have been slow in responding. I've been hard at work completing my new book which thank God is has been published.

I am now able to promptly answer all posts.

thanks,
Al C.
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is this your book?
047146256X.01.LZZZZZZZ.jpg
 
Salzburg,

Larry Pesavento's book "Fibonacci Ratios with Pattern Recognition" has great information for those interested in pattern trading.

If however, you are interested in a book that will provide a step-by-step approach to learning how to trade patterns based on fibonacci ratios let me know via private message.

thanks,
Al C.
 
Quote from opm8:



Salzburg,

You'd be far better off reading Private Thoughts from a Trader's Diary. It expands on the Fib Ratios book and is full of examples of applying the ideas and the thought process that goes along with the setups.

I would avoid the Scott Carney book. It has to be the biggest ripoff of Fibonacci Ratios ever. I was apalled when I read it; categorically the worst trading book I've ever paid for. I will gladly sell my copy if you want it. Seriously.

--opm8
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I don't have an issue with Carney, but in talking with traders who keep track of his record it is dismal. The problem I have with the patterns, is that there is one to fit almost every scenario - and you might get stopped out of two or three trades before you know which pattern is the right pattern. Gartley, Butterfly, Bat, Crab, Squid - just like anything else you can look back at charts and find examples of each. But try to trade them real-time and you get hurt badly.

I prefer to use simple Fibonacci retracements and extensions, in conjunction with a few other indicators.
 
Ever notice now the bullish BAT pattern is a lower high?
Huh?

Ever notice how the bullish Gartley pattern is a lower high?
Huh?

Ever notice how the bullish Crab pattern is a lower high?
Huh?

Ever notice how the bullish AB=CD pattern is a lower high?
Huh?

Ever notice how the bullish Butterfly pattern is a lower high?
Huh?


Ever notice how all the patterns, except the three drives pattern, are lower highes or higher lows? But are labeled backwards from typical theory???


Strange...



peace

axeman




Quote from kgharris:



I don't have an issue with Carney, but in talking with traders who keep track of his record it is dismal. The problem I have with the patterns, is that there is one to fit almost every scenario - and you might get stopped out of two or three trades before you know which pattern is the right pattern. Gartley, Butterfly, Bat, Crab, Squid - just like anything else you can look back at charts and find examples of each. But try to trade them real-time and you get hurt badly.

I prefer to use simple Fibonacci retracements and extensions, in conjunction with a few other indicators.
More...
 
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