Patterns Observation.
Posted: Sun Mar 06, 2022 6:50 am
It’s been a very long time since I last post in here. I can’t believe the account is already 12 years old which is older than my daughter lolz. I really missed the days when dragon33 used to give his gems and MO's riddles too. I have been trading on and off during the past 12 years and maybe that’s why I haven’t progressed as much as I wanted to. I see some old members have become very good at trading (as seen in their posts and threads). Well, I've been learning a lot of things here and there and mostly here and I even took up a beginner coding course because I was frustrated whenever I need something done to help me with trading. With no coding background and an aging brain, learning even beginner-level coding is a bit of a challenge lolz
I am really interested in support and resistance and pattern and thus the name (SUPport and resistance PAttern). I believe the price will move from one zone to another and along the way, it might form a trail in the form of a chart pattern. I believe MO once said that the price is the same in every time frame which led me to believe that trading opportunities are bound to appear no matter what time frame you use. So now, it’s a matter of finding the right balance between the cost of trading and the potential profit. Seconds time frame is too small while a 1 minute time frame is also still very small for me. This led me to use 5 minutes as the base for entry and 1 hour/ 4 hour for analysis and targets. Thus, the name Micro.
This thread will serve as my trading journal and also a place where I can get answers from other more experienced members.
So here’s my first post…
Trading the pattern is uber easy in a hindsight but when the chart is played out in real-time we’re bound to encounter false breaks and discarded potential patterns as the price move up and down. My first entry was short due to the quick bearish bias I had at that moment which I eventually held and closed for a profit of 19.9 pips. This works out at around 6R + because the stop loss was 3 pips (excluding spread was 0 pips at that time and commission at 0.3 in terms of pips). After that, I had 2 losing buy trades followed by another sell trade which I also held until closed at 16.5 pips / 5R+. And then I had a buy trade because I was expecting a W pattern to form which was then discarded by the chart painter lolz and so I switched to a sell bias after the pattern failed. The failed patterns cost me 2 buy trades. I closed the sell trade with a 10.1 pips profit (3R +). All in all, these come to around 15.5 R totaled, and with 4R lost I gained 11.5 R last Friday.
So what do you think guys? How did you trade EUR/USD on Friday's London session?
PS: I hope the forum will become vibrant once again.
edit:
I'm gonna put all the relevant links to the important posts (I think) for ease of navigating this thread:
READ THIS FIRST!!
post167289#p167289
BEFORE YOU START TRADING...
post162798#p162798
post163190?sid=583d367e5bd30bb3513c83ccc5b3e88d#p163190
Money management (Parlay)
post149754#p149754
post149806#p149806
post149814#p149814
NO SL trade and/or ALL IN trade ~latest addition~
post149356?sid=14922b5e84af9fe3bf7b388bd64787a6#p149356
post149381#p149381
post150357#p150357
post150434#p150434
post152724#p152724
post152747?sid=92fa85f192338b36fe3d56843c8acdd0#p152747
post153767#p153767
post156695#p156695
post160534#p160534
post160847#p160847
post164339#p164339
post165013#p165013
post165558#p165558
post165661#p165661
post166248#p166248
post167042#p167042
post167129#p167129
post167186#p167186 - The science (some of it) of NO SL and ALL IN trades.
post167810#p167810 added July 28, 2023
post167986#p167986 added July 31, 2023
post168045#p168045 added Aug. 03, 2023
post168053#p168053 added Aug. 04, 2023
post168070#p168070 added Aug. 04, 2023
post168071?sid=ec734ae339b08fad794dc135977be365#p168071 added Aug. 12, 2023
post168161?sid=628375f7e58f99b585405ec60389ca30#p168161 added Aug. 12, 2023
post168174?sid=628375f7e58f99b585405ec60389ca30#p168174 added Aug. 12, 2023
post168181#p168181 added Aug. 12, 2023
Anchor trade
post151013#p151013
post155857#p155857
post155948#p155948
post156097#p156097
post156660#p156660
post156761#p156761
post158349#p158349
Breakout trade
post154101#p154101
post154108#p154108
post154149#p154149
post154541#p154541
post154550#p154550
post155701#p155701
post156689?sid=056b715724b56e878779e07bf2a48811#p156689
WIL - What Ifs List
post155388#p155388
post155502#p155502
post155694#p155694
post158297#p158297
post159672#p159672
post167702#p167702 added July 26, 2023
post168180#p168180 added Aug. 12, 2023
post169885#p169885 added Jan. 04, 2024
Patterns (S/D, Western chart pattern)
post156009#p156009
post156010#p156010
post156099#p156099
post156145#p156145
post156318#p156318
post156346#p156346
post156386#p156386
post156695?sid=056b715724b56e878779e07bf2a48811#p156695
post156731?sid=056b715724b56e878779e07bf2a48811#p156731
post156779#p156779
post156818#p156818
post159855#p159855
Inside Bar
post157487?sid=12ffa7e3b509c2d0e93d233ad11a6a1a#p157487
London Bread Factory
post157782?sid=6fa624533029b9dc19ca48f8919f96d8#p157782
post158163#p158163
SW scalping
post158170#p158170
Catch the Tail
post158723?sid=bf43f79cd00bd02912366d6b085524f4#p158723
post158724?sid=bf43f79cd00bd02912366d6b085524f4#p158724
post158808#p158808
post158822#p158822
post167472#p167472 added July 22, 2023
post167702#p167702 added July 26, 2023
post167771#p167771 added July 28, 2023
Ghost Entry
post155315#p155315
post155412?sid=b0670f39c1fa3e43351c5833a623ae6b#p155412
post155422?sid=b0670f39c1fa3e43351c5833a623ae6b#p155422
post155440?sid=b0670f39c1fa3e43351c5833a623ae6b#p155440
post155442?sid=b0670f39c1fa3e43351c5833a623ae6b#p155442
post157484?sid=12ffa7e3b509c2d0e93d233ad11a6a1a#p157484
post159269?sid=e64525614335b53463d750327163bb41#p159269
post161443#p161443
post161836#p161836
Simplest bias
post158805#p158805
post158822#p158822
post158807#p158807
post169378#p169378 added Jan. 04, 2024
post169439#p169439 added Jan. 04, 2024
post169646#p169646 added Jan. 04, 2024
post169793#p169793 added Jan. 04, 2024
Strats 123 (% results shown)
post169994#p169994 added Jan. 04, 2024
post170010#p170010 added Jan. 04, 2024
post170029#p170029 added Jan. 04, 2024
post170034#p170034 added Jan. 04, 2024
post170046#p170046 added Jan. 04, 2024
post170050#p170050 added Jan. 04, 2024
Management
post159899#p159899
You can find the indicators that I used in this thread in this post:
post151670#p151670
Will be updated regularly.
I am really interested in support and resistance and pattern and thus the name (SUPport and resistance PAttern). I believe the price will move from one zone to another and along the way, it might form a trail in the form of a chart pattern. I believe MO once said that the price is the same in every time frame which led me to believe that trading opportunities are bound to appear no matter what time frame you use. So now, it’s a matter of finding the right balance between the cost of trading and the potential profit. Seconds time frame is too small while a 1 minute time frame is also still very small for me. This led me to use 5 minutes as the base for entry and 1 hour/ 4 hour for analysis and targets. Thus, the name Micro.
This thread will serve as my trading journal and also a place where I can get answers from other more experienced members.
So here’s my first post…
Trading the pattern is uber easy in a hindsight but when the chart is played out in real-time we’re bound to encounter false breaks and discarded potential patterns as the price move up and down. My first entry was short due to the quick bearish bias I had at that moment which I eventually held and closed for a profit of 19.9 pips. This works out at around 6R + because the stop loss was 3 pips (excluding spread was 0 pips at that time and commission at 0.3 in terms of pips). After that, I had 2 losing buy trades followed by another sell trade which I also held until closed at 16.5 pips / 5R+. And then I had a buy trade because I was expecting a W pattern to form which was then discarded by the chart painter lolz and so I switched to a sell bias after the pattern failed. The failed patterns cost me 2 buy trades. I closed the sell trade with a 10.1 pips profit (3R +). All in all, these come to around 15.5 R totaled, and with 4R lost I gained 11.5 R last Friday.
So what do you think guys? How did you trade EUR/USD on Friday's London session?
PS: I hope the forum will become vibrant once again.
edit:
I'm gonna put all the relevant links to the important posts (I think) for ease of navigating this thread:
READ THIS FIRST!!
post167289#p167289
BEFORE YOU START TRADING...
post162798#p162798
post163190?sid=583d367e5bd30bb3513c83ccc5b3e88d#p163190
Money management (Parlay)
post149754#p149754
post149806#p149806
post149814#p149814
NO SL trade and/or ALL IN trade ~latest addition~
post149356?sid=14922b5e84af9fe3bf7b388bd64787a6#p149356
post149381#p149381
post150357#p150357
post150434#p150434
post152724#p152724
post152747?sid=92fa85f192338b36fe3d56843c8acdd0#p152747
post153767#p153767
post156695#p156695
post160534#p160534
post160847#p160847
post164339#p164339
post165013#p165013
post165558#p165558
post165661#p165661
post166248#p166248
post167042#p167042
post167129#p167129
post167186#p167186 - The science (some of it) of NO SL and ALL IN trades.
post167810#p167810 added July 28, 2023
post167986#p167986 added July 31, 2023
post168045#p168045 added Aug. 03, 2023
post168053#p168053 added Aug. 04, 2023
post168070#p168070 added Aug. 04, 2023
post168071?sid=ec734ae339b08fad794dc135977be365#p168071 added Aug. 12, 2023
post168161?sid=628375f7e58f99b585405ec60389ca30#p168161 added Aug. 12, 2023
post168174?sid=628375f7e58f99b585405ec60389ca30#p168174 added Aug. 12, 2023
post168181#p168181 added Aug. 12, 2023
Anchor trade
post151013#p151013
post155857#p155857
post155948#p155948
post156097#p156097
post156660#p156660
post156761#p156761
post158349#p158349
Breakout trade
post154101#p154101
post154108#p154108
post154149#p154149
post154541#p154541
post154550#p154550
post155701#p155701
post156689?sid=056b715724b56e878779e07bf2a48811#p156689
WIL - What Ifs List
post155388#p155388
post155502#p155502
post155694#p155694
post158297#p158297
post159672#p159672
post167702#p167702 added July 26, 2023
post168180#p168180 added Aug. 12, 2023
post169885#p169885 added Jan. 04, 2024
Patterns (S/D, Western chart pattern)
post156009#p156009
post156010#p156010
post156099#p156099
post156145#p156145
post156318#p156318
post156346#p156346
post156386#p156386
post156695?sid=056b715724b56e878779e07bf2a48811#p156695
post156731?sid=056b715724b56e878779e07bf2a48811#p156731
post156779#p156779
post156818#p156818
post159855#p159855
Inside Bar
post157487?sid=12ffa7e3b509c2d0e93d233ad11a6a1a#p157487
London Bread Factory
post157782?sid=6fa624533029b9dc19ca48f8919f96d8#p157782
post158163#p158163
SW scalping
post158170#p158170
Catch the Tail
post158723?sid=bf43f79cd00bd02912366d6b085524f4#p158723
post158724?sid=bf43f79cd00bd02912366d6b085524f4#p158724
post158808#p158808
post158822#p158822
post167472#p167472 added July 22, 2023
post167702#p167702 added July 26, 2023
post167771#p167771 added July 28, 2023
Ghost Entry
post155315#p155315
post155412?sid=b0670f39c1fa3e43351c5833a623ae6b#p155412
post155422?sid=b0670f39c1fa3e43351c5833a623ae6b#p155422
post155440?sid=b0670f39c1fa3e43351c5833a623ae6b#p155440
post155442?sid=b0670f39c1fa3e43351c5833a623ae6b#p155442
post157484?sid=12ffa7e3b509c2d0e93d233ad11a6a1a#p157484
post159269?sid=e64525614335b53463d750327163bb41#p159269
post161443#p161443
post161836#p161836
Simplest bias
post158805#p158805
post158822#p158822
post158807#p158807
post169378#p169378 added Jan. 04, 2024
post169439#p169439 added Jan. 04, 2024
post169646#p169646 added Jan. 04, 2024
post169793#p169793 added Jan. 04, 2024
Strats 123 (% results shown)
post169994#p169994 added Jan. 04, 2024
post170010#p170010 added Jan. 04, 2024
post170029#p170029 added Jan. 04, 2024
post170034#p170034 added Jan. 04, 2024
post170046#p170046 added Jan. 04, 2024
post170050#p170050 added Jan. 04, 2024
Management
post159899#p159899
You can find the indicators that I used in this thread in this post:
post151670#p151670
Will be updated regularly.