You're saying you bought up high....and closed out that buy "low" and made a profit? Did you mean that you shorted up high and took profits lower? Just trying to confirm. Thanks David.

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Its live!

I just bought it, and yes, where it says so, just watch haha..

David

David, hey thanks for clarifying. I appreciate it.

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Nearly there,,

I didnt know whether to go to the line exactly, the little shoulder like hump in accordance with my "pip perfect beliefs" but allowed a pip just to be on the safe side.. I'll tell You more in a moment..


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Good Morning


Aha, success.

I cut my teeth on these patterns, mainly in the GBP/USD pair but nevertheless they are always so pip perfect that I struggle sometimes to know how any financial instrument with trillions worked through it each day could be so flippin' so... yet to perform one live and without a stop loss and still sleep at night is "the proof of the puddin" I 'spose.

I have this crystal ball on my desk that glows and twinkles when these are about ~ its been very busy just lately.

David
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Hi mildredthecat, could you explain what is the pattern exactly. And why in the first post you bought and you put "Profit take here" lower.

Also how many pips did you made, in the last post it seems that you got like 10 pips. But it went much higher minutes later.

Thanks

Sure thing ebravo,

The patern I shall leave for You to figure Yourself.. where would the growth be if I were to tell You that?!

The "Take Profit" represents the target being lower than the purchase line and therefore I "shorted" it. If You mean the lower purple line well that was my forecast of pip perfect target but I allowed 2 pips for safety. Unnecessary as things transpired but hey ho.

The numbers are small in print but actually read:

Purchase @ 1.4283

TP @ 1.4257

The difference is therefore 26 pips and the holding was $21K being a $55 gain.

Yes it went higher after as I knew it would and had I wished to stay up later whilst the market was already much asleep then I would have positioned for that then.

Nevertheless, always nice to wake up with more wonga than when You go to bed is it not?!

Thank You

David

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Guess what happens next....



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VOILA!!




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Did you based your trade only on that pattern, or there was other confirmation?

The pattern looks to me like a double bottom, but you talk about Head and Shoulder, so I don't know. I'm not expert, so it is not very clear to me. And where the Weekly chart comes in?

Thanks again

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Discuss the GBP/USD with a DailyFX Analyst

See which way it closes beyond the pattern, and you have your direction. The eventual "minimum" target are where the black lines end.

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The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.

Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com

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Hi again,

The pattern is clearly shown in the picture that I had archived from my earlier schemings and plannings.

Or at least the build up of it is. I am working it as we speak,

There are always patterns within patterns and this is itself part of something much larger, simply put and going upon what the other posters are saying in the main it hasn't been seen... and if I dare say so then it seems that many do not wish to see it for it breaks there existing thought processes and ideas of what they believe to be happening.

As I explained to someone else in one of my first posts, I trade from "known patterns" and whilst they may be "known to me patterns" then that is probably all that matters since we all endeavour to do that anyway.

I may not even know the correct terms for as I have also said before it was God who taught me Forex Trading and still does. Often He tells me what is happening so maybe I have an advantage.

He says:

"It is not that I do not speak to You All and all of the time for in truth I do. The question is not 'To whom do I speak?' but 'Who is listening?' "

Hope that helps my friend.

David
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Thanks Sean,

I dont trade that pair as it happens but do appreciate the indicator. Is that 100% accurate every time?

David

i wouldn't say that any charting pattern is 100%. But Of all the chart patterns that I've ever traded, this one has been "the most faithful" and most predictable upon the breakout.

The triangle that broke out in gold is going nicely and this hourly one should as well.

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The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.

Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com

Looking again at this my friend, Your "double bottom" determinations are within a few minute time frame. That is no way to trade.

Mine is based upon 12 months or so, and the pattern within the pattern since the 1st Sept.

Once one knows what is happening within the MACRO the MICRO is easy. Ripples make waves of greater size, and great waves when they fade return to ripples.

Blessings,

David

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