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Harmonic Trading
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Harmonic Trading

  #131 (permalink)
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Where is CL going? Only The Butterfly's Know

...with all the excitement and drama happening in the middle east, I was wondering where CL would be heading. Since the only "LEADING INDICATOR" I know is the Butterfly, why don't I give it a shot.

Go Go Go gentle butterfly...flap your wings

"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
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  #132 (permalink)
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rtrade View Post
...with all the excitement and drama happening in the middle east, I was wondering where CL would be heading. Since the only "LEADING INDICATOR" I know is the Butterfly, why don't I give it a shot.

Go Go Go gentle butterfly...flap your wings

Very interesting, but let me ask -- what is your entry point (price) and what is your stop? On this type of market you may need a 500 tick or 1,000 tick stop if you are going to try and hold for the 126.00 zone.

Mike

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  #133 (permalink)
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Big Mike View Post
Very interesting, but let me ask -- what is your entry point (price) and what is your stop? On this type of market you may need a 500 tick or 1,000 tick stop if you are going to try and hold for the 126.00 zone.

Mike

Hi Mike, I took your suggestion on this exercise...the Monthly chart is the projected profits, targets 1, 2, & 3. The 10 minute chart is the actual entry, 97.27...3 contracts exiting targets 1, 2, & 3 respectfully.

Well, I realized from my public trade calling on Eur/usd chat room that I would need at least 100k trading account to handle $300 swings. So I figured I would at least need a 1 million dollar trading account to trade this monthly...make it 3 million since I'm trading 3 contracts

As far a stop loss goes, well, it's more of a read exercise for me, but I would put at the C of the AB=CD.

"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
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  #134 (permalink)
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Hi;
very nice Educational thread and lost of info
Regards
Buddy

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  #135 (permalink)
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Tip


Harmonic Traders might want to join the Suri Duddella webinar tomorrow, Tue 14th @ 4:30pm Eastern:

https://futures.io/feedback-announcements/11072-big-mike-trading-2-year-anniversary-prizes-webinars-5.html#post126348

Ten autographed copies of his book will be given away during the webinar. You can also submit your questions and be part of the Q&A.

If you miss the webinar, it will be posted in our usual webinar archives section:
Trading Webinars, Trading Videos - Big Mike Trading Forum




Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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6)
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  #136 (permalink)
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gio5959 View Post
with all due respect, i hate to differ with you - using a simple tool like this will alert you as to what wave you are in - which is very important to the novice waver (macd will do the same with the same settings)

why use it;

to anticipate the entry of wave 3 - to anticipate the entry of wave 5

to stand aside in wave 2 - to stand aside in wave 4

with mtp there is also a strength meter to gauge the strength of the waves - but this can also be accomplished with the ma on the script from ninja

the confirming tool for any selfrespecting waver is the use of the plain jane stochastic with default settings

take care

ALSO, THE EWO can help distinguish between a wave five top of a greater degree wave three, and a wave 3 three

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  #137 (permalink)
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does this qualify?

Euro DOllar harmonic?
this for me would be the point of no return

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  #138 (permalink)
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there is a smaller bearish harmonic developing in the cd leg of one show above

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Harmonic Trading-bm2.png  

Last edited by MajorMagnuM; October 16th, 2012 at 06:47 AM.
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  #139 (permalink)
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If the confluence @ 1.3040 fails and price action smashes through it,
the next level of confluence that may provide good information is shown in the red circle
Here we have four lines, including a bc expansion and R2 pivot line for weekly.
the pattern, if it reaches the red circle, would be an imprecise butterfly,the ab retracement is not exact 0.786
the yellow circle would be a gartley of sorts.
Again the b point has not retraced exactly to 0.618 so the shape is not precise.
However, i am closing first long position at gartley prz, and holding other for butterfly

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Harmonic Trading-bm3.png  

Last edited by MajorMagnuM; October 16th, 2012 at 07:57 AM.
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  #140 (permalink)
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Conclusion. Looking at the h1/h4 shape, we have a prz around 1.3040, as represented by yellow circle
this is further defined by a prs on smaller timeframe that has same prz. ( yellow circle)

gotta worth watching the price action.......

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