Forex Chart Pattern Recognition technique on the Breakout System

[maxcruiver]

Please clarify

Hi folks, been a while since I've been on and its all good. Today, we had a buy signal on the GBPUSD which netted us approximately 89 pips,thats $89 on a minilot and $890 on a standard lot in less than 3 hours on a Wednesday morning. Hope you'all grabbed those pips,fellas.

Hi mystikal, I'm very interested in your trading method and would like to learn more from u. Hope u could continue posting and helping newbie like me. Thank you for your contributions.

There is a post which i don't quite understand and need your help! Please take a look at the chart i posted, I understand that u took the difference of the pips from point A to point B and calculated 30% buy window from it. But as we can see if we place a buy stop order at 1.9556, the order would have been triggered as shown in the blue circles for two times and went down to the stoploss at 1.9520 as shown in the orange circle before heading up to become a profitable trade. But u mentioned that you had netted 89 pips from this trade which i don't quite understand how u could make it. Hope you can explain...
Thank you.

 

[mystikal]

[11:34:20] Stalion : BUY STOP ON GBPUSD @ 1.9556,STOP LOSS @ 1.9520,TARGET POINT @1.9645

Hi folks, been a while since I've been on and its all good. Today, we had a buy signal on the GBPUSD which netted us approximately 89 pips,thats $89 on a minilot and $890 on a standard lot in less than 3 hours on a Wednesday morning. Hope you'all grabbed those pips,fellas.

Foxgreenland, I take it this hasn't been hit yet?

Hi,Stuart,in intraday trading, timing is of the utmost importance.It has already been hit in the chatroom as it was posted onto other forums, including this one. Sorry though, but due to time constraints in writing it out,it might not be on-the-spot.But if perchance you see it early enough, you can use it as long as your risk to reward ratio is favourable to the trade.
In this instance, the risk to reward ratio is approximately 2:1...that is, you are risking 36 pips to make 89 pips.
Feel free to ask any questions or make comments.

Hi maxcruiver, thanx for your mail. If you noticed, the time that signal was posted was around 11.34 a.m...which would have precluded the first 2 trades that you claimed would've been stopped out. By buying around 11.34 a.m at that time, you would have still made your 89 pips.Its all about risk to reward ratios(risk management) and timing which we would address in our subsequent posts.

 

[mystikal]

52 pips,$52 minilot,$520 standard lot using Risk to Reward Ratios

Hi folks, how you'all enjoying this lovely weekend? Glad to take a break from trading and do some relaxation, and maybe a working vacation. In Nigeria, we call it an extended siesta.

[08:37:55] Stalion : BUY GBPUSD @ 1.9782,STOP LOSS @ 1.9747, TARGET POINT @ 1.9869

So, like we said, risk management is very important, which is amongst the 3 pillars of trading, STRATEGY AND PYSCHOLOGY. They are like the tripod of live tripod. The best traders win 40 to 60 percent of the time and scale in their winnings in order to maximize profits and minimize losses.

At the time we bought at 1.9782, we were at the begining of a 1-2-3 bottom and got stopped out at the 3 point level(lowest low). Price then started moving back up to our projected target point from 1.9869 up to a high of 1.9957.

From our risk to reward calculation, if we risk 35pips on our first foray, we are willing to be rewarded with 87 pips as our reward.
Reward=Target Point-Entry Point=1.9869-1.9782=87 pips
Risk= Entry Point-Stop Loss=1.9782-1.9747=35pips
Risk to Reward Ratio=87/35=1:2.5
A 2 to 1 risk to reward ratio is very prudent when calculating whether to enter a trade or not, and whether the risk is commensurate with the reward.
Eventually, even after losing 35 pips on the first entry, we still entered and made a killing of 87 pips, which neeted us a net profit of 52 pips.
87pips-35pips=52 pips.($52 minilot,$520 standard lot)
Remember,folks, Patience is a virtue in trading, that is how seasoned traders make money.Like the Panther.
.

I have just found this thread and it looks like it is just what I am looking for. Thanks for posting forexgreenland. How do I join the chat room or find more information about this method of trading?

Hi DMX,howz it going? Just google ''forexgreenland'' if you want to join the chat room.Just abiding by the rules of this forum,mon ami.
As a trading coach, I offer one on one trainings and expositions on these strategies and techniques in live forex trading. This method of trading is more of a discretionary and proprietrary system that is a conglomeration of diverse strategies molded by experience and years of practice.
Please feel free to ask any questions or make any comments

 

[maxcruiver]

Can I trade this?

Thanks for your reply. Can u pls take a look at the chart below, can I take the trade? Is the 60% buy window(entry point) calculated correctly?

 

[mystikal]

Thanks for your reply. Can u pls take a look at the chart below, can I take the trade? Is the 60% buy window(entry point) calculated correctly?

Hi, Max, thanks for your mail...Am glad that least someone is getting the hang of it...You could take the trade but am not sure whether 2.0040 would be a minimum target but who knows, you might score..
From my calculations, the minimum target price might get to before retracing on the GBPUSD is 1.9955. Lets keep our fingers crossed,shall we?

1.9910-1.9824=0.0086
1.9869+0.0086=1.9955

 

[maxcruiver]

Hi, Max, thanks for your mail...Am glad that least someone is getting the hang of it...You could take the trade but am not sure whether 2.0040 would be a minimum target but who knows, you might score..
From my calculations, the minimum target price might get to before retracing on the GBPUSD is 1.9955. Lets keep our fingers crossed,shall we?

1.9910-1.9824=0.0086
1.9869+0.0086=1.9955

Hi Mystikal! I'm glad that there's a helpful guru in here to teach newbie like me! Am keen to learn more from u..
I'm still curious how did u get the numbers 1.9910 and 1.9824? There's no swing high or swing low on these levels, at least on my chart. Or is your broker data different than mine?
Also,
1.9910-1.9824=0.0086
0.0086*0.6 (60% buy window)=0.00516
1.9910-0.00516=1.9858
or
0.0086*0.3 (30% buy window)=0.00258
1.9910-0.00258=1.9884
none of the numbers match 1.9869, therefore i'm quite confused how did u get the number. Or was there any mistake on my calculations? Please direct me.
Could u please post a chart to show a clearer picture too? Thank you again...

 

[mystikal]

89 pips,$89 minilot,$890 standard lot on GBPUSD USING 60% BUY WINDOW

Hi Mystikal! I'm glad that there's a helpful guru in here to teach newbie like me! Am keen to learn more from u..
I'm still curious how did u get the numbers 1.9910 and 1.9824? There's no swing high or swing low on these levels, at least on my chart. Or is your broker data different than mine?
Also,
1.9910-1.9824=0.0086
0.0086*0.6 (60% buy window)=0.00516
1.9910-0.00516=1.9858
or
0.0086*0.3 (30% buy window)=0.00258
1.9910-0.00258=1.9884
none of the numbers match 1.9869, therefore i'm quite confused how did u get the number. Or was there any mistake on my calculations? Please direct me.
Could u please post a chart to show a clearer picture too? Thank you again...

CLASSIFIED
REMEMBER THE PANTHER..
NEED I SAY MORE???

 

[mystikal]

Sell Stop On Gbpusd @2.000, Stop Loss @ 2.0035, Target Point@ 1.9947

 

[maxcruiver]

Which trade would you take?

Hi Mystikal, seeking for your professional opinion , hope this doesn't bother u! Looking at the chart posted, which trade would u take?
60% sell window @ 1.5889(red) from point A to point B?
or
60% buy window @ 1.5836(green) from point B to point C?

 

[mystikal]

Greetings,stallion,after going throrough this your threads i wonder y

avent got this information for years now you should just write a book and be forex talk show

host.beats me what you still diong in nigieria.av a question to ask you from wat you

teach,if the target is off some pips like 1to10 pips,how do you go round it.how do you avoid

that from turnin the profits to loses.i like ur style.

[14:27:53] Stalion : SELL STOP ON GBPUSD @2.000, STOP LOSS @ 2.0035, TARGET POINT@ 1.9947


Hi Merlin,nice question.We had a target of 1.9947 where price actually made a low of 1.9956,

which was 9 pips short. The beauty of the CHART PATTERN RECOGNITION AND PRICE PROJECTION

TECHNIQUE is that you get to know the DIRECTION of price and HOW FAR it might go in that

direction on the charts.9 pips short out of the 53 pips targeted on that move.So if you want to ''go around it or avoid turning your profits to losses'', you do the opposite of SCALING IN. As in, after you've gained 20+ pips on that move, you start withdrawing your lots and LOCKING IN YOUR PROFITS.

Assuming you started with 3 minilots, you first close out 1 minilot as price is 20 to 30 pips in your favour,then a second minilot as price goes another 20 pips in your favour and so on.

Alternatively, you can use trailing stops after when you are close to 10 to 20 pips within your target, which ensures your previous profits are locked on.
Hope you understand.

Hi Mystikal, seeking for your professional opinion , hope this

doesn't bother u! Looking at the chart posted, which trade would u take?
60% sell window @ 1.5889(red) from point A to point B?
or
60% buy window @ 1.5836(green) from point B to point C?

Hmmm....Max, max, max....tsk,tsk,tsk,tsk,,,good old max....
Well, you see, the real 60% sell window is at 1.5936 where you take the trade or you wait until price reaches that level then place a sell limit on it.

1.6038-1.5783=0.0255
0.0255*0.6=0.0153
0.0153+1.5783=1.5936(60%sell window)