Forex Chart Pattern Recognition technique on the Breakout System

[mystikal]

The real 60% sell window

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)

 

[dereka]

help!

helo,could the good traders in the house pleas explain what a sell limit is before its too late!

 

[onwukarisa]

only in breakouts???

Hello Mystikal,

I will have to say that your method of trading is very cool. i have been applying it and it has been working in my demo account with CMSFX.

Is this method of trading only applicable to breakouts? Cant you use this method when there's no breakout in the market.

Please reply

Onwuka Arisa

 

[mystikal]

Our 60% sell window(1.5936) triggered the sell limit on the EURUSD,which incidentally was

closest to the top of the retracement.
Remember,guys,picking tops and bottoms is risky so please dont try it at home.

1.5937-1.5842=0.0095
1.5872-0.0095=1.5777(target point)

Approximately 95 pips,$95 minilot,$950 standard lot was made during the New York session.

Traders that took the sell limit tip made close to 159 pips on that run on the new downtrend

of EURUSD.
Applying sell and buy limits with sell and buy stops in practical live trading would be

discussed in subsequent posts.
Ohh,before I forget, another tip...price might run up to 1.5830 before New York session this

Wednesday.


[quote author=Steps link=topic=1115.msg18347#msg18347 date=1216726693]
Pls whats the difference btw SELL LIMIT and SELL STOP/BUY LIMIT and BUY STOP

Could you start a thread for Forex Glossary
[/quote]

 

[mystikal]

We take another 60% sell window on the GBPUSD(my favourite) and make some dough out of it.EURUSD is too slow for my liking.
2.0075-1.9896=0.0179
0.0179*0.6=0.01074
1.9896+0.01074=2.0003( sell window).

1.9979 should be our first target point.
1.9963 should be oursecond target point

 

[mystikal]

Originally posted by forexgreenland:
[QB] We take another 60% sell window on the GBPUSD(my favourite) and make some dough out of

it.EURUSD is too slow for my liking.
2.0075-1.9896=0.0179
0.0179*0.6=0.01074
1.9896+0.01074=2.0003( sell window).

1.9979 should be our first target point.
1.9963 should be oursecond target point [/QB]

Originally posted by demons19:
[QB] Can you define "window"?
because while price is falling to your targets, it never did reach 2.0003 after you posted.

[/QB]

Hi demon19,quite an interesting name you got there..hope you can see from the charts that

price actually reached 2.0003 and even made a high of 2.0024 before falling to our target

points netting us a total of 40 pips,$40 minilot, $400 standard lot in less than an hour of

trading.It is already there if you have the eyes to see it and the confidence to take

ACTION!
Yumm Yumm!
Remember in live intraday trading, you must be very fast in making and taking decisions,

like a fighter jet pilot else the opportunity would lose itself.
Windows would be explained in subsequent posts.

Hello Mystikal,

I will have to say that your method of trading is very cool. i have been applying it and it has been working in my demo account with CMSFX.

Is this method of trading only applicable to breakouts? Cant you use this method when there's no breakout in the market.

Please reply

Onwuka Arisa

Thanks Onwuka, breakouts offer more potential for profits than range and consolidation trading. Thats why its more powerful during trend breakouts.Hope you understand.

 

[mystikal]

We have made close to 120pips from the triple bottom that has occured on the GBPUSD!
Is it a fluke that price has respected the 60% window and formed a range between 2.0003 and 1.9963 level, THRICE,AS PREDICTED?
Price levels that were projected before time,really, Random Walk Theory does not work in trading , neither does CHANCE.

2.0022-1.9906=0.0116
1.9952-0.0116=1.9836(target point from sell window)

 

[mystikal]

Originally posted by forexgreenland:
[QB] SELL WINDOW ON GBPUSD
2.0022-1.9906=0.0116
1.9952-0.0116=1.9836(target point from sell window) [/QB]

Price closed down TWICE on our 1.9836 target price, netting us 116 pips from our SELL WINDOW of yesterday,116 pips,$116 minilot,$116 standard lot on the GBPUSD.

Trading is more of an ART than a SCIENCE.

 

[onwukarisa]

Re: Consolidation

Hello Mystikal,

Please do you mind explaining to me the meaning of consolidation or range trading. i have googled consolidation but couldnt get anything reasonable.

Onwuka arisa

 

[mystikal]

It triggered early this morning and hit the first target at 13:52 BST.

Nice one forexgreenland - you magician!

Originally posted by

whistler:
[QB]

Originally posted by

jvaustintx:
[qb] Greetings forexgreenland,

i'm glad to see that you are back

and in good spirits! i hope all

is well for you. i must say

though that i am a bit confused

as to how to came up with the

target point .7354, okay, okay,

the truth is, i don't understand

how you came up with the buy

window either. sorry if i'm being

a pain, but i do hope you will be

kind enough to help me in

understanding.

please, help unroll what is a

mystery to me.



http://www.koolavatar.com/av

atars/misc/misc033.gif

[/qb]

I know you asked

Stallion but since I'm all

caffeinated and he hasn't

answered yet I will say what I

see.

his numbers:
0.7891-0.7446=0.0445
0.0445*0.6 =0.0267
0.7446+0.0267=0.7713

0.7738-0.7491=0.0247
0.7604-0.0247=0.7354( TARGET

POINT)

The highs and lows are a few pips

different on Oanda but anyway.

Looking for sell window in

downward trend.

.7891 is the high on June 3
.7446 is the low on June 13
difference is 0.0445.

60% retrace is .6(0.0445) =

0.0267
add that to low = 0.7713 the 60%

entry point

I'm not sure how he got the

target but when taking .8 times

the difference between high and

low it's close to his.
.8(0.0445) = .0356
.7713 - .0356 = .7357

[/QB]

Originally posted by

batangas:
[QB]

Originally posted by

forexgreenland:
[qb] GBPUSD (CABLE) IS ON A 1-2-3

BOTTOM FORMATION, SO WE BUY AT

1.9810,
STOP LOSS @1.9770,
1ST TARGET POINT @ 1.9887,
2ND TARGET POINT @ 1.9915

[/qb]

Call posted Jul 30,

18:59 NY time. GBPUSD bid dropped

to 1.97794 around 0100 Jul 31 NY

time, 9.4 pips above the stoploss

(Oanda min/max chart). Almost

stopped out but profit targets

reached.

Seem to be doing pretty well so

far. Let's see you stay

profitable for 6 months,

forexgreenland.
Many beginners have made

spectacular gains for just a few

months, but if a trader stays

profitable for a lot longer than

that, then it might, possibly, be

something to rightfully hold

one's attention, like you must

know if you've traded very long.

But I enjoy seeing live calls,

the longer period of time they're

done, the better. [/QB]

Hope you guys enjoyed my weekend

gift that netted more than 105

pips,$105 minilot,$1050 standard

lot on the GBPUSD IN LESS THAN

24HRS this friday. Price moved

from our initial entry point of

1.9810, then rocketed up to

1.9887, then gave its coup de

grace beyond 1.9915. Yummy

yummy...
Lots of moolah on the table just

begging for some alert trader to

come pick it up! Using the sell

window would've added total pips

to more than 200 in the bank.Too

bad my broker is giving me quit

notice before his platform gets

bankrupt.Is it my fault?All is

fair in love and war,isnt it

?

Well,jvaustinx,whistler has said

it all..just go over the thread

and check the charts and see how

it goes.Mind you, nothing in

trading is cast in stone and the

''Holy Grail'' is yet to be

found.Understanding market

behaviour would go a long way in

helping to make real money off

the forex markets.

Hi,batangas, I take it you might

be from Indonesia or Malaysia in

South East Asia...Hows it going

over there? Hope you made some

pile of dough from that live

call..Remember,nothing in trading

is 100% perfect. That is why the

main goal of a trader is to

maximize profits and minimize

losses in order to achieve his or

her objective.
Assuming we got stopped out due

to wrong timing,not wrong

strategy, we would have still

gotten gains from that call,by

subtracting our 40 pips from our

net profits of 105 pips,which

would have left us with 65 pips

or more.Professional traders call

it ''testing the waters''..before

scaling in..Thats one of the

reason for 1st and 2nd target

points. Timing is of the essence,

that is why PATIENCE is a virtue

in trading.
I wish everyone a happy weekend

and more pips ahead.
Stallion