Forex Chart Pattern Recognition technique on the Breakout System

[mystikal]

Sell stop on GBPUSD @ 16580...1st target @ 16495...2nd target @

16465....sl @ 16650...

I'm a bit shady on where to place targets (and perhaps everything

else!)... Perhaps a bit of help?

Here is my thinking on the EURUSD today...

Low on 02/06/09 @ 09:50, 1.4105; Top today @ 07:50, 1.4339.
Short at 1.4177, with stop loss @ 1.4219. BUT where to put my target? at the height of the

top/bottom below entry, i.e. 1.3985, or at 60% of this, i.e. 1.4037?

If someone can tell me how to put charts up, I can... will probably make this a lot

easier!

Helloo mon ami...since no one has bothered to lend a hand, maybe we might get a little

enlightenment here...Eurodollar,EURUSD is like a cousin of GBPUSD...

Students of the CHART PATTERN PROJECTION STRATEGY would have like 3 answers to your

question...

1 Your sell entry at 1.4177 was kinda risky, because by fibonacci rules,price usually turns
around at the 60% retracement..the high of the candle where the thumb sign is, would've made

a good buy entry...

Also,shorting @ 14281,around 9.15am wednesday,below the low of the 'top' would've been much

better,where you ride it down to 60% level,which is yur potential target...the risk to

reward ratio of your original entry wasnt really encouraging...


2 or by using the triangle pattern,

1.4326-1.4161=0.0165
1.4281-0.0165=1.4116(target point)

you might have still taken the risk and gone for a downside target of 14116..

remember ,entering a trade without knowing,to a fair extent, your targets or exits, is like

travelling without a map..Lost part 2..

Dis is the part I like best...its surreal..out the blue, mystikal got pips appeal..brokers

use to go ill..you gone see how we project on the screen,for real..


we could see a 123 bottom on the EURUSD...we buy above '2' for a 1st target of 14205..

1.4162-1.4117=0.0045
1.4160+0.0045=1.4205(1st target)

2nd target shoud be around 14225...while 3rd target around 14250...

Hope you understand...amigos...just an example...remember no 100% perfection n life, as well

as trading..

The new book explaining these hard hitting strategies is coming out soon...until then, keep

reading and stay tuned.....

 

[Wildpips]

Cool Thread

Hey mystikal

Nice thread , will be following all updates here. thanks!

 

[ifortune]

25-150 pips daily with breakout system

I got +1300 Green Pips for the 1st week of July'09 with 5-6 pairs.
Please check this blog's Ifortune's Blog

 

[Para47]

Hi Mistikal

You are not to be seen now. I started recently and went through your posts. Why dont you continue and give possible indication of your plan before executing? I mean, before a break out if you can give your planned entry points it could be a possible signal and we can study the pattern also,

THANKS FOR YOUR ALL THE POSTS ANYWAY.

 

[mystikal]

We put a sell stop on GBPUSD @ 1.5220
1ST TARGET @ 1.5145
2ND TARGET@ 1.5127
3RD TARGET@ 1.5068
STOP LOSS @ 1.5285

Greetings, Folks,
It is good to be back again. At last the First Edition of the bestselling book, ''Review of
Strategic Tips on Milking the Forex Markets'' is out!
This 110 page manuscript exposes the secret blueprint behind my Chart Projection Strategy that was used to predict the 2008 global economic recession.
It shows where the market prices are going and how far it takes, through the use of chart
patterns. Whether you are looking for 10 pips or more than an 100 pips, the Chart Projection Strategy would take you there.
It also shows how you tap into your ''Holy Grail'' in the psychology of trading by the
application of the Silence.
Never-before-seen excerpts from the Conversations With Forexgreenland is also included for both new and experienced traders and investors that would blow your mind!

Download the ''Review of Strategic Tips on Milking the Forex Markets'' on Kindle and Lulu

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Please feel free to send your comments and questions...

God bless..

 

[mystikal]

Helloo folks,
On Wednesday, we saw the cable (GBPUSD) yield up a total of 93 pips through the second target

@ 1.5127.

Greetings, Forexgreenlanders,

We put a sell stop on GBPUSD @ 1.5220
1ST TARGET @ 1.5145
2ND TARGET@ 1.5127
3RD TARGET@ 1.5068
STOP LOSS @ 1.5285

MACD had a bearish convergence with price which gave us a clue that the cable was going down. Support was already broken at that point and it was a free fall of 93 pips that we had.

This Friday, we are seeing GBPUSD MOVING DOWN YET AGAIN, AFTER A BULLISH RUN UP...WHAT IS TO

BE? TO BE OR NOT BE?

Sell stop on GBPUSD @ 1.5310…..

Review Of Strategic Tips On Forex Signals In Forex Forum

 

[mystikal]

This Friday, we are seeing GBPUSD MOVING DOWN YET AGAIN, AFTER A

BULLISH RUN UP...wHAT IS TO

BE? tO BE OR NOT BE?

Sell stop on GBPUSD @ 1.5310
1st target @ 1.5295
2nd target @ 1.5265
3rd target @ 1.5235
stop loss @ 1.5350

Hello folks,
Before the opening of the forex markets today, we saw price making an

intermediate high of 1.5324, 26 pips less than our stop loss loss at

1.5350. Monday morning saw GBPUSD dropping a bearish gap beyond our 2nd

target of 1.5265, tearing down even beyond our 3rd price target of

1.5235.
That made us approximately 75 pips~ $75 minilot,$750 standard lot on

the cable.

The head and shoulder pattern was used to generate 75 pips on

Friday/Monday..

So how do we project those head and shoulder price

targets for profitable trading?

Study Chapter 1 of the Review of Strategic Tips on Milking the Forex Markets book

 

[mystikal]

well said

Pinnacle of Profitability: The "Being" State of Mind
A successful trader almost instinctively knows how to make a trade using the best method available for the current market trend and/or condition. This ability does not occur overnight. It is only accomplished through perseverance, knowledge of various trading methods and learning which one works given a particular market condition.

No trade is ever a "sure thing". However, a profitable synchronicity almost naturally occurs when you are faced with a potential trade, have a feel for the current market trends and condition


How about

-- do you think collection personal statistics is useful using the stmt
what KPI , we have to do the simple formula on the statistic

-- how about datamining -- say one column means SUCCESS -- how to define this success formula -- of course, not +ve mean success and vice versa [not that simple]

-----

Hello Stallion, congrats on your new book in town.i spent the entire weekend going through it and was impressed by the info you gave out.now I want to see if your chart projection prices can be inculcated on a robot or expert advisor. I’ve a masters in software programming and very keen on transposing your strategy in a mechanical way for trading.

Hi xx3 and Kissinger, It seems your questions borders on using the discretionary system of the chart projection strategy for robots/expert advisors/mechanical trading. You see, the essence of a discretionary system is the ART of it, not really the science. In art, I mean, getting to see patterns where 80% of traders are not able or trained to see and take advantage of. It is not like 1+1=2, kind of mechanical trading.. it is more of a 1+1=11 kind of esoteric trading.

You have to get to the point of mastery in which you can wake up in the morning, go straight to your charts, and know, to a considerable extent, where and how far price is going. Like a fighter jet pilot weaving his plane in evasive action or a ship captain navigating his vessel adroitly after ‘’smelling’’ the trends of the ocean currents.

Statistics and data mining is okay when you are trying to track your performance, but mastery of your market intuition for optimal trading performance is much more essential.


Sell stop on gbpusd @ 1.5160
1st target @ 1.5118
2nd target @ 1.5075
Stop loss @ 1.5210

 

[mystikal]

Sell stop on gbpusd @ 1.5160
1st target @ 1.5118
2nd target @ 1.5075
Stop loss @ 1.5210

Helloo folks,first of all, I want to express my condolences to the

family of our late President of Nigeria..Alhaji Umaru Yaradua. Also to

the family of Dagrin and also to those that have lost their loved ones.

May God give them the strength and fortitude to bear their loss, and

move on to greater heights..


Having said that,GBPUSD is having a roll on the bearish dust for a

couple of days now. More than 85 pips,$85 minilot,$850 standard lot was

made on that call. And it is still declining....

 

[mystikal]

Buy GBPUSD @ 1.4813
1ST TARGET @ 1.4853....
Review Of Strategic Tips On Forex Signals In Forex Forum