Forex Chart Pattern Recognition technique on the Breakout System

[mystikal]

1.9668-1.9428=0.024
0.3 * 0.024=0.0072
1.9428+0.0072=1.9500(sell window)

Hi forexgreenland,

did you use the 60 percent retracement for the above as well?

Helloo masif,well I was tempted to use the 60% sell window or retracement as you called it but looking at price action going on that friday, looked to me that the 30% sell window would have been much more realistic, even addind 20 pips more to it. Maybe traders were overly cautious of the notorious Black Friday the 13th or whatever mumbo jumbo its called. Even at that, we noticed price depressed down below the low(B) at London news session, tearing off stops before going upwards to the 30% sell window of 1.9500.

Though it eventually hit the 1st target point of 1.9520 this Monday, it was just too close for comfort. Too bad we ran into the begining of a 1-2-3 bottom before price took off.So we should be looking for the 2nd target to be hit if you are already on that pair.

I will like to know how you do choose your points in your diagrams. that is your point A and B. can i just choose it randomly

Well, onwukarisa,I must say that the random walk theory does not usually come into play in the markets neither are there randomness in price action. The points(A and B) that you see on the chart diagram is taken from the highest high to the lowest low of price movement.from there, you can apply your buy and sell windows.
Please understand the buy and sell are synonymous to the fibonacci retracement levels which tend to work amazingly if you know how to use it dynamically as price moves along. Due to the fact that different traders have different levels of skills and know how, that is why it is simplified as BUY and SELL windows

 

[mystikal]

Hi folks, what happened yesterday Monday...well, price on the GBPUSD went past the 30% window of 1.9500 and rocketed up to the 60% window of 1.9644 which yielded at least 144 pips on the table. If our sell window projection is correct, we should see price retracing back to 1.9555 level. News on the UK CPI would make a significant impact on fueling that downward drive, or if greater than expectations,continuing its previous upward trend. European time would tell us what to expect.So we keep our fingers crossed, shall we..

1.9800-1.9409=0.0391
0.6*0.0391=0.02346
1.9409+0.02346=1.9644(60% sell window).

 

[mystikal]

Hi folks, what happened yesterday Monday...well, price on the GBPUSD went past the 30% window of 1.9500 and rocketed up to the 60% window of 1.9644 which yielded at least 144 pips on the table. If our sell window projection is correct, we should see price retracing back to 1.9555 level.

1.9800-1.9409=0.0391
0.6*0.0391=0.02346
1.9409+0.02346=1.9644(60% sell window).

89 pips,$89 minilot,$890 standard lots made for teusday.

Forexgreenland, 2 great calls in a row. Nice work.

Thanx,Stuart... though nothing is 100% perfect in trading..You win some ..you lose some...but as long as you GET the reasoning behind price movements, you make your money with your honest forex broker.
At forexgreenland..we make nothing but the hits...
Nothing but the hits...
Nothing but the m-u-t-h-a-f-r-e-a-k-i-n-g h-i-t-s ..:thumbsup:

 

[onwukarisa]

hello mystikal ,

When you said the high and low , are you refering to that of the previous day or the current day? Please reply

thanks

 

[mystikal]

Current day is more better,onwukarisa...

So what happened early dis morning on the gbpusd? We saw a 1-2-3 top formation which signified a downward bias and netted us some 67 pips on the table..

1.9786-1.9719=0.0067
1.9743-0.0067=1.9676

forexgreenland, this system/method is very interesting indeed, is there anywhere or can you recommend how I may learn it?

Just to understand the above diagrams correctly, did you go long on Mon 16th make 144pips, then short today to make 89pips?

Forgive me if i have got this all wrong :$

yes, jus like a Beethoven cantata,,,flowing like a river.

 

[Jimmy1]

Pattans recongnition

Hi Friend,
Well Mystikal I believed you have don a great deal of research here, Please I want to try your system and can you send it to me as you said.
Thanks,
Jimmy1
forexjim@gmail.com
An FPA forum Member.

 

[tazmaan]

Hi Mystikal,
Since FPA decided to send out a mass email notifying all of us about your system as well as a few others, can you give us a hint on how to participate? From the posts it seems there is a chat room or trading room? How do we get the training or signals from you and your wonderful system?
Thanks!

 

[alvin050]

alvin050

Hi Mystikal,
Agree with tazmaan, would like to participate in your system and have more information, if you dont mind. Thank you!

 

[coley]

i would like to participate in your system

would like to participate in your system and have more information, if you dont mind. Thank you!

 

[winkannaa]

well! seems to be gud. but i am totally confused. you have given all the charts which shows the one you have finished already. but with this how can i learn to trade. if you can teach us the setup or provide us the chart and indicators you use with the explanation, it would be fine. what you have shown here are like testimonials. its not real time trade setup. so please teach me the process.