Gartley/Butterfly patterns

[arco]

Hi Peat

Nice going on Eur.Gbp

Kiwi
Yes, I'd also spotted that potential pattern, but with
a 618 B leg, I wondered if it might reach 1128/1618 before
turning. Just watching the 786/886 point now to see how it
reacts.

arco

[peat]

bit of volatility this evening ! bailed on teh Kiwi now, there were a couple of opportunites to exit in black but thought I would give it one more chance which it has now failed. so out -10
Dont see a convincing reversal happening

[peat]

me and my scaredeycatness hah, it went and gave a max of 40 pips not long after.
Never look back peat. ;+)

Eur$ did a gartley now so have shorted it

[peat]

Eur$ short closed +30

[Bilo]

Eur$ short closed +30

Nice call Peat but I was readingsomething that suggetsed that it would go for another 250 points....

[Bilo]

Eur$ short closed +30

Daily FX
www.dailyfx.com/story/special_report/special_reports/EURUSD_Correction_Is_Not_Over

hope this works
Do you cut and run with pennies or stick with it for the long haul??
Pay for Christmas dinner or risk having to pay?

[peat]

Hi Bilo
Firstly, great to see you post!

Re that report, hmmm seasonality as a trade strategy doesnt sit tooo well with me but I guess like they say something to be mindful of. And in contrast to that 250 further comment Max McK is saying Eur has corrected enough about now. So yeh different opionions all making a market
And looking back over last night now, yes it would appear I could of made more but as of now only a few more and a break even stop would have been hit! But hah didnt I say earlier to never look back.

Cut and run or hold is the eternal question - do I risk what I've got to try and make more ?
There are two conflicting sayings that spring to mind. 1/ Cut your losses and let your profits run, or 2/ No one ever went broke taking a profit. Of those I think the first is better advice. Some trades are going to lose , so the ones that win need to do significantly better to sustain a decent profitability, but yes its a failing in my trading I do tend to take profits too soon.
See this article "Partial Profits = Fiscal Folly"
http://www.traders.com/Documentation...assamonte.html

Trading Gartleys tho, or any formation for that matter, the initial profit objective is relevant to the size of the formation eg in this case it was quite a small gartley so its not realistic to think that its impact will be all that great. Other larger formations will increasingly come into play.

Oh, and to be honest (not the best reason really) I wanted to close that position so I could relax for the rest of the evening. I also knew I had a USD/CHF long (totally similar trade) which I held for another 15 minutes to 'keep me in for a few more'.

[Bilo]

Hi Bilo
And looking back over last night now, yes it would appear I could of made more but as of now only a few more and a break even stop would have been hit! But hah didnt I say earlier to never look back.

Cut and run or hold is the eternal question - do I risk what I've got to try and make more ?
There are two conflicting sayings that spring to mind. 1/ Cut your losses and let your profits run, or 2/ No one ever went broke taking a profit. Of those I think the first is better advice. Some trades are going to lose , so the ones that win need to do significantly better to sustain a decent profitability, but yes its a failing in my trading I do tend to take profits too soon.
See this article "Partial Profits = Fiscal Folly"
http://www.traders.com/Documentation...assamonte.html

Trading Gartleys tho, or any formation for that matter, the initial profit objective is relevant to the size of the formation eg in this case it was quite a small gartley so its not realistic to think that its impact will be all that great. Other larger formations will increasingly come into play.

Oh, and to be honest (not the best reason really) I wanted to close that position so I could relax for the rest of the evening. I also knew I had a USD/CHF long (totally similar trade) which I held for another 15 minutes to 'keep me in for a few more'.

Thanks PEAT for the long and thoughtful reply. With all the Christmas goings on it has taken me a while to respond.
Firstly, a Merry Christmas and a Prosperous New year to you.

The size of the formation - yes I must not forget that.
I have trouble getting out when profit is near a maximum, often i seem to lose half of it somewhere between the top and the exit, but I am getting better.
The worst situation for me seems to be when everything I see and read indicates that my position should be right but the market is going the other way - that is when I find it tough to cut and run. So the area of cutting losses is something I will work on....

[Bilo]

A nice formation could be developing with AUD/USD. 0.87 now. Will it go for 100 more points? Will I stick with it, or pack it in and go to bed??

[peat]

Eur/Chf
X=beginning of Dec 13th
A= Dec 18th
B=Dec 19th (perfect at 50%)
D hasnt quite happened yet but very close

and AB=CD


Merry Xmas everyone !!!