EverythingForex
Long

TRADE: BUY@.72567 AUDUSD: Aiming for the triangle completion

FX:AUDUSD   Australian Dollar/U.S. Dollar
2556 14 51
This quick update to this last post is because price action has now started to form a POTENTIAL perfect Gartley pattern . It's C point is NOT set yet. Without any significant decline in prices, it's starting to look more and more like this triangle may complete. There's no upward signs that are confirming this yet but the picture is looking short-term bullish .

Because of this, and a very good R:R of 3-1, I am taking this quick trade for a possible +60 pips while risking only +22 pips. It could be a very short trade if prices go south from here and I'll drop a fast 20 pips but hey, no risk, no gain!

MY TRADE PLAN
Only looking to snag pips up to the completion of the Gartely and that upper TL. Not holding for a possible longer up move as I am anticipating the triangle. Stops go below the point 4 low of the triangle pattern .

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Is this still valid ? never reached point 5
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TSVM NorellBrown
It is still valid as far as i'm aware, as point A has not been violated.

Could the poster please confirm if this is correct?
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Don't take this the wrong way and don't think this reply is directed towards you and only you as there are others who read these comments and can learn from them. I don't know you and I don't know your experience level. But one of the things all novice traders MUST learn is patience and fortitude. Being impatient with a trade once you're in one AND being impatient WAITING for a good setup to appear before you jump in a trade are two of the things that just KILL traders!

Yes, this has NOT YET reached point 5. Not NEVER reached! Will it get there? I don't know. Can it still get there? Certainly. Has the trade been stopped out or the C point of the POTENTIAL bat pattern been violated? No. Is it at the lower TL of the POSSIBLE triangle? Yes. Has it violated that TL AND closed below it? No. Can it? Yes.

So is the trade still working? Yes. Trades are only closed when the stops are broken. And I don't EVER move my stops once set EXCEPT to lock in profits. PATIENCE. Either it will be profitable or it will get stopped out for a small loss. If you are too worried about the possible loss, then you should not be trading. Or you are trading with too large a lot or not enough money. Either way, you shouldn't be in any trade. To be a successful trader, you MUST NOT trade with emotions. With FEAR being the killer!
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NorellBrown EverythingForex
I never even entered this trade... I saw that it didn't reach point 5 on the current swing up and wondered if it dropped to the entry point again would it still be a good entry for the gartley. Thanks for the reply
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alright, time to get out and recover one of my bad trade...thats wat u get for going in when one eye opened during the night, messed up the numbers lol...will go into that short position in ur other trade
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LOL! One of my trading rules.....never get into a trade with one eye shut! Seriously though, never get into a trade on a knee-jerk reaction. ALWAYS evaluate and decide before you trade. If you are out of this long trade now, I would not suggest you get into the SHORT trade on my other idea now either. The reason for entry on that trade was for THAT trade. If you want to get SHORT now or soon, you need to find a new reason why you should get SHORT. You need to go through your trade protocols and not just jump in. That's what caused your last "bad trade".
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Do you (or any others) trade 'every' C-D leg?

If not, would anybody like to give any reasoning on as to why they do not?

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No, I do not trade "every" CD leg. The problem with trading a CD leg of a POTENTIAL harmonic pattern is that the actual pattern DOES NOT EXIST until the CD leg is completed. So in trading a CD leg, you are not trading a harmonic pattern. When you see me trade a "CD Leg", in actuality, I am not trading SPECIFICALLY the CD leg but am trading for underlying reasons that happen to agree with a price movement that happens to follow along the lines of a CD leg. What is useful in such cases is that I can use the D point completion as TP target.

So the short answer as why you "should not trade" the CD leg IN ITSELF is that the pattern you are trading that CD Leg off of DOESN'T EXIST. So if you are trying to trade harmonics patterns hoping to get that supposedly great success ratio, it ONLY applies to COMPLETED patterns. Not the trading the CD Leg. Remember, just because you can draw a valid harmonic pattern DOES NOT mean that it will be filled.

Hope that answers your question.
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TSVM EverythingForex
Thanks my friend, that's a fantastic answer, i do appreciate your opinion.

May i ask what the underlying reasons for this buy were? My guess would say previous structure support? I'm quite new to trading you see, and have been thinking about this for a few weeks. I do quite well with my harmonic patterns, but never understood why i did not trade the final leg of the pattern

Thanks again

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I'm not a "pure" pattern trader. I use patterns extensively in my trading but my tool chest contains a lot of things. For this trade, TL, Momentum, wave count, triangle, fibs, price action are just among the few things that alerted me to this trade. Of course, the presence of a POTENTIAL bat helps. But in general, just "eyeing" the chart based on experience alerted me to it first.
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