ataata Posted February 8, 2011 Report Share Posted February 8, 2011 Hello my friends, there was a very interesting conversation about certain method on this forum. And because certain name was mentioned the threads were switched off. For all you who are interested about these interesting M W patterns you can find it for free on these adresses: http://strategy4forex.com/trading-on-the-forex-graphical-models-and-patterns/potterne-dragon.html http://www.scribd.com/doc/8331452/Dragon-Pattern I hope we can talk about these method without mention off certain person or method, because it is a big possibility that then these thread will be switced off too. Somebody told me that this pattern is very familiar betwen market makers ;) ianf0ster, ⭐ Gambler67, dhinesh89 and 8 others 11 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 Have you try trading with this? So easy to understand. Ha ha ha ... How you got to know this article? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
ataata Posted February 9, 2011 Author Report Share Posted February 9, 2011 Yes I have tried. I got some nice peeps :)... But If you add to dragon pattern asian chanel on 15 min TF you will almost get a seminar which is worth 5.000 USD :) . OK I also like to add Bolinger bands to see a forming of second wave of W or M pattern (it most be inside BB). Jekyllheckler and chankl78 2 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 Interesting.. Let's see.. if EG is now at the top of the trend in M15. http://i52.tinypic.com/znrbmf.jpg Let's see if it comes down.. Wa ha ha ha... Using the theory, been in this stupid trade for more than 4 hours. still ranging. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
ataata Posted February 9, 2011 Author Report Share Posted February 9, 2011 This method is better to use on 15 minute time frame, when the price is outsite the asian chanel. look here: http://www.forexfactory.com/showthread.php?p=4384424&posted=1#post4384424 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 never realise you in that thread as well.. Ha ha ha ha.. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
ataata Posted February 9, 2011 Author Report Share Posted February 9, 2011 :) it is interesting method, jou must wait for extremes ( pa outside Asian chanal), I add BB to see the lower top or higher botton, inside the BB and then break of line. Then you can add to your possition if it goes into your way. But these is another story :). Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 You r good. Just got in my GJ.. Still in trade. http://i52.tinypic.com/2vs1dsy.jpg Thanks. What is yr setting for BB? Default? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
ataata Posted February 9, 2011 Author Report Share Posted February 9, 2011 period 21 shift 1 deviation 2 chankl78 1 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 Very interesting with BB. Seems that you can see lots of things from there. How do you set your take profits? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
ataata Posted February 9, 2011 Author Report Share Posted February 9, 2011 You can use for exit rules when PA close above belowe non lag MA or you can use BB trading rules (when PA hits oposite BB, when PA close inside BB bands...), or you use stohastics... there are not stricly rules because I like to watch PA - so I also watch at S&R at larger TF. :) Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 9, 2011 Report Share Posted February 9, 2011 ok.. Will work it out tomolo london opening.. Thanks for your help. Hahaha.. Interesting. Already got 3 trades profits. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 :) it is interesting method, jou must wait for extremes ( pa outside Asian chanal), I add BB to see the lower top or higher botton, inside the BB and then break of line. Then you can add to your possition if it goes into your way. But these is another story :). How do you add position? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
soundfx Posted February 10, 2011 Report Share Posted February 10, 2011 Hi ataata, Good idea starting this thread :) One thing I've spotted with W and M patterns particularly in the FF thread you posted is that folks are guessing that pattern may be forming and getting into a trade far too early only to get burned. I've also seen some posts where there hasn't really been a big enough move to warrant trying to find a W or M formation. The patterns occur on any charts you look at, though because they appear at tops and bottoms, it's best to look for them on the lower level charts (15m, 5m or 1m) unless you want to wait days for a trade signal. The best way to trade them I've found is to look for M formations at the top of a significant move and W formations at the bottom of a significant move - the key word here being "significant". If you've not had a reasonably big move before you can see a W or M forming then enter at your peril. Also, don't try and jump into the trade too early. A well formed M or W which jumps out at you from the charts can only be seen clearly when fully drawn - guessing will often lead to bad trades. The best place to enter an M formation at the top of a move up is when price is coming down (and drawing the last part of the "M") and has just gone past the lowest point on the V which makes up the centre of the M formation. Similarly for entering W formations at the bottom of a move - wait until price has just gone up past the inverted V in the centre of the W formation. Quote Link to comment Share on other sites More sharing options...
vfaelite Posted February 10, 2011 Report Share Posted February 10, 2011 This "person" who has not been named for fear of this thread being deleted has said he was taught by a market maker from the Bank of India before he conveniently died. I have heard all I need to know about this person and his "system". I would feel more confident trading a Q shaped pattern on a chart - or better yet, the 27th letter of the English alphabet pattern. Quote Link to comment Share on other sites More sharing options...
soundfx Posted February 10, 2011 Report Share Posted February 10, 2011 vfaelite, I see this thread as being essentially about trading pattern formations. 'M' and 'W' formations have been around for years and I've traded them myself as mentioned above and in the right conditions work great. The M and W are essentially "double top" and "double bottom" formations which are derived from the more usual trend-following 1-2-3 patterns, but can also be found under the same name. Some patterns have stood the test of time and I've found can be uncannily accurate. Again, the crucial thing to consider is the conditions at the time the pattern appears. A very reliable pattern for example is the "pennant" or triangle formation. I've not traded this in downtrends too often, however I find that if you have a sudden burst of price up (creating a "flagpole") in EURUSD (the most traded pair which I normally follow), which is then followed by a triangle formation where the price movements are getting more and more compressed then as soon as price breaks out of that triangle it will normally be to the upside and give a nice profit. Head and shoulders formations are recognised by all, however they can be some of the worst potentially forming patterns to attempt to trade - they're only normally blatantly obvious after the event. However if a break of the last shoulder of the head and shoulders coincides with a break of a trendline, then that can give a high probability trade to the downside. A lot of the older textbooks mention these patterns and some more mathematical types have analysed them far to literally - i.e. as soon as price action appears to form a pattern then a score of how well the subsequent trade will do is recorded. Under these conditions most patterns would have 50% success rate whether long or short lol. If we take note of the preceding price action, then patterns can be a great confirming indicator for a manual trader. Quote Link to comment Share on other sites More sharing options...
ataata Posted February 10, 2011 Author Report Share Posted February 10, 2011 How do you add position? Smile Chankl78 Try to find something about joe ross and hook. Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 http://i54.tinypic.com/ne96yd.jpg Going for it again. Although it is in M5. But, I am trying for 20pips. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 Just sold GBPChf http://i53.tinypic.com/jfzrds.jpg Going for 20pips.. Look like M in M15 Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 http://i53.tinypic.com/w1uv13.jpg This is GU M15. Going in also... soon. For my EG & Gchf, it is still in the trade. Hope it will follow the M & W.. wahaha. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
soundfx Posted February 10, 2011 Report Share Posted February 10, 2011 (edited) Perfect "W" formation being completed right now on EURUSD 15m guys. Entry for me would be a break of 1.3654. Target 1.3680 (50% retracement of the move down) and stop just below the most recent singificant low at 1.3625. Edited February 10, 2011 by soundfx Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 Update of my Status. GbpChf, +10pips. EurGbp +10pips. GbpUsd - 20pips. Think GU is because of the news. So I got into the stop hunt. Later it went up... Not going in until NY open. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 Just as I am saying.. Ha ha ha ha... EurUsd M15 http://i55.tinypic.com/2ms4xs4.jpg GbpUsd http://i55.tinypic.com/abt1jn.jpg Let's see how it goes. Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
Marchello Posted February 10, 2011 Report Share Posted February 10, 2011 ref: EU ... lets see what happens @ 1.3580 for maybe a long ... or... there abouts .. mho Quote Link to comment Share on other sites More sharing options...
chankl78 Posted February 10, 2011 Report Share Posted February 10, 2011 Ha ha ha, stick to M & W. Or the dragon claw.. Will make money out of it. Think it is not suitable for news? Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
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