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M W trading - Dragon pattern


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Good Morning.

 

Hee hee.. Last night, my Echf, I closed at -17pips. & Reenter again. So 2nd trade got +24pips. So total +5pips.

 

Before I sleep, I have entered GChf & got a +33pips this morning.

He ehee...

 

Summary for yesterday.

EU +30pips

GU +30pips

UChf +31pips

EG +10pips

Echf -17pips, +24pips

Gchf +33pips

 

Total: +137pips!!!

 

Hee hee.. Still got 3 more weeks to test.

 

So far very good results. For past 3 trading days, (Last thursday, Last Friday & Yesterday), manage to get over 100pips.

Looking forward to London & New York session today.

 

Smile

Chankl78

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Thank you for your insight ataata! Could you please share with us your BB indi that highlights the squeezes seen in FF? Thank you in advance!

 

My intention is not to promote "a person" or his method. I just want to alert people that you can find basics staff about M W on the net for free.

 

And I was very angry becasue all threads about trading M and W patterns in " his way" was closed down on this and others forums I guess with his help. It almost looks like he invented thesse two letters.

 

OK he could have his method he could sell it he could make alot of money ( i wish him and his students a lot of pips) but why we can talk about these method on forums? here you could find videos of others methods only his forum about his method was switched off.

 

These pattern is very good in trading with a combination with others methods you cold make some money. It is good becasue it is made made from price action and only price action is real time "indicator" in FX it is not lagging indicator, after that there is a game of numbers : probabiltiy , money managanet... to succes in long time in FX. It is not a magic method!

 

If you add other basics patterns and S&R levels you are much closer to succes. I hope these thread could be about dragon (or if you wish M, W pattern) I dont want to talk if 5000 USD is too much for somebodys seminar (maybe it is maybe it is not - for me 5000 USD is too much because these is almost half a year average salary in my country, but for somebody else this is pocket money, and maybe for somebody this is golden mine pattern (method) for somebody else it is garbage - we are all diferent)

 

I wish you a lot of pips!

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Q & A of Dragon Patterns

 

I have saw this from another forum. Thanks to ataata. All of below are extract of it. Not from me...

 

Smile

Chankl78

 

[spoiler=http://www.elitetrader.com/vB/showthread.php?threadid=154290&perpage=6&pagenumber=4]

 

 

Q: What is the dragon pattern?

A: It is a failed double bottom pattern, where a failure occurs around the half of the W's height after the 2nd bottom and falls lower making a 3rd bottom, where it bounces.

 

Q: Why is it called a dragon?

A: Because according my vivid imagination, it reminds me of a dragon. See the picture below. If it bothers you, you can call it "The Pekelo".

 

Q: Could you explain it more?

A: Here are the definitions, a W refers to a double bottom, because it looks like one.

 

Height: The price distance between the 1st bottom and the middle of the W.

 

Failure: The point after the 2nd bottom where the rally stop advancing and starts to fail. Usually happens around half of the Height counted from the 2nd bottom, quite often at the SMA line.

 

3rd bottom: The price drop from the Failure point is app. the same as the Height.

 

Q: What timeframe do you use it with?

A: Pretty much with any. I will show examples of 5 mins, daily and weekly.

 

Q: So how do you use it?

A: Once a double bottom happens, you have to be aware that it might fail. So assuming you are long from the 2nd bottom, you are watching what happens at the half of the Height, and if a failure occurs, you switch to shorts. Then you do the quick math and you will have a 3rd bottom expectation where you switch back to long for a bounce.

 

Q: How big a bounce?

A: No way to tell. It can be just a few points or it can signal the bottom of a downtrend, just like it did last year.

 

Q: Double bottoms-double tops. Does it have a reverse version?

A: Yes, I call it upside down dragon.

 

Q: What is it?

A: An upside down dragon is a failed double top (M) pattern where after the 2nd top a failure occurs in the downmove and a 3rd higher, very shortable top occurs.

 

Q: Is there any difference between between these dragons?

A: The only thing is with the math, it tends to move only 80% of the Height from the point of Failure.

 

Q: OK, can you post a chart?

A: Sure....

 

http://i51.tinypic.com/2po3bew.jpg

Here is the current daily chart. The Height was 60+ points (distance between 1st bottom and middle of W), and this is exactly how much we dropped from the point of Failure at 840 (also at the SMA) to the 3rd bottom. From there we bounced so far 9 points. Again, the size of the bounce can be anything....

 

And here is an upside down dragon:

http://i54.tinypic.com/15zs8sp.jpg

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What type of signal might convince you of the turn (failure of double bottom) ?

As I recall, you are fond of Williams %R?

 

The Williams doesn't signal this type of failure. No indicator that I know of works showing that a failure would happen, but there are 2 ways helping to react:

 

1. Math. The Failure occurs around half of the Height, and since you know the Height already, you just have to watch that price range and if a reversal happens, you switch to short. In this last example the Height was 100 pts and the Failure at 70, so it was a bit off, but there was plenty of time to get a ride to down.

 

2. SMA bounce. Quite often the Failure occurs just below the SMA 9 line. Best example is the very first chart in this thread. Occasionally the price does go through the SMA but as long as the candle doesn't close above it, you still have a chance for a Failure.

 

Also if it didn't bounce back from the SMA but went through, like yesterday, crossing back below the SMA would indicate that a Failure has just happened...

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Ha ha ha...

 

Yesterday, trying to trade the news.

 

end up 3 -20pips trades. GU, GY & Gchf.

Big losses..

 

But, later in the night,

I got +72pips Gchf, +23pips GU & +19pips Gjpy & + 5 EG.

 

Think conclusion. Do not act smart trying to trade news when u know nuts.

Wahahahhaahhaha.. Sigh... What a big lesson.

 

4 days already over 100pips per day. (This one is excluding my losses in the news)

Think, MML Dashboard with ATR Dashboard & M & W patterns or any candlesticks pattern works very well.

 

Haha..

 

Smile

Chankl78

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Wa ha aha...

 

This time, my management EA screwed up(It is my fault. But finding other things to blame.. Wa ha aha ha a)... It went up (Not yet hit my TP). But... I only to get 6pips (It closed it because of Breakeven settings)!!!!!! Cannot believe it....

Sleeping while trading is no good.. Wahahahahha..

Sigh..

 

Smile

Chankl78

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  • 3 months later...
  • 2 weeks later...

I would ad a good S/R indicator for bottom and top possibilities and ZigZag indicator for optical help. And for sure check the news before entry - it cost nothing to check but it could cost you everything if not!

Could somebody reenter the dashboard link from post 41, it is dead.

Thanks Hermes

Edited by hermes
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  • 2 months later...
I would ad a good S/R indicator for bottom and top possibilities and ZigZag indicator for optical help. And for sure check the news before entry - it cost nothing to check but it could cost you everything if not!

Could somebody reenter the dashboard link from post 41, it is dead.

Thanks Hermes

 

Enjoy

[email protected]/1AAN2KFJ2X

 

Good trading wishes

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  • 7 months later...

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