MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Technical Trading

[Sejake]

Ok, so probably I can get away with MT4, but will give it a try if the guy calls me back.

I'm checking out Dynamictrader right now. Thank for the link.
Is Miner the guy that wrote the book you refered to awhile back?

[biggo]

Hi Guys

I have been following this thread with interest
I use Gartley & Butterfly patterns in my own trading on Stocks & Commodities on longer timeframes than you FX guys.
You may be interested in checking our Ensign Software it has a lot of features that were deleloped by Larry Pesavento.

www.ensignsoftware.com

I have tried to attach a chart showing you some of the features I use but cant work out how to attach a chart to a link so I have posted my chart to dacharts link below

http://charts.dacharts.com/2005-10-07/Biggo26.png

http://charts.dacharts.com/2005-10-07/Biggo27.png

http://charts.dacharts.com/2005-10-07/Biggo28.png

[pipmagnet]

Hi Biggo Thanks for your posts and welcome.

If I did not have FT I would consider ensign, I think highly of them also.
On Page 40 Post #314 JohnnyB has a nice screen capture tool to get pictures. After a message is typed on the bottom section under additional options there is a section to attach files. One more thing only one picutre can be uploaded per message, if there is more than one they will be attached, not displayed.

Sejake, Yes Robert Miner is the guy I refered to a while back.

Lifegauge I do not know of softwares other than for Forex.

[biggo]

Hi Pipmagnet


Thanks for the welcome
I will attemp to attach a chart so this is just a test

p.s. I think my pop up blocker was causing problem

[Sejake]

Hi Biggo, thanks for posting the link to Ensign. Looks to be what I'm searching for and Larry's stuff looks interesting. I notice they are looking into a Forex data feed from FXCM. If that occurs then I'll likely go ahead and get it. Just not into paying esignal $125/month for data that should be and is free over the internet. It drives me insane just to think about it.

Pip, Thanks for the Miner link, I have his book on the way, the price time stuff sounds interesting and the simplified EW as well.

Happy holiday weekend all.

[lifegauge]

Hi Biggo,

I'm checking out your software and wondering if EOD data feed is free? I'm still new in this charting, and frankly cannot justify paying until I'm familiar with it.

Thanks in advanced!

[biggo]

Hi Lifegauge

The Ensign Internet Version is supplied with Data included in the $39.95US per month fee. The Data supplied detailed at the link below.

http://www.ensignsoftware.com/order.htm


The program is PC based so it can be used off line although the name Ensign Internet suggests a web based program.

Some other features that may be of interest to any scalper type traders is the playback feature.
Here you can download from there website a recorded day of the e-mini contracts tick by tick. You can then replay this back at standard speed or at any multiple up to 10 times. It has a sim broker that you can set with real commisions etc & you can run as many differant time charts or tick charts at the same time as your computer can handle. It is a great way of trying new trading techneques or systems I spend hours practising with it. It has taught me a great deal on how the flow of price builds patterns from one time frame to the next.

http://www.ensignsoftware.com/help/playback.htm

It also has a design your own study function for those people who have the skills to do this there are a lot of very skilled traders on associated ensign user groups who have developed there own templates for their trading styles.

http://www.ensignsoftware.com/help/help.htm

For anyone who follows Larry Pesavento,s work they have recently made a template for trading what Larry calls the Opening Price Principle that is quiet
interesting

http://www.ensignsoftware.com/tips/t...67.htm#Opening

[Sejake]

Here's a 4hr USD/CAN chart that I'm keeping an eye on. Looks pretty interesting and should be a good upmove coming up if my thinking is correct.
Nice 1.27 extension at the wave 3 or 5 top.

[lifegauge]

Hi Sejake

Nice chart. Are you thinking it will extend upwards, where you drew the blue (50%) line? Or do you think it will extend to 1.1815 level, go back down before going up again?

A little confused, but great chart nonetheless!

[Sejake]

Sorry for the confusion, the 50% is for the horizontal blue line which shows the retrace at B was 50% of the prior move. The blue arrows are only directional indicators and not price targets.
The blue up arrows are just showing that if a wave 4 is complete then up she goes.
If wave 4 is not complete then there should be another correction to .62 retrace and up she goes.
At this point wave 4 should be complete as price has come down to the 50% retrace in an elliot ABC zigzag correction.
Also the move from 5 to A to B to C is an AB=CD signalling at least some short term buying could come in.
Hope that helps.

[Sejake]

JohnnyB if your around I apologize for the size of the chart in advance.

Lifegauge, this chart is showing the various 1.618 extension moves on the way down and the various elliot ABC upward corrections (not highlighted).
This last leg 1-2-3-4-5 is clearly diffrent (impulsive not corrective) and should be followed by another 5 waves up. Lots of times this doesn't happen even though it is supposed to.
If it breaks the previous high then I would look for an extension move beyond the previous high. If this does happen then I would be looking for 1.618 extension or .62 retrace of the larger trend. These areas are fairly close together and are highlighted in green.
And you though my last chart was confusing

[Sejake]

One thing I wanted to mention was that on the way down you can see all the extensions are extending downwards (making lower lows).
With this last leg the extension is extending up (making a higher high).
Lets see if this pattern can be continued.

[lifegauge]

Hi Sejake

Thanks for the newer chart, I can understand this better as it shows a larger time horizon.

1. When you wait for it to close above a certain price (in this case, previous high), do you wait till the price bar finishes forming on your 4H chart? i.e. While the bar is still forming, you do not enter the trade (long, in this case) even if it closes above the target price. You only enter at the end of the 4H?

2. If you entered after the bar closes above the previous high, and you enter Long, its clear where your T/P level might be. But where might you put your S/L? I'm figuring you might put it at the 1.1810 level, as it is about a 0.5 retracement of (3) to (4) [refer to your post #473], is this correct?

3. If you entered at 1.1880 with a T/P target of around 1.1950 and S/L of 1.1810, you're risking 70 pips for a possible profit of 70 pis. Does this sound profitable to you?

I'm sorry for asking too many questions, however I really appreciate your comments on these!

Many thanks!

[Sejake]

Life, I am not entering on a break of the old high. I want to wait for a retracement to enter long. IE. .50 or .62 retrace. An appropriate stop can be placed under the .62 depending on your risk model.
My target would ultimately be 1.618 extension (1.1980 ish) but who knows what the market will do? So risking 20-50 pips for 200+ gain is pretty good R/R I think.

[JohnnyB]

Dear Fib Friends,

this thread was intended to continue Mick Mason's Fib thread and to further explore Fibonacci, the Gartleys and Butterfly Patterns as described by Pesavento. You certainly agree that "The journey from easy KISSes to tasteful Butterflies" is very well represented by all the material here on this 60 pages with lots of wonderful charts, infos on various charting tools, many interesting inputs and links from all posters.

I feel that the journey I immagined to take with this thread has somehow reached its destination and would like to set a point here. I invite someone of the fellow traders to start a new thread with another fresh adventure in fibonacci land.

Thanks to all of you, readers and posters for your great partecipation.


Happy fibbin' to all,
see you on our next trip
JB


PS for the Fib-Starters:
Don't take anything for granted - learn from others - explore on your own - be patient - investigate the past - look for harmony and rythm, price and time - trust your instincts and practise, practise, practise.