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Old 02-25-2006, 07:07 AM
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kamyar kamyar is offline
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Join Date: Dec 2005
Location: Iran
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Quote:
Originally Posted by magpie
Excellent work Kamyar!

and thanks for the pattern relationships pic, I can chuck away my scruffy hand written sheet now!

For any others not sure of what Kamyar is saying, these patterns work and improve profitability. Plus I think make trading a little more enjoyable too!
I've been using this style of trading for a while now but needed something that could confirm whether a fib was going to provide support or resistance or not - see chart below.

I use the 4HR chart for signals then go to the lower timeframes for entry.
For confirmation of a fib ratio becoming support or resistance I use a T3 RSI set to 9 and the curve set to 0.382. As you can see from the pic at the (green) B and (blue) X, RSI breaking through the curve is an early warning that the 0.707 is holding, there's also the 144EMA for support too.
The rise up to C (A) is 0.782 with a potential entry. I tend to stay away from the first signal and see what unfolds, occasionally price will rocket away in the intended direction and I may enter a partial amount, 9 times out of 10 though there's a retrace. In this case it took about 44 hours, so patience is required. The big fish and hedge funds pretty much all take their signals off the daily, 240 and 120 charts, 100 pip stop seems to be nothing to them. I want to be on the same side as these guys so day trading for me now is strictly an entry and exit thing. Trading is also a lot less stressful!

T3 RSI is also attached.
thanks a million magpie
i read your comment and your way for entryng and exciting it seems very good and i'll check it.
in this froum i think a few members are interested in working with patterns mayebe they do not know how patterns are accurant.i have looked for indicator-based strategies a long time and finally i found it ussless but thes basic analisis have had a fantastic results for me.
any way about your comment and suggestion yes it is grate and i'll check it

Last edited by kamyar; 02-25-2006 at 11:22 AM.
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