The Famous Pattern - The M15 Setup 1

[Dave]

famous.jpg.png

Edit: 25 April 2018:
How to Trade The Famous Setup: Answer: Its a Particular Time Sensitive Setup 1 that happens on M15 but requires confirmation from a H1 Chart

Immy: We saw today, Famous after a Famous on GU. 5:18 PM
Dave: Would that be famous with price so far from lower H1 level? 5:19 PM
Darren: Morning Dave, Immy. 5:22 PM
Darren: and Peter 5:22 PM
Immy: Dave, all you need is a flat or sideways asian session and a wave 3 within previous LO and NY session. so you catch Wave 5 in the fresh LO session. 5:22 PM
Darren: 5:22 PM
Dave: Cool, 5 of 3? and entry from M15? 5:23 PM
Immy: EXACTLY 5:23 PM
Dave: Sweet 5:23 PM
Immy: The concept is that wave 3 on H1 time frame usually last between 2-3 days followed by 1-2 days wave 4 and then 1-2 days wave 5. within that.
Immy: Its a Famous only if you see a wave 3 on h1, and you target 5 of 3. and occasionally like YD it may turn into new 3. giving you another chance the next day for another Famous

famous1.jpg.png

Entry checklist:
- W3 on H1 from previous days London/US sessions;
- W3 has not shown divergence, intrawave divergence (as 5 of 3 may be done);
- Flat/sideways Asian session, shown by M15 sleeping alligator, close to ZL, or by very small H1 AIMS box;
- W3 has not retraced back to the zero line, although this may give a genuine S1 into W5.
- Entry on break of M15 level with opposite M15 level as stop loss;
- Entry can also be taken on H1 level using H1 chart.

What to trade:

Any instrument, forex, gold, silver, indices (although indices such as DAX and UK100 will always produce a flat Asia as they are closed). Better setups occur on those forex pairs that do not have an Asian interest, e.g. AUD, NZD, Yen, as these are often actively traded during the Asian session.

As Immy says, we can look to The Famous Setup well in advance, as it is the previous day’s big W3 that is the first indicator of the setup. Then the pancake flat Asia as the second indicator. And then confirmation on the order trigger when price breaks the Asia range and resumes the H1 trend.

Management:

Numerous options, incl. 50% close, trailing M15 AIMS levels, trailing M15 using normal rules (consecutive candles, fruit etc.)

This thread can be updated daily (by anyone), approx. 1 hr prior to the Frankfurt Open, with trade opportunities.

\m/ :-bd (party)

edit: 10 June 2014

The reason I call it famous is because we all, the whole world, see a wave 3 on h1 one day and the next day EVERYONE knows its going to be Wave 5 of Wave 3 and we can trade it using different entry techniques. We can drop to m15 and trade s1 or S2 we can stay on m1 and simply trade h1 level or at times H1/h4 double aims and exit around tZ1. its higher probability and FAMOUS

Famous setup is based on the concept that Wave 3's of H1 time frame usually last between 2-3 days followed by 1 day sometimes 2 days Wave 4 and then 1-2 days Wave 5. What we do is when we see a strong move on a pair we expect it to go sideways during Asian session creating pancake tight sideways horizontal flat aims boxes. and then we catch the 5th of wave 3 of h1. Our prefererred way is to go to m15 and find an S1 but we can also simply trade the h1 level at LO on H1 time frame.

The Concept of The Hot Pair

There is a concept of "hot pair" in the currency markets. The pit traders used to find out which item is hot and they used to trade only the ones that moves. You and Darren seem to trade multiple pairs, so do I, this concept of hot pair could be very useful to us. E.g. do not trade the pair that has not moved in the pre-session or during the start of the session. The famous pattern here gives us an advantage. But not just famous pattern, we can always measure how much has a pair moved since the FO or LO and find out which ones are moving out of the 4 or 6. We can then select which ever pair has moved, showing trend and select that pair for trading.

How many times have you thought "GU will catch up since EU is moving fast today?" it hardly ever catches up. So we trade the HOT ones, the cold ones will not get hot just by looking at the hot ones! wink wink

I hope it makes sense

cheers

Edit: 26 July 2017

The Famous is a 2 Days Setup. D1 you spot it on H1 D2 you trade it on m15.

RULES FOR FAMOUS SETUP

RULE 1 Relates to

Day 1: The Day of Prophecy. You can predict what might happen almost 10-12 hrs in advance.

Look for The Following on the H1 Chart any pair of your choice.

Rule 1.1: GATOR: Look for a Strong Move, Open Gator and usually the move is bigger than the day before or average move for that pair. Its obvious, its clear, if you don't see it, its probably not famous.

Rule 1.2: AIMS WAVE/AO: Look for AO with no divergence and no Cross of ZL.

Famous D1.jpg

Day 2: The Day of Fulfilment

This day we look for Setup on the M15 Chart. The prophecy is fulfilled (most of the time.)
Rule 2.1: AIMS BOX: Look for Tight Boxes on the M15 chart that start from the end of the last day of trading and continue sideways , pancake type flat boxes, during Asian session. Gator will be tightly sleeping inside these flat boxes

Rule 2.2: AIMS Wave: Look for a clear 3 that happened within the last day of trading. And a Fresh cross of ZL that happenend towards the end of last day and continued around ZL during the Asian Session.

In Simple Terms: Check for Class 1 Setup 1 on the M15 Chart: {Easier way to go about it]

Famous D2 Entry Day.jpg

[Grant]

^:)^ ^:)^ ^:)^ ^:)^

count me in FPGCs

Grant

[Dave]

Because of the way my work is I won't be able to update this 50% of the time. So if anyone wants to just scan H1 about 0600 UK time and throw up what they think is worth a look (start with the big W3 from the day before and then relative sideways since) just go for it!

[immy]

Tomorrows possible Famous Plays EUR/USD, EUR/JPY and even Kiwi

[immy]

Tomorrows possible Famous Plays EUR/USD, EUR/JPY and even Kiwi

YEs Sam, Kiwi was not really it. I got that wrong. As the picture shows below, it was actually a C down.

[Erik]

Bonjour les amis
May i join the Famous setup team?

[Darren]

Me too

[immy]

The Concept of The Hot Pair

There is a concept of "hot pair" in the currency markets. The pit traders used to find out which item is hot and they used to trade only the ones that moves. You and Darren seem to trade multiple pairs, so do I, this concept of hot pair could be very useful to us. E.g. do not trade the pair that has not moved in the pre-session or during the start of the session. The famous pattern here gives us an advantage. But not just famous pattern, we can always measure how much has a pair moved since the FO or LO and out of hte 4 or 6 which ones are moving. We can the select which ever is moving , showing trend and only trade those. How many times have you thought "GU will catch up since EU is moving?" it hardly ever catches up. So we shall go with HOT ones the cold ones are dry too! wink wink

I hope it makes sense

cheers

[immy]

Possible plays for tomorrow.
GU (don't forget the 9.30uk news)
EU could still do a smaller level Wave 5 so watch out.
Swissy the opposite of EU
EJ, has moved alot but if it stays sideways during Asian session then could be a good Famous in the am, we shall SEE

Gold has completed 1-5 up, which is a corrective wave on daily chart so we'll see if it creates 1-2 to downside or wants to up because its compelte 1-5 to downside on Daily chart. Its looks all crazy.. .so be careful.

Kiwi and Aussie is not really convincing at the time.
Ucad, is setting up for a S1 down right now...

[Erik]

I see nothing in particular for this am, maybe uj down, its possible a wave 3 down on H4 (1-2 seems to appear) uj has not moved the last days