DislikedHey Dave, could you inform me on what time frame you used for the 1-2-3 pattern and if you took the trade based on that pattern solely? Or if you also used the tamplate of this thread to make your decision.
Thanks :-)Ignored
Sure. First saw a bounce on the 1hr but waited for 4hr. See charts below (these are CET, which is GMT-2). When 4hr gave the signal (most recent candle) I drilled down to the 15min to see what the price was doing in more detail. I have my S/R lines on that so they don't clutter the synergy chart. There I could see the 1-2-3 (though the 3 was quite high!) and the fact that the low coincided with monthly pivot R1. Once it breached that solidly I took the trade.
This is a difficult one. I know Eelfranz has said time and time again to only trade at the beginning of a candle so maybe I shouldn't say this but...
Once the TDI has given a signal, I always look at the 15min to see what price is doing and make my trade based on that. So often it'll be approaching potential S/R and I'll wait for that to be breached. In this case, it was about 25mins after the 4hr candle had formed. I hadn't lost any of the move's momentum... just waited for price action to confirm that the set up was sound.
To me, the point at which a candle opens is irrelevant. After all, we're trading price, not candles.
EDIT: well after all that it wasn't much of a trade... didn't like the way price was bouncing at daily S1 so got out for +20!
cable 1 short.jpg
cable 4 short.jpg