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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
In this 1hr chart of last 24 hrs, there were three BLACKJACKS, in CONTEXT of a CONSOLIDATION BREAKOUT.
The first one was less obvious, less dramatic, the 2nd and third one were more visually dramatic.
But if first one was taken, R.R would be the best.
I took the 2nd one and I placed the stop right above the swing pin. That was taken out and price made a 3rd BLACKJACK and went down to 4hr previous low, (where the take profit order should be placed. I was not in the move, but I should have been.
LESSON 1. Place the stop not right behind the recent swing, but behind the swing before recent swing.
Lesson 2. It can take upto 48 hours for the price to reach the profit target, the next S/R Level.
So, leave it alone, leave the take profit order and don't watch it too much, unless it looks like it's going to bust the pattern, the BLACKJACK pattern.
Attached Image (click to enlarge)
Never Trade without a defined risk, never, never, never.
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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
This is what to go for.
Price first made higher high, then higher low then a V BLACKJACK on 1hr 50 ma.
Then on 34 ema, then on 21 ema.
The key components are: First to wait for price action doing bias change, new higher highs and higher lows for uptrend (and vice a versa for sell setup) And then wait for A complete V fractal (on any M.A) or a W fractal (complete), or a U or a flat bottom U, must be complete to confirm, so we are not in too early before it goes to eventual m.a to continue.
On a seperate note:
Must wait for a Counter Trendline break and close when required, to avoid getting in against a V Reversal or a a Stair Step reversal (prices can do that anytime instead of doing a CONTINUATION after a pullback.
Attached Image (click to enlarge)
Never Trade without a defined risk, never, never, never.
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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
Here are the entries.
Price made a new high or new low. Or a BREAKOUT or A Bias Change, first.
Then price went to M.A's.
Then made a complete V, or W, or a U.
Must have all that Checked before taking the trade. AND 1/2 % Risk behind the FAILURE POINT.
Must have a complete V, U or W, or counter trendline break and close. Because, again, price can make a V Reversal.
Some will go far and won't. Some will do 2plus R. Some will do only 1R. Upon 1R, Move stop to BREAKEVEN after 1R and take 30% off the profits.
If it stops you out, Wait and take if there is setup for same direction or wait and take the BLACKJACK setup in opposite direction.
Attached Image(s) (click to enlarge)
Never Trade without a defined risk, never, never, never.
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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
I like this SAUCEPAN pattern. This is my unique observation. Let's wait for trigger clue, like a confirmed bullish breakout, such as a conditional candle close.
Attached Image (click to enlarge)
Never Trade without a defined risk, never, never, never.
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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
I did notice the W on the bottom chart. I did even got in, but didn't stay, doubts came up.
Patterns and price action around tech LEVELS like s,r and or Pivots are good to take.
On the top chart which is afterW was printed, there was opportunity again after p.b and price printed higher low and higher high, very high prob setup to look for and to take.....
Attached Image(s) (click to enlarge)
Never Trade without a defined risk, never, never, never.
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Joined Dec 2007
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Status: Only trade with acceptable risk.
|474 Posts
This was very thoughtful TRADE.
THE INGREDIENTS
DAILY R.R
SUBSTANTIAL CONTRIBUTION
W PATTERN DEVELOPED AND UNFILDED
DID GET BLACKJACKS ON 4H 1H
ANOTHER R.R ON 4H
Took time and worked
Attached Image (click to enlarge)
Never Trade without a defined risk, never, never, never.
