Here's the chart......
Attached Image
Adr, psych levels, demand & supply trading 14 replies
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EUR/USD 5min - Trendlines and Pivots 379 replies
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DislikedInner bars and the 50 level here...
If you check out E/J the same setup was there.
If you check out U/J, a similar setup again.
Magnus
EDIT: Bar close above .00 level not .50Ignored
DislikedEver have one of those trades when you wish you'd held on?... This was my entry from a trade on Friday... I got out for +12 pips after 5-10 minutes... carried on up for 350+ pips...
Eyevoltage, do you ever work a strategy with 2 lots?
MagnusIgnored
DislikedIt's all in the timing... or not!
Mis-timed this one.
The setup was good - but not clinical. We had an IB, then a subsequent IB (hammer-shaped), then another hammer-shaped bar - I should have perhaps skipped the trade at this point, but both hammers closed above the 126.00 round number. Went long on break of second hammer. Got out when I saw there was no follow-through.
MagnusIgnored
DislikedMagnus, although hindsight is always 20/20, perhaps you'd still find my comments of interest.
"Hammers" work best when they are not "in traffic" (i.e. there is a clear space to the left) and/or when they occur at swing's extreme point (such things are discussed in detail at J16's thread at FF).
Your entry was followed by an infamous "shakeout" (known (by banks) as stop loss hunting); Wyckoff also described such price action as "jumping the creek". One of the solutions (not the best one, though, in my view) would have been to set SL below...Ignored
DislikedMr Voltage, could you enlighten me as to how you interpret Dark Cloud Cover?
I'm having difficulty getting my head around it. I've picked some of the examples you have previously posted and are attached below.
Candlesticker describes it here... but, alas, it has somewhat clouded () the issue for me.
MagnusIgnored
DislikedAaaah... I see it now. I was focusing on how low it reached, retraced and closed compared to the previous bar. But it's actually that there is a gap between the open of the bar in question and the previous bar - and, as you say, how deep it retraces.
I can see this in every example you have given.
Thank you for clearing this up EV...
MagnusIgnored
DislikedA nice clear opportunity on cable just now. A dragonfly doji formed, straddling the 1.4700 psych-line, so then it was a case of waiting for a confirmation candle, and then entering just above the high of said candle. Price started to retreat short of the R1/xx50 confluence, so it was time to bail out, for a nice 20 pip profit.Ignored
DislikedEV, do you know exactly where you are going to get out before getting into this (or any) trade, or is it more of a general watch-the-tick-and-get-a-feeling kind of thing?
Your R:R, on first sight, appears to be quite low. However, your win:loss looks very good.
Regards,
MagnusIgnored
Disliked...I like to watch the trade, and if there's any suggestion of weakness, I'll bail out. Some might say that it's best to stay in and see what happens, but I've done that before and regretted it.Ignored