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High Level Accuracy Method With Little To NO Draw-down

  • #541
  • Feb 5, 2019 10:47pm Feb 5, 2019 10:47pm
Quoting NevPed
{quote} Hi steven21 and FXCyborg. My first post guys, and thank you FXCyborg for your time and expertise. Just wondering.....in this instance, could this be finetuned even further by looking at the 1 min chart, as a 3 bar setup exists, even though the bars are opposite (2 bear bars with bull engulfing bar)? {image} 5 min chart with lines extended then looks like this: a question ...... as this level has already been hit 3-4 times, is it past its 'used-by' date....? Time will tell I guess. {image}
I am new and just my opinion...I am looking for a short setup, so it has to be 2 bull bars, not 2 bear bars.
Also on the 10 min, the setup is the only 1 I could find and it is located at the end, so I consider it untested...
  • #543
  • Feb 5, 2019 11:06pm Feb 5, 2019 11:06pm
Quoting steven21
{quote} I am new and just my opinion...I am looking for a short setup, so it has to be 2 bull bars, not 2 bear bars. Also on the 10 min, the setup is the only 1 I could find and it is located at the end, so I consider it untested...
Thanks steven21
  • #544
  • Feb 5, 2019 11:15pm Feb 5, 2019 11:15pm
High risk counter trend long setup:
EURUSD 30m, drill down to 5m
Attached Image (click to enlarge)
Click to Enlarge Name: eu5.png Size: 20 KB
  • #545
  • Edited Feb 6, 2019 12:19am Feb 5, 2019 11:17pm | Edited Feb 6, 2019 12:19am
Quoting marshalmax
{quote} I followed the move down to the M5 for a more recent signal but what SL would you take because if you based the SL on the M5 signal it would have been stopped out whereas the SL based on the M30 signal would still be open currently?
Since I am just starting out, I aimed for less R:R ratio, so I just put the SL at an arbitrary value of 10 pips. I just used the M5 for a better entry while not altering the SL. I know it doesn't make sense, lower TF is supposedly used to reduce the DD further.

At the M30, there were many retest at that area, which gave me some confidence (wicks rejecting higher price aka liquidity). But there was a bullish pin bar that formed shortly after too, would this cause a spike up and hit my SL? I don't let's see...

Moreover, the setup appeared again after I took the trade at M15 this time (Almost the same as the previous one that I marked out at M30). Just an interesting thing that I noted.

Attached Image (click to enlarge)
Click to Enlarge Name: M15 .png Size: 447 KB


Edit: It hit SL
  • #546
  • Feb 5, 2019 11:23pm Feb 5, 2019 11:23pm
thanks FXCyborg (https://www.forexfactory.com/showthread.php?p=11957730#post11957730) for your great strategy ,
can we say that the setup is considered the last kiss inside the accumulated zone in the direction of the trend ?

and if we have more than one non Revisited setups which one should we concern the nearest or the oldest one?

example in EURUSD M15 attached

thanks
Attached Image (click to enlarge)
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  • #547
  • Feb 5, 2019 11:59pm Feb 5, 2019 11:59pm
What is wrong with this setup and why did it fail?

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 32 KB
Take this course: https://shorturl.at/upBey
  • #548
  • Edited 12:51am Feb 6, 2019 12:07am | Edited 12:51am
Quoting tiestobob
What is wrong with this setup and why did it fail? {image}
Lets see what the others think but what is the overall trend? This pattern appeared at the end of an aggressive bull move but its a bearish setup. What the pair running in an overall downtrend?
Winners add to winning trades!
  • #549
  • Feb 6, 2019 12:18am Feb 6, 2019 12:18am
Quoting marshalmax
{quote} Lets see what the others think but 1. what is the overall trend? This pattern appeared at the end of an aggressive bull move but its a bearish setup. What the pair running in an overall downtrend?
What do you mean? I followed the entry instructions. I saw consolidation, two bulls followed by an engulfing bear and it hit SL.

This setup also failed (see below).

What am I doing wrong?

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 52 KB
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  • #550
  • Edited 12:39am Feb 6, 2019 12:23am | Edited 12:39am
set up on gj 15 min chart about 6 hours ago.
Attached Image (click to enlarge)
Click to Enlarge Name: EZ trade gj 15 min 2 5 19.PNG Size: 63 KB
  • #551
  • Edited 1:04am Feb 6, 2019 12:43am | Edited 1:04am
I find that it is quite tedious to manually find the 3 bar setup on different timeframes...maybe it is easier to look for the general shape on a lower tf first like the 5 min.
The general shape should be a long and thin finger shape, or a tall V shape. Just my view from a learner.
  • #552
  • Feb 6, 2019 12:59am Feb 6, 2019 12:59am
Quoting tiestobob
{quote} What do you mean? I followed the entry instructions. I saw consolidation, two bulls followed by an engulfing bear and it hit SL. This setup also failed (see below). What am I doing wrong? {image}
IMPORTANT:
In this accumulation zone where orders are being created, we're looking for two BULL candles of reasonable / healthy body sizes (ideally body sizes should be almost the same size) going in the same direction followed by a 3rd Candle, a BEAR bar creating an engulfing pattern.
  • #553
  • Feb 6, 2019 1:06am Feb 6, 2019 1:06am
maybe a setup on gbpjpy 1 minute chart , about 6.57am London time. now await for price to come back to setup for review.
  • #554
  • Feb 6, 2019 1:12am Feb 6, 2019 1:12am
Quoting steven21
I find that it is quite tedious to manually find the 3 bar setup on different timeframes...maybe it is easier to look for the general shape on a lower tf first like the 5 min. The general shape should be a long and thin finger shape, or a tall V shape. Just my view from a learner.
Just during a sideways channel (consolidation). this helps you confirm direction of the pair. I'm still in short from a second entry on gj (picture above) because this helps me determine direction of the pair.
  • #555
  • Feb 6, 2019 1:16am Feb 6, 2019 1:16am
Hello FXCyborg,

Nice one!
Here my take on it. See picture.
I did read u mentioned FTR somewhere, myself like trading FTRs.
Excited about to read your take on it.
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  • #557
  • Feb 6, 2019 1:25am Feb 6, 2019 1:25am
Quoting MrGreen95
XAU/USD - H4 could be next candidate {image}
I already corrected you once and you made exactly the same mistake a few hours later.

Doesn't both charts look pretty similar?

Quoting reinis92
{quote} 1) The setup is not perfect, because the 2nd bull candle is 3x longer than the 1st bull candle 2) In fact, it worked out but this was the right moment to sell {image}
An investment in knowledge pays the best interest.
  • #558
  • Feb 6, 2019 1:51am Feb 6, 2019 1:51am
What do you guys think about this setup GBP NZD 1 min chart?
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  • #559
  • Feb 6, 2019 2:03am Feb 6, 2019 2:03am
Quoting abrahamgzman
What do you guys think about this setup GBP NZD 1 min chart? {image}
Do the candles look right - they look a little small.
  • #560
  • Feb 6, 2019 2:04am Feb 6, 2019 2:04am
Waiting for this one...
The actual entry is a little bit higher if you zoom in to the lower TF.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad-h1-pepperstone-limited.png Size: 35 KB
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