Testing this litlle FCR to short side.....
Only testing, no more expectations than see how price reacts....
The System II (Yes with irony)
- #7,441
- Sep 28, 2009 2:34am Sep 28, 2009 2:34am
It cannot be called a perfect FCR, at least for me...
IMO, as I understand FCR's, they must have a clearer "W" or "M" formation, showing a clear fail to resume its original move after the retrace was formed....
My thinking process on this one, was:
Price couldn't break strong to the upside, and it shows hesitation, it tried it again with not too much strenght again, giving us a tiny green candle, and after that, begings to turn over to the downside quietly...
So, as far as the RR is quite good, I'm gonna try it, asuming I can perfectly lose on this one.....
Hope it helps...
IMO, as I understand FCR's, they must have a clearer "W" or "M" formation, showing a clear fail to resume its original move after the retrace was formed....
My thinking process on this one, was:
Price couldn't break strong to the upside, and it shows hesitation, it tried it again with not too much strenght again, giving us a tiny green candle, and after that, begings to turn over to the downside quietly...
So, as far as the RR is quite good, I'm gonna try it, asuming I can perfectly lose on this one.....
Hope it helps...
It cannot be called a perfect FCR, at least for me...
IMO, as I understand FCR's, they must have a clearer "W" or "M" formation, showing a clear fail to resume its original move after the retrace was formed....
My thinking process on this one, was:
Price couldn't break strong to the upside, and it shows hesitation, it tried it again with not too much strenght again, giving us a tiny green candle, and after that, begings to turn over to the downside quietly...
[i]So, as far as the RR is quite good, I'm gonna try it, asuming I can...
I was looking, looking and looking for one, but as you said not perfectly formed so stayed on the sdielines
Survive and Preserve
It was a great call JPLO, wise thinking brother
I was looking, looking and looking for one, but as you said not perfectly formed so stayed on the sdielines
It all depends on the risk management... as far as it is not a perfect and clear FCR, as you perfectly said, I had too much present that I was risking a little bit more than usual here.... but with a RR clearly on my favor, I decided this time to take my chances......
Now, my SL is @ BE after the new and "clearer" FCR formed....
- #7,452
- Sep 28, 2009 3:06am Sep 28, 2009 3:06am
It was a great call JPLO, wise thinking brother
I was looking, looking and looking for one, but as you said not perfectly formed so stayed on the sdielines
Edit: and out for +12... a lot of hesitation here. Had my SL at BE+2. Reasonable thing could be to wait for the breakthrough or the SL to be touched, but honestly, I don't have the feeling, based on PA, that this will move. 4 tries and no rupture down of figure.
- #7,455
- Sep 28, 2009 3:34am Sep 28, 2009 3:34am
- | Joined Feb 2008 | Status: Zombie Trader | 1,406 Posts
Survive and Preserve
