DislikedAre you saying that the EU M15 SonicR setup/trade was NOT A+ because on the H4 chart the long setup formed below the trend line?
If this is what you are saying, then I disagree with your conclusion, on the basis that (1) it never formed on the H4 because there were no HLs/HHs forming on the H4 preceding the breakout, and (2) because we never "qualify" an M15 SonicR setup on the H4 in that manner.
The H4 should indeed be looked to for any confirming sign, or reason to believe a SonicR setup on the M15 will come to fruition. But that does not...Ignored
There are the reasons :
First : The pinbar you've mentioned is not valid regarding to what james teaches in his forum and private forum because of several reasons :
A) The pinbar on H4 should determind on a GMT time server and it's not a very good pinbar on the GMT timezone servers. There is no space and it's in the middle of the range.
B) I formed at the end of friday, that's not valid because friday noon is not very technical, because many intraweek traders close their position at the end of the week and that's why moves is based on exits, not entries. And that's make it less reliable.
C) Even if you consider it a good pinbar, that is not, price broke it after several candles, it's better to see a hard and fast break.
Anyway, it's just about the pinbar.
Second : I was showing the trend on H4 because it was more visible. It was on daily too. and price stalled just below it. As you can see on M15 chart, entry was just below the trendline.
Third : there was a strong resistance just above the entry on daily TF that I marked with blue rectangle.
Fourth : I don't question the support you've mentioned ... I didn't say it was not a good setup at all. I just thought it was not the perfect one ...
Again, I'm not going to discuss how ever it's wrong or right, I was just telling my opinion. But just one more thing. IF it didn't move upwards that hard and touches the trend (that was very valid lately, price respected it very much) and reverses, do you still believe it's a perfect setup ? If "yes", then our opinions are different on this particular one, if "no" then we are talking about the same thing.
Yes we have some things that supported this trade, but I didn't like the trendline ... I adhere to this believe that judgements about setups must be independent from the result of those setups.
I hope I was clear and there is no missunderstood for dear TAH and other readers, I was just telling my opinion ...
Best Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.