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Flag trading the trend

  • #2,261
  • Mar 28, 2011 9:56am Mar 28, 2011 9:56am
Any thoughts about this one (please refer to the arrow). As I see it the trend is still down. In such instances is it better to wait for 1-2-3?
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  • #2,262
  • Mar 28, 2011 9:58am Mar 28, 2011 9:58am
things may be forming we have div now waiting for 123 to form
  • #2,263
  • Mar 28, 2011 9:59am Mar 28, 2011 9:59am
Wally1953

something else to consider (even though you won) at the point you took the short we were still long mode, the price hadn't broken the low prior to the HH (although it was pretty close)

Regards
John
  • #2,264
  • Mar 28, 2011 10:05am Mar 28, 2011 10:05am
Quoting Divergence
things may be forming we have div now waiting for 123 to form
to confirm point 1 would be the high of the candle at 14:45GMT (1.4115)??
  • #2,265
  • Mar 28, 2011 10:07am Mar 28, 2011 10:07am
Quoting Sujith
Any thoughts about this one (please refer to the arrow). As I see it the trend is still down. In such instances is it better to wait for 1-2-3?
I would argue that yes, wait for the 123. They seem like much higher probability set ups. Divergence mentioned on his webinars that many of those are ideal set-ups. I haven't seen where Divergence takes trades only based on divergence occurring. On your chart, it looks like a 123 did form just after your down arrow.

Maybe Divergence can clarify if he takes divergence only trades. And if so, when.
  • #2,266
  • Mar 28, 2011 10:09am Mar 28, 2011 10:09am
Quoting jmw1970
to confirm point 1 would be the high of the candle at 14:45GMT (1.4115)??
If it forms, yes, that would be the point 1 of the 123. still waiting to see what happens.
  • #2,267
  • Mar 28, 2011 10:14am Mar 28, 2011 10:14am
Quoting Rcwso
I would argue that yes, wait for the 123. They seem like much higher probability set ups. Divergence mentioned on his webinars that many of those are ideal set-ups. I haven't seen where Divergence takes trades only based on divergence occurring. On your chart, it looks like a 123 did form just after your down arrow.

Maybe Divergence can clarify if he takes divergence only trades. And if so, when.
Thanks Rcwso. My thinking was that the trend is still down, so we are going with the trend, do we need a 123 in such cases? I didn't take this trade, just wanted to know whether I am going in the right direction.
  • #2,268
  • Mar 28, 2011 10:17am Mar 28, 2011 10:17am
when div forms i wait for it to confirm with a 123 pattern and then a momentum candle crossing 10 and cci closed below or above 50 and candle is within 2.4 of point 2 for the setup bar
  • #2,269
  • Mar 28, 2011 10:20am Mar 28, 2011 10:20am
I thought the CCI would serve the purpose of seeing divergence, but I will get the RSI on there for that purpose.

Thanks everyone for your input. You folks are very helpful and informative.
"Be the change that you wish to see in the world." --Gandhi
  • #2,270
  • Mar 28, 2011 10:26am Mar 28, 2011 10:26am
Looks like this could be the trigger bar.
  • #2,271
  • Mar 28, 2011 10:28am Mar 28, 2011 10:28am
Volume seems thin in markets.

Trichet is speaking.

Euro got no where near it's average daily range of 128 (5 day).

I will sit this one out.
  • #2,272
  • Mar 28, 2011 10:31am Mar 28, 2011 10:31am
Quoting tb62
Looks like this could be the trigger bar.
CCI did not close below -50 on any of the bars yet. So no Set-up bar yet.
  • #2,273
  • Mar 28, 2011 10:32am Mar 28, 2011 10:32am
Hum....mine actually did for some reason
  • #2,274
  • Mar 28, 2011 10:35am Mar 28, 2011 10:35am
Quoting Divergence
when div forms i wait for it to confirm with a 123 pattern and then a momentum candle crossing 10 and cci closed below or above 50 and candle is within 2.4 of point 2 for the setup bar
Just one last clarification: The set-up bar needs to meet the above criteria from your quote. Then the entry-bar will follow the same rules of 1 pip below, in this case etc. So it is the set-up bar that needs to be within 2.4 pips of point 2 and NOT the entry-bar?

Correct? or not?
  • #2,275
  • Mar 28, 2011 10:39am Mar 28, 2011 10:39am
I just looked on my demo and cci didn't cross -50, but it did on my live. I cancelled the trade though because the next bar closed above the ma.
  • #2,276
  • Mar 28, 2011 10:43am Mar 28, 2011 10:43am
Looks like this last candle was a trigger bar.
  • #2,277
  • Mar 28, 2011 10:52am Mar 28, 2011 10:52am
took a partial win looking for 11 got 7 time of day
  • #2,278
  • Mar 28, 2011 10:55am Mar 28, 2011 10:55am
if point 2 in this case was 40992 and low of setup bar was 4100 that qualifies and entry is at 4099
  • #2,279
  • Mar 28, 2011 11:01am Mar 28, 2011 11:01am
Quoting Divergence
took a partial win looking for 11 got 7 time of day
What time did you get in and what time did you get out? I am trying to compare to what I have done.

Thanks.
  • #2,280
  • Edited 11:22am Mar 28, 2011 11:09am | Edited 11:22am
this is how I saw it... didn't like the look in the end and ended with 5.5 pips
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