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Flag trading the trend

  • #8,701
  • Oct 7, 2015 6:12am Oct 7, 2015 6:12am
When we have a setup we enter 1 tick above or below pt 2 of the setup
  • #8,702
  • Oct 7, 2015 6:54am Oct 7, 2015 6:54am
don't know why you would think I would enter any other place but 1 tick above or below the 2 point of 123 or 2b
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  • #8,703
  • Oct 7, 2015 7:29am Oct 7, 2015 7:29am
Quoting Divergence
When we have a setup we enter 1 tick above or below pt 2 of the setup
Sometimes, price pokes through pt 2 but does not close above it, so the line that is printed is below pt 2. Do we wait till price closed above pt 2, then enter on retracement of next 18R bar?
  • #8,704
  • Oct 7, 2015 7:49am Oct 7, 2015 7:49am
Quoting zenline
{quote} Sometimes, price pokes through pt 2 but does not close above it, so the line that is printed is below pt 2. Do we wait till price closed above pt 2, then enter on retracement of next 18R bar?
you must wait till bar closes first that's why we have the counter. there is no pattern till line closes
  • #8,705
  • Oct 7, 2015 7:56am Oct 7, 2015 7:56am
Divergence,
Today's chart. Range is slightly above 40 ticks. There was an uptrend earlier but leading to 8.30, there is a series of Lh, LL. Do we categorise this as chop, uptrend or a downtrend?
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  • #8,706
  • Oct 7, 2015 8:05am Oct 7, 2015 8:05am
if this was any other day yes this is sideways action we need high or low to be taken out to determine trend
  • #8,707
  • Oct 7, 2015 8:07am Oct 7, 2015 8:07am
so now we would be in a downtrend till high gets taken out
  • #8,708
  • Oct 7, 2015 8:09am Oct 7, 2015 8:09am
Quoting zenline
{quote} Sometimes, price pokes through pt 2 but does not close above it, so the line that is printed is below pt 2. Do we wait till price closed above pt 2, then enter on retracement of next 18R bar?
do you mean instances like monday before last:

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  • #8,709
  • Oct 7, 2015 8:16am Oct 7, 2015 8:16am
unfortunately it would have ticked you in and taken you out but next one won. I would have waited for the next one as that bar closed 11 ticks from entry either way either 1 win or breakeven day
  • #8,710
  • Oct 7, 2015 8:54am Oct 7, 2015 8:54am
Quoting Divergence
unfortunately it would have ticked you in and taken you out but next one won. I would have waited for the next one as that bar closed 11 ticks from entry either way either 1 win or breakeven day
interesting ...similar to this setup on 10th dec 13:

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  • #8,711
  • Oct 7, 2015 9:06am Oct 7, 2015 9:06am
its not when the red bar closes down that forms the 123 the get back into trend and it wins
  • #8,712
  • Oct 7, 2015 9:58am Oct 7, 2015 9:58am
if this bar closes down you have a HAT to long at 90
  • #8,713
  • Oct 7, 2015 10:11am Oct 7, 2015 10:11am
and also a potential 123 to get back into trend
  • #8,714
  • Oct 7, 2015 10:17am Oct 7, 2015 10:17am
well the 123 lost aren't you glad we don't trade on inventory days. Next week theres a holiday on Monday no trading and inventory comes out on Thursday at 11 am so I will trade Wednesday next week and not thursday
  • #8,715
  • Oct 7, 2015 10:26am Oct 7, 2015 10:26am
by the way the reentry at 51 won so it would have been a wash
  • #8,716
  • Oct 7, 2015 11:31am Oct 7, 2015 11:31am
yes saw that Harold ... so tues weds fri next week
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  • #8,717
  • Oct 7, 2015 2:16pm Oct 7, 2015 2:16pm
Was debating whether to share this or not didn't want to add more to your plate but I am also taking 123 and 2b setups at top or bottom of the market. The sequence remains the same 1 net win a day. Your not obligated to take them if you don't want to did backtest with and without results still the same win win situation
  • #8,718
  • Oct 7, 2015 5:11pm Oct 7, 2015 5:11pm
Quoting Divergence
Was debating whether to share this or not didn't want to add more to your plate but I am also taking 123 and 2b setups at top or bottom of the market. The sequence remains the same 1 net win a day. Your not obligated to take them if you don't want to did backtest with and without results still the same win win situation
So you mean counter trend? Original rules to take 123, 2b and hats?
  • #8,719
  • Oct 7, 2015 5:37pm Oct 7, 2015 5:37pm
Yes it's a counter trend setup at top or bottom of market
  • #8,720
  • Oct 8, 2015 2:36am Oct 8, 2015 2:36am
Quoting Divergence
... at top or bottom of market
Defined as a setup after a new high or low for the session, I presume ?

I feel the hat is the highest prob counter-trend pattern (but I haven't tested this...)...

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