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  • #21
  • Mar 18, 2016 2:34pm Mar 18, 2016 2:34pm
Based on the pattern I don't think your SL is high, I was just curious about the entry.

Ok so you spotted the pattern and placed your order at above the high?

Just to be clear I hope this thread takes off as I think price action / patterns is where we should all start and I am looking forward to learning.

And as I said in my first post I am currently trying to move away from indicators and read the chart patterns.
Indentify > Plan > Accept > Execute
  • #22
  • Mar 18, 2016 2:38pm Mar 18, 2016 2:38pm
Quoting wizlon32
Based on the pattern I don't think your SL is high, I was just curious about the entry. Ok so you spotted the pattern and placed your order at above the high? Just to be clear I hope this thread takes off as I think price action / patterns is where we should all start and I am looking forward to learning. And as I said in my first post I am currently trying to move away from indicators and read the chart patterns.
Sure thing bro. Please add some input, charts, thoughts. This thread is also yours!!!
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #23
  • Mar 18, 2016 2:45pm Mar 18, 2016 2:45pm
Wiz, thoughts on this?

Attached Image (click to enlarge)
Click to Enlarge Name: flag1.PNG Size: 25 KB
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #24
  • Mar 18, 2016 2:48pm Mar 18, 2016 2:48pm
Quoting Shemski
Wiz, thoughts on this? {image}
Without checking it against anything I recognise it as a pennant continuation pattern? And obviously that is how it played out too.
Indentify > Plan > Accept > Execute
  • #25
  • Mar 18, 2016 2:53pm Mar 18, 2016 2:53pm
The TP on this trade was 170pips (half of flag pole)

Attached Image (click to enlarge)
Click to Enlarge Name: flag2.PNG Size: 33 KB


Two smaller trades:

Attached Image (click to enlarge)
Click to Enlarge Name: flag3.PNG Size: 29 KB
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #26
  • Mar 18, 2016 2:54pm Mar 18, 2016 2:54pm
Quoting wizlon32
{quote} Without checking it against anything I recognise it as a pennant continuation pattern? And obviously that is how it played out too.

Exactly. Easy money, no indicators. Just your eyes and patterns!
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #27
  • Mar 18, 2016 3:01pm Mar 18, 2016 3:01pm
If I'd tell you that a series of four candles in this screenshot tell me that your success rate of taking an order in a certain position is about at 72%, how excited would you be?

Attached Image (click to enlarge)
Click to Enlarge Name: oil.PNG Size: 22 KB


Who else see's it?? This should be super easy!!

And why is the dashed red line so important? Hint one "3"!

Attached Image (click to enlarge)
Click to Enlarge Name: oil2.PNG Size: 22 KB
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #28
  • Mar 18, 2016 3:03pm Mar 18, 2016 3:03pm
Quoting Shemski
The TP on this trade was 170pips (half of flag pole) {image} Two smaller trades: {image}
OK so your vertical green line is the distance from your entry to your TP?

What chart pattern are these two? How would you find your entry point?
Indentify > Plan > Accept > Execute
  • #29
  • Mar 18, 2016 3:07pm Mar 18, 2016 3:07pm
Quoting wizlon32
{quote} OK so your vertical green line is the distance from your entry to your TP? What chart pattern are these two? How would you find your entry point?

This is a flag pattern? No??

My Entry is right above the high. TP's are correct.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #30
  • Mar 18, 2016 3:10pm Mar 18, 2016 3:10pm
Quoting Shemski
{quote} This is a flag pattern? No?? My Entry is right above the high. TP's are correct.
I don't see these as flag patterns. These are just pull backs.

The TPsmay be correct according to your strategy (half of flag pole) but what is your entry signal?

A trend line would probably have given you a couple of trades though.
Indentify > Plan > Accept > Execute
  • #31
  • Mar 18, 2016 3:12pm Mar 18, 2016 3:12pm
Quoting wizlon32
{quote} I don't see these as flag patterns. These are just pull backs. The TPsmay be correct according to your strategy (half of flag pole) but what is your entry signal?

Really, why would they not be flags? High and Tight Flag all day if you ask me...

Entry is right above high (top of flag pole)
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #32
  • Mar 18, 2016 3:18pm Mar 18, 2016 3:18pm
Hello everyone, your opinion on this triangle?
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD D1 Chart.png Size: 73 KB
  • #33
  • Mar 18, 2016 3:23pm Mar 18, 2016 3:23pm
Quoting Shemski
{quote} Really, why would they not be flags? High and Tight Flag all day if you ask me... Entry is right above high (top of flag pole)
Here is my take on a flag. This is AUDCAD H4. It may or may not be a flag - I chose this example quickly to respond.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 8 KB
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  • #34
  • Mar 18, 2016 3:27pm Mar 18, 2016 3:27pm
Quoting wizlon32
{quote} Here is my take on a flag. This is AUDCAD H4. It may or may not be a flag - I chose this example quickly to respond. {image}
AUDCAD not GOLD
Indentify > Plan > Accept > Execute
  • #35
  • Mar 18, 2016 3:33pm Mar 18, 2016 3:33pm
Quoting Darryl
Hello everyone, your opinion on this triangle? {image}
What is your opinion from this triangle Darryl?
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  • #36
  • Mar 18, 2016 3:34pm Mar 18, 2016 3:34pm
Quoting wizlon32
{quote} Here is my take on a flag. This is AUDCAD H4. It may or may not be a flag - I chose this example quickly to respond. {image}
That is an Adam and Eve Double Top to me. I would've shorted on the third to last candle, with my TP being; High minus low (right where price is) muliplied by 0.69 (about a 58 pips TP) and my SL would be around 80 pips.

BUT, it's history is not the best,so I would lay off of it.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #37
  • Mar 18, 2016 3:37pm Mar 18, 2016 3:37pm
Quoting Darryl
Hello everyone, your opinion on this triangle? {image}

Iam not a big fan of wedges and triangles. Neither of them really perfom great longterm.
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #38
  • Mar 18, 2016 3:38pm Mar 18, 2016 3:38pm
Quoting Shemski
{quote} That is an Adam and Eve Double Top to me. I would've shorted on the third to last candle, with my TP being; High minus low (right where price is) muliplied by 0.69 (about a 58 pips TP) and my SL would be around 80 pips. BUT, it's history is not the best,so I would lay off of it.
The Adam and Eve Double top is outside of the pattern that i was using as an example. I will find a better one.
Indentify > Plan > Accept > Execute
  • #39
  • Mar 18, 2016 3:39pm Mar 18, 2016 3:39pm
OK, I'm off to bed. Will reply tomorrow.

Very, very good convo. Please hang around and continue to contribute!!!
When trading: "Empty your mind, be formless. Shapeless, like water."
  • #40
  • Mar 18, 2016 3:47pm Mar 18, 2016 3:47pm
Quoting wizlon32
{quote} The Adam and Eve Double top is outside of the pattern that i was using as an example. I will find a better one.
Here is some examples of what I would call a flag (continuation pattern)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 7 KB
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