Little scalp on GJ. Achieved 5R so far.
Attached Image (click to enlarge)
- #1,002
- Dec 9, 2016 6:06am Dec 9, 2016 6:06am
Took this trade also for other reasons (FL and eng) but what made this a good entry was also the QM alignment.
ps. the first try at the higher level failed but took enough at 1R to cover for a stop, price really wanted the lower obvious QM...
ps. the first try at the higher level failed but took enough at 1R to cover for a stop, price really wanted the lower obvious QM...
the 3rd wave is the crowd's wave
- #1,004
- Dec 9, 2016 9:55am Dec 9, 2016 9:55am
{quote} I had the same trade but my SL was about 15 pips at the LL. I think you had a pretty small SL to make it a 13 R trade. What was the idea behind your SL placement?
There's symmetry in the market and if you have a good nested level with unfilled orders aligned with a higher time frame QM, many times price bounces from the level.
This goes beyond this thread but, since you asked, I'm posting the trade progression (reason for the trades):
My first try
2nd try but at QM
Exit
the 3rd wave is the crowd's wave
- #1,006
- Dec 9, 2016 10:15am Dec 9, 2016 10:15am
- Joined Aug 2009 | Status: Just trade it! | 1,230 Posts
Money is made by sitting, not trading. Jesse L. Livermore
- #1,008
- Dec 9, 2016 12:44pm Dec 9, 2016 12:44pm
Hi batus, this is my view on how to reduce drastically the risk in such cases:
Of course the SL above is safer, but usually these are good for a bounce.
Of course the SL above is safer, but usually these are good for a bounce.
the 3rd wave is the crowd's wave
- #1,009
- Edited 2:34pm Dec 9, 2016 2:17pm | Edited 2:34pm
Hi batus, this is my view on how to reduce drastically the risk in such cases: {image} Of course the SL above is safer, but usually these are good for a bounce.
I just enhanced more to the rules that thread starter (Mr Quidsey) elaborate on the first page & to make it more effective, i found that HHLL is most significant to what actually Mr Quidsey method. Engulfed is one of the rules that i found to validate a HHLL thats indicate the difference from normal HNS pattern.
For a simple entry & exit rules, i come out with the idea as chart below.
Again, thanks for your input & hope you will describe more.
Original chart:
Enhanced chart:
- #1,011
- Dec 9, 2016 8:52pm Dec 9, 2016 8:52pm
Hi all, still learning this pattern. Please comment, when we say engulfed, is it like the chart here where area 2 PA movement down engulfs area 1 flag area? or is it area 4 engulfing the 3 the L area. thx. {image}
