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By "confirmation" do you mean that you entered right after the doji closed and then wait for the next bar to close to give you the signal to STAY in the trade? My question was about where/when your entry occurred - your rules state "entry bar must close below top,doji,hammer" - it would seem from your entry arrow on your chart that you entered on the bar after the small doji which closed around 4529 or so - but you must have entered near the open of that bar marked on your chart because that bar closed around 4519.
There is a bar that closed around 8:10 that closed at or just below the trigger lines (2 bars before the one marked on your chart as the entry bar) and I would think that bar could meet your entry rules and was far enough away from 4500 to allow entry.
Please don't take time to answer this question unless you are not actively looking for a trade - I don't want to distract you during an active market.
traders, you are making a simple method way to difficult, you are over thinking the rules
following the rules you should see the trades forming before they trigger, so when these setups occur you already know what you are going to do before it happens. All you are waiting for is confirmation with the candle patterns, trigger lines, Stochastic.
Knowing this information in advance when the trade tiggers take it and what happens, happens. these setups albiet dont always win they will over the long run. Stops are small and reward should always be at least twice what you will ever lose on 1 trade
See this 1508 chart that explains what I saw 2 candles before the trade triggered
When I know way in advance that the 1508 has made a lower low and starting to pullback
you need to switch your attention to the 377 - see the setup way before it gets to the entry point
You will get to where you are telling yourself if this does this - then I will do that
It is important to see these trades setting up - if you are trapped in tunnell vision only looking at 1 thing you will miss many of the trades - see the whole picture, the market tells a story - learn the language and then react
When you get a signal, how far inside the cloud do you place your stop? For example, if you get a short entry 2-3 ticks below the cloud, how far above the cloud would you place your stop?
you are addressing a very interesting subject which would certainly warrant a thread of its own.
My approach is very similar to Charles', I do get around 4-5 signals per day, that is per London+New York session on the Euro. This means that roughly 99% of the time, absolutely nothing happens.
I lose my focus, leave the computer for certain periods of time, surf the internet or cut my toe nails...in the end this leads to a lot of missed setups and frustration...I have not figured out a way around this problem yet. I really feel severly unchallenged.
you are correct Seeker that a slow moving choppy market is very boring to watch.
I feel my method however boring it may be some days or weeks - lol- it prevents or at least minimizes trading during during the chop periods which in turn hopefully prevents traders from blowing up their trading accounts
this week has been very slow and choppy and has only given 8 trades so far this week, which when you think about it is extremely boring - but
7 of those trades have been winners and 5 of them produced 21 ticks. thats pretty good pay for being bored
Trading should be boring - Vegas is where the fun is
