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The Shawshank Redemption
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Created: by babypowder Attachments:2

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The Shawshank Redemption

  #11 (permalink)
Elite Member
Brooklyn, NY
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus/IB/FinFx
Favorite Futures: ES, Forex
 
babypowder's Avatar
 
Posts: 182 since Apr 2010
Thanks: 202 given, 196 received

Day 2 (CL)

Morning,
I wanted to post a potential live setup. CL- 30 min chart, lets see when I comeback it fulfills all 4 rules.
2011-06-02_0736 - babypowder's library

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  #12 (permalink)
Elite Member
Brooklyn, NY
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus/IB/FinFx
Favorite Futures: ES, Forex
 
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Posts: 182 since Apr 2010
Thanks: 202 given, 196 received

Day 2 (CL,6B)

CL-30 min chart, earlier setup rules were not meet. DAY2 - babypowder's library
CL- 3 min chart, nice setup for smaller time frame. http://screencast.com/t/JAXbU93ELd5
6B- 15 min chart, nice setup. 2011-06-02_2150 - babypowder's library

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  #13 (permalink)
Elite Member
Brooklyn, NY
 
Futures Experience: Beginner
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Broker/Data: Mirus/IB/FinFx
Favorite Futures: ES, Forex
 
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Posts: 182 since Apr 2010
Thanks: 202 given, 196 received

Day 2


Hey all,
Attached you will see a clean simplified Price Action Breakdown of what the TL break contains if done correctly. You want to see this for your setup. The TL and Fib are there to give you a ballpark zone containing this price action setup. Moreover, TL and Fibs are indicators to help you locate this setup.

PA- DAY2 - babypowder's library
PA with TL- 2011-06-02_2223 - babypowder's library

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  #14 (permalink)
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Futures Experience: Beginner
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Posts: 182 since Apr 2010
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Day 3 (ES)

ES- 5 min chart, failed TL break. DAY3 - babypowder's library
ES- 3min chart, TL break. 2011-06-04_0044 - babypowder's library

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  #15 (permalink)
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Futures Experience: Beginner
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Broker/Data: Mirus/IB/FinFx
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Posts: 182 since Apr 2010
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Potential Setup (6E)

6E- 1440 min chart, attached is a potential setup. 6.5 - babypowder's library.
We should know if the setup is valid within this month.

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  #16 (permalink)
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ES

ES- 3 min chart, TL break play long. ES - babypowder's library

*Today I would like to cover target profit in relation to the TL break method or your current trading style. Using TL's to provide target profit. We are going to form a short term channel. A picture is worth a thousand word so see attached.
ABC- ABC - babypowder's library
ABC with TL's- ABC w_ TL - babypowder's library (copy and paste the same TL to point B and redraw TL freom A to C)
ABC short-term channel- CHANNEL - babypowder's library
Same 3 min. example as above- 3 MIN - babypowder's library

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  #17 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
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Posts: 954 since Feb 2010
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great

Thank you for sharing simple trading tips

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  #18 (permalink)
Elite Member
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ES

ES- 1 min chart, TL break play long. 1 Min - babypowder's library.

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  #19 (permalink)
Elite Member
Brooklyn, NY
 
Futures Experience: Beginner
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Posts: 182 since Apr 2010
Thanks: 202 given, 196 received

ES/6E

ES- 1 min chart, TL break play long. 1 min - babypowder's library.

I will continue posting lower time frames as several PM's ask for lower risk plays. But so far I have notice many TL breaks with at the very least 1:1 or more risk to reward.

We currently have a potential live setup with the 6E daily chart. 6E - babypowder's library. As you can see we are waiting for a LH or DT followed by the TL break. I would like to mark possible turning points by looking to the left side of the chart. Turning Point - babypowder's library. You can see price broke both 1&2 previous HH/Resistance levels. Now the only resistance area is between 3rd HH and DT. So in order for the TL Break play to stay valid we should have a bounce off here. Stay tuned.

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  #20 (permalink)
Elite Member
Pickering, ON
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Amp Futures/Zen-Fire
Favorite Futures: 6E
 
Posts: 41 since Aug 2009
Thanks: 139 given, 42 received

Chart Types, Markets & Time Frames


I sincerely appreciate you taking the time and effort to share this simple yet effective trading method using PA & TL's. Would appreciate your feedback to the following:-

1) Apart from the CL & ES, is the technique as successful in more trending markets like the 6E? I know you have included some 6E charts but I was wondering on the consistency of the method on markets that tend to trend more.

2) As is usual, a larger time frame will result in more reliable trades but what about daytrading the method. Have you seen any consistency patterns on lower time frames?

3) Being a PA trading method, I was wondering on using "non-time" charts (i.e. Tick Bars, Range Bars, Vol Bars, Renko Bars, etc. etc) - any thoughts in that direction?

Thanks!

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