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The Shawshank Redemption


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The Shawshank Redemption

  #51 (permalink)
 
babypowder's Avatar
 babypowder 
Brooklyn, NY
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus/IB/FinFx
Trading: ES, Forex
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6E- 1440 min chart, 6E - babypowder's library. OB did not trigger my way so short play is off.

** Attached are likely price reversal area (Prev. Res.) that I would look to take. 6E - babypowder's library

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  #52 (permalink)
 Eric j 
NY
 
Experience: Advanced
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BP , I missed your description of a 2/3 bar reversal . Could you show us if you dont mind , thanks .

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  #53 (permalink)
 
babypowder's Avatar
 babypowder 
Brooklyn, NY
 
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Eric j View Post
BP , I missed your description of a 2/3 bar reversal . Could you show us if you dont mind , thanks .

Hey EJ,
This probably goes by 5 different names but attached are examples of what I call 2-3 reversal bars.
Drawing, 6E - babypowder's library
6E Live Chart, 6E - babypowder's library. Note I only circled reversals going with trend (UP). If the trend is DOWN you will look for the opposite. Let me know if I explained it correctly.

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  #54 (permalink)
 
babypowder's Avatar
 babypowder 
Brooklyn, NY
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus/IB/FinFx
Trading: ES, Forex
Posts: 182 since Apr 2010
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6E- 1440 min chart, 6E - babypowder's library. Noted on the chart would be the 2 bar reversal entry. I missed to catch the trade in NT. Busy trading and messing around with MT4 with the same play EUR/USD 4 hr chart, MT4 - babypowder's library. MT4 order fill is horrible you can't even place Stop/Target without an error you can only place it after the trade. Any way I will record the entry as is and post potential targets and areas of interest. Stay tuned.

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  #55 (permalink)
 Eric j 
NY
 
Experience: Advanced
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Trading: Currencies
Posts: 2,507 since Jun 2009
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babypowder View Post
Hey EJ,
This probably goes by 5 different names but attached are examples of what I call 2-3 reversal bars.
Drawing, 6E - babypowder's library
6E Live Chart, 6E - babypowder's library. Note I only circled reversals going with trend (UP). If the trend is DOWN you will look for the opposite. Let me know if I explained it correctly.

Looks good to me . So its a "key reversal " pattern of sorts . Bullish - a bar makes a lower low but closes above the last bars close and bearish - a bar makes a higher high but closes below the last bars close . Smart using it with the trend I bet .

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  #56 (permalink)
 
babypowder's Avatar
 babypowder 
Brooklyn, NY
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus/IB/FinFx
Trading: ES, Forex
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Eric j View Post
Looks good to me . So its a "key reversal " pattern of sorts . Bullish - a bar makes a lower low but closes above the last bars close and bearish - a bar makes a higher high but closes below the last bars close . Smart using it with the trend I bet .

Yep,
Just look back with other pairs on the daily chart with the trend and you can see how well it works.

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  #57 (permalink)
 
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 babypowder 
Brooklyn, NY
 
Experience: Beginner
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Trading: ES, Forex
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6E- 1440 min chart, 6E - babypowder's library. Levels of interest.
*MT4 recorded play, MT4 - babypowder's library. I only played 1 lot so stop will be at break-even. And since this puppy dropped like a rock we should see a significant retracement in the highlighted areas.

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  #58 (permalink)
 
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 wrbtrader 
South France, Chicago U.S.A, Quebec Canada
 
Experience: Advanced
Platform: X-Trader, CQG, InfinityAT
Trading: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, Euronext CAC40, EuroFX 6E, and Hang Seng HSI
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Hi babypowder,

What's your plan (trade management) when you're in a profitable trade that has yet to reach its profit target but then gets another valid trade setup for the opposite direction. ???

For example, you're Long...trade is profitable...hasn't reached the profit target and then you get a valid Short signal. What's your trade management for trade situations like this. ??? In addition, what does the price action need to do that would prompt you to move your initial stop/loss protection into a profitable trailing stop when the trade is profitable to ensure the trade is paid for if it retraces. ???

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  #59 (permalink)
 
babypowder's Avatar
 babypowder 
Brooklyn, NY
 
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Broker: Mirus/IB/FinFx
Trading: ES, Forex
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wrbtrader View Post
Hi babypowder,

What's your plan (trade management) when you're in a profitable trade that has yet to reach its profit target but then gets another valid trade setup for the opposite direction. ???

For example, you're Long...trade is profitable...hasn't reached the profit target and then you get a valid Short signal. What's your trade management for trade situations like this. ??? In addition, what does the price action need to do that would prompt you to move your initial stop/loss protection into a profitable trailing stop when the trade is profitable to ensure the trade is paid for if it retraces. ???


Hey wrbtrader,
Thanks for posting. Before entering a trade there should be an exit plan also. When you trade you have an edge that you see which is why you enter the trade to begin with. If a you think that edge is gone. Get out. But there's a balance (mental) you can't get too frighten (leave position early) or stubborn (holding position and wishing). We'll use our current trade as an example. We are green with nothing telling me that the trade might go sour. Right now PA need to retrace with short candles and a wide slope before continuing further down. But if PA retraces with long thrust candles with a steep slope then I will be prompt my stop at nearest RES.level/area.

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  #60 (permalink)
 
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 wrbtrader 
South France, Chicago U.S.A, Quebec Canada
 
Experience: Advanced
Platform: X-Trader, CQG, InfinityAT
Trading: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, Euronext CAC40, EuroFX 6E, and Hang Seng HSI
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Hi,

I'm glad your trade method involves having an exit strategy prior to entry into any trade position.


babypowder View Post
Hey wrbtrader,
Thanks for posting. Before entering a trade there should be an exit plan also. When you trade you have an edge that you see which is why you enter the trade to begin with. If a you think that edge is gone. Get out. But there's a balance (mental) you can't get too frighten (leave position early) or stubborn (holding position and wishing). We'll use our current trade as an example. We are green with nothing telling me that the trade might go sour. Right now PA need to retrace with short candles and a wide slope before continuing further down. But if PA retraces with long thrust candles with a steep slope then I will be prompt my stop at nearest RES.level/area.


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Last Updated on July 28, 2011


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