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The Shawshank Redemption
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Created: by babypowder Attachments:2

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The Shawshank Redemption

  #51 (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

6E live play

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)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
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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)
Elite Member
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Futures Experience: Beginner
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Sure



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)
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

6E live play

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)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
Thanks: 1,397 given, 2,570 received


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)
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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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6E live play

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)
 Vendor: www.thestrategylab.com 
Quebec, Canada
 
Futures Experience: Advanced
Platform: X-Trader, InfinityAT, Saxotrader
Favorite Futures: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, EuroFX 6E, Forex EurUsd and Hang Seng HSI
 
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Trade Management Question

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)
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Re:


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)
 Vendor: www.thestrategylab.com 
Quebec, Canada
 
Futures Experience: Advanced
Platform: X-Trader, InfinityAT, Saxotrader
Favorite Futures: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, EuroFX 6E, Forex EurUsd and Hang Seng HSI
 
Posts: 32 since Mar 2011
Thanks: 40 given, 36 received


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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