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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
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.
*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
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.
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?
