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The Shawshank Redemption
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Created: by babypowder Attachments:2

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The Shawshank Redemption

  #1 (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

The Shawshank Redemption

Hey futures.io (formerly BMT),
I'm joining the contest that begins June 1st, I'll give my best to post everyday till the end of the month. I love using trendlines it helps me read the market structure easily. Remember TL's is the me as EMA 20 is to most retail traders, its there to make things visually simpler. Back to the task at hand. This trading concept I've read before but it was during my early years of looking for the perfect indicator so it was in my useless bin. But as I developed w/ TL's sure enough I begin using it without notice. Its used by many futures.io (formerly BMT) members.

TRENDLINE BREAK , yes just like the movie we are looking for a BREAK.

1) Draw a nice diagonal TL after the 1st leg/LH or HL with a fib retracement between 38-50-61%.
Rule 1 - babypowder's library then the TL Rule 1 - babypowder's library
2) Look for a double bottom/top and/or HL/LH with fib retracement between 61-78%.
Rule 2 - babypowder's library
3) Look for a clear BREAK of the TL.
Rule 3 - babypowder's library
4) Once broken look to enter on a pullback/HL or LH (I prefer) or on the break of the TL with stop loss at rule #2.
RULE 4 - babypowder's library

See attached example of the 6E- 60min chart ( 2011-05-30_0949 - babypowder's library ).

How Price Action/Market Structure comes to play for each rule:
1) Fib levels are not absolute but if the trend does not give me a retracement in the 38-50-61 area then this tells me.
a) The Trend is strong in that direction; drawing a TL lower then 38 fib will give me a steep sloped TL which I don't like only nice even diagonal TL's.
b) The Trend is not a trend but maybe in consolidation; drawing a TL above the 61 fib may look too horizontal changing my strategy from trend to range but that's another thread.
2) This rule is self explanatory a HL/LH or double bottom/top signalize a potential change of the current trend.
3) Look for a clear break (discretionary); I personally like to see a complete candle close above/below the TL or nice pin bar away from the TL. Again the futures.io (formerly BMT) community can participate an we can discuss this further here.
4) Once all 3 rules are met; we like to see and enter on a pullback to the new direction or enter on the break of the TL. Some things to keep in mind;
a) the market may run off and not give you a pullback entry but by doing so you get a better entry and you lessen your risk.
b) by entering on the break of the TL your risk is higher but you may catch a runner. Remember there are traders making money only being 40% correct it all comes down to your style.

Money Management and entry points can be discussed as a group, being that there are varies ways to go about this. The methodology I've only used in higher time frames and will post different time frames in the coming days.

Happy Trading,
BP.


Last edited by babypowder; June 1st, 2011 at 07:49 PM.
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  #2 (permalink)
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  #3 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
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great


Wow, thank you so much for the detailed information, on 6E chart, if price is back to LL to form a double bottom or overshoot a little bit, is it eligible for your setup?

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  #4 (permalink)
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babypowder's Avatar
 
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6E

Thanks supermht,
If price does make a LL/HH then yes the setup is void. Price is still trending and has not given us any indication of change.

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  #5 (permalink)
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How come you don't post your images directly in the post?

I am lazy I guess, so to look at a different page then flash back-n-forth etc..

Just curious why you do not.

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  #6 (permalink)
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Sorry Blue,
Show me how and I'll see if i can adjust. Just got use to doing it this way.

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  #7 (permalink)
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Hi,

Thanks for posting your method this is a wiki on how to capture screen-shots How-to Capture and Upload a Screenshot - Big Mike's Trading Forum

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  #8 (permalink)
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Thread Moved


Thread moved to Traders Hideout (from journals) so it can qualify for iPad 2 contest



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  #9 (permalink)
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Day 1 (CL)

Hey all,
I edited the 1st post forgot to include the .61 fib. The purpose is to draw a nice sloped trendline. I like to see a pretty picture. Today I've attached a TL break CL examples with price action breakdown and targets and stops.

CL-30 min chart, TL break example. DAY 1 - babypowder's library
*same chart with price action breakdown. Day1 - babypowder's library
*same chart with target and stop. 2011-06-01_1950 - babypowder's library

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  #10 (permalink)
Site Administrator
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Posts: 46,238 since Jun 2009
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Tip


This thread is part of our June iPad 2 contest!

For all the details on the contest, visit this link:
https://futures.io/feedback-announcements/10976-big-mike-challenge-2-win-ipad-2-a.html

futures.io (formerly BMT) members will vote for the winner at the end of June.

Thanks for participating, @babypowder!




Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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