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Thought I would do a short video describing what the setup Change of Behavior Pull Back (COBPB)looks like. THis is very similar to some of PATS BOPB setups with a slight twist using wave size and volume.
It is great, Jeff, that you take this new journey.....great start and explanation from the first page....hope we all will benefit by your participation...
will join after my holidays
Thank you so much for taking the time to do a video as they can take a bit of time to produce. It would be nice if we could put double likes on your contest journal entry.
Hi, I think I took the same 2 first trades as you did. What what the reason for your #2 trade? I think we both got stopped out on it, so I'm just trying to understand the reasoning behind it.
That was a BOPB from the BO level in combo with an 2ES. I felt like those 2 factors justified taking the trade. ON the negative side, PA had not broken the CT TL yet, but I felt like odds were in my favor.. I would take it again.. Anytime I get 2 factors strong as second entry and BOPB.. I am all in.........As you know some trades just fail.
Hope this helps.
Wolf
PS.. My abbreviations are listed in the second or so post in this thread.
It depends.. I will not take a stop any larger than 6T.. so if signal bar is generally 5T or less, I will go with a pivot break. So with the trade you have referenced, I went with the bar break or pivot break..
If the signal bar is larger than 5T or the signal bar is a CT bar, I have 3 options;
1. Pass
2. Drop a limit order 1-2T behind signal bar after bar break
3. Look for an entry on my 900T chart that will give me a smaller stop
On second entries(which I should rarely pass on), I will typically go with a limit order if signal bar is greater than 5T.
I did not code the trades on my chart today.. but I would have coded that trade 2ES-P.. Which means Second Entry Short with a Pivot entry.
Done about 1030... Rough day for my trading plan.. Plan based on pullbacks in a trend and the legs were fast and sharp with few pullbacks.. Bars so large that 6T not survivable on stops anyhow without a pullback which rarely happened. Caught myself a couple of times trying to chase a move and I was on the mic(personal recording) and stopped myself 2 or 3 times.. Finally recognized I need to stop trading or the hole I dig could be huge.
Only took 2 trades before calling it a day.
2 W
0L
Also learned HLC charts could not give me what I needed.. Missed a couple of big reversal bars because I did not see the close tab until later.. Converted back to candlestick charts. That test is complete.
