Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I got caught. Tried to be cute and anticipate a 2S signal. Even though it was a weak bearish bar I figured it would trigger and be good for +10, however, the 2S never triggered and we got new highs - lol. I should know better especially after two previous 2S signals failed. I was being way too aggressive anticipating a "Trap" forgetting that our overall bias at this point has been bullish and I should be looking for a "bear trap" and not a "bull trap".
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Hope everyone had a great weekend! I know I did! Super restful and I actually stayed away from the charts which is pretty rare. Good trading to everyone this week! btw I just watched the movie "Hacksaw Ridge" on cable and wow was it good. I wish I would have seen it earlier, anyhow to Ian's question.
When I mark up charts I usually do it this way. I yellow dot indicates my "Entry", a red square my "Stop", and a green diamond my "Target or Take Profit". Sometimes, I will just put 2 marks on a chart as in the chart Ian asked about. If the trade was a loser as it was in that case, the yellow dot indicated the entry and the red square indicated where I got stopped out at. If the trade would have been a winner then I would have had the yellow dot and green diamond.
Hope that answers your question Ian. Here is an example chart on the 6E with a perfect 2S signal:
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I have technically correct 2L on CL so I entered long. 4 tick stop with a 15 tick target. I have a feeling that it may stop me out but I want to be better about taking every signal and just living with results. Almost a 1:4 risk to reward ratio.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Price must get through the 54.34 level for the trade to even have a fighting chance to work out. I am little nervous because on these setups price usually likes to move right away, it usually is not a good sign when price takes so long to move. I am also curious to see if I get stopped out at -4 ticks if it would have been better to use my normal 10 tick stop allowing room for a potential bear trap. Time will tell!
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Stop moved to break even. I am now in a risk free trade. We will see what happens. If price can do its job, breaking thru and obtaining a new high, the combination of the 2SF, the stop run, and the actual fib target being beyond my price target of +15 ticks should allow the trade to work out.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
New high achieved, price so far as advanced +11 ticks. Stop has been moved to +1 tick and we will see from here what happens. Part of me is thinking I should have taken profit at +10 just to start the new week out on a positive note but I want to let the trade play out.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
