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Nice , please share the specific structure of your hook pattern . I see your charts and they are very clear although Im unclear how the bars relate to one another to form a hook , thanks much .
Can you help answer these questions from other members on NexusFi?
They are quite a few a setups that can form a hook.
Common is the one following a 123.
Take the GC-Trade this morning as an example.
I see a classic 123 pattern ( 8.Sep 10.Sep 14 Sep )
followed by a prolonged uptrend ( at least x bars up )
The first bar that shows a down move ( 27.Sep )
Triggers the Setup. If now the open of the next bar is within the
previous bars range the Trade is triggered.
As far as I understood Joe, he would set a trigger above the high and wait for the trend to continue.
That does work, but mostly not instantly.
I backtested the pattern over 20 years worth of data.
It has good years and better years, but so far not a loss.
There are specific months of the year when the pattern works better than others,
but that is about it.
If you have different definitions, lets compare.
So far i use 22 different bar setups in my active trading, ranging from the hook to even simpler ideas.
No complains today, automatic setup working like a treat.
Currently working on tick based setups.
Turning out to be a perfect trade from short to long signal.
Locust
PS: The signals in the middle of the chart, are not traded because I do not trade between 22.00 and 8.00 GMT+1
Itīs the high of the bar with the sell setup, here itīs the high of the day, i started out adding a few points to the high, but over the last years it did show that once the high is taken the setup does not end profitable.
Why the high in general, because it is simple but includes for this point in time all the information i need.
I like bars because one can read much more than just ohlc. I tested a lot of other stop methods, but they made my systems slower and not more profitable.
As it turned out the deal went wrong, the trailing worked, so the high of the previous bar was the stop at 77,66
a loss of 2 ticks. That is fine with me after a day like that.
Locust
PS:
Hope that answered your question Gary.
If you have a better Idea, let me know.
