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Simple Trendline Bounce
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Created: by babypowder Attachments:3

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Simple Trendline Bounce

  #41 (permalink)
Elite Member
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I think your right

Hey Mike,
I think it should as the original idea shifted. But I don't know how?

CL- 1st contract exit at 60 tick and the 2nd contract was move to last HL but was taken out for -20. +400 total.

But look at how it touch the bearish TL and dropped continuing the trend. Left 2nd contract as is overnight but if I was awake managing the 2nd trade it would have been a better execution. As I forecast a exit at TL touch. Which did create a bounce play going down. I happy about my assessment of possible outcomes yet unable to manually manage the trade at small TF. http://screencast.com/t/jM7JsgyI

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  #42 (permalink)
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I moved it to regular Journals, if you want it moved to Elite journals just let me know.

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  #43 (permalink)
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6E


6E- 1440 min chart, important levels are highlighted. 2011-05-17_2004 - babypowder's library

6E- 240 min chart, zoomed in and we take a look at the highlighted levels and I apply my TL here, I'm looking for price to retrace back the mid-area res./TL/50% fib (circle) and continue down. So I'll be looking for a reversal signal via IB/OB/reversal at this area. 2011-05-17_2008 - babypowder's library

6E- 60 min chart, I'm looking for a safe long play ride to the big circle area/or TL from the smaller circle area as highlighted. 2011-05-17_2026 - babypowder's library

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  #44 (permalink)
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6E

6E- 30 min chart, made it on time for a second attempt long play with a 2 bar reversal in my forecast area. 2011-05-18_1812 - babypowder's library

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  #45 (permalink)
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ES

ES- 1440 min chart, TL break made to the downside looking for a pullback/LH at highlighted area. 2011-05-18_1816 - babypowder's library

ES- 240 min chart, looking for a short signal at the highlighted area/ TL bounce. 2011-05-18_1833 - babypowder's library

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  #46 (permalink)
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6E update

6E- 30 min chart, 1st target hit +562.50. 2011-05-18_2137 - babypowder's library
2nd stop adjusted trail the TL. http://screencast.com/t/XEV1uHlLhT

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  #47 (permalink)
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Do you have any stats

Very interesting.

Do you have any stats on this method?

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  #48 (permalink)
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Organized Chaos

Hey M,
Since I work, my screen time is not efficient, so stats is as follows on the thread.

As for the method nothing new but simple. Look for TL bounce/break plays. You try to get in as close to the TL as possible, through price action indicators (IB/OB/reversals..etc). Most important stops at last pivot point or TL (low risk). My process begins, by opening a 1440 naked chart (2011-05-18_2356 - babypowder's library) and start plotting horizontal lines and trend-lines (2011-05-18_2359 - babypowder's library). Then a 240 chart (or lower TF), to fine tune an entry near higher TF lines (2011-05-19_0021 - babypowder's library). I listed some great sources you can learn from in the thread. Also you can follow Erie J/ AR01 journals and many others in the forum. Hope this helps.



mmaker View Post
Very interesting.

Do you have any stats on this method?

edit- I just saw your journal, you are on top of your game, keep it up.

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  #49 (permalink)
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6E update

6E- 2nd target stop hit +40.

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  #50 (permalink)
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ES


ES- 240 min chart, perfect bounce play short I missed but my forecast was on point. 2011-05-21_1504 - babypowder's library

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