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 have not taken any trades as yet - early Greece news had really caused the market to trade abnormally , at least to me. I am waiting until after 7:30 cst to look for trades presently there is too many S&R levels to the left on the 1508 chart causing this whipsaw action
Also looking at a daily chart the 1.4075 has been a major area of support over the last couple of months - so I am waiting for more of a clear direction
Charles, in your book, is this a tradable ABCD setup ?
Just trying to understand the nuance of your explanations. When price creates the leg between points C-D at which point should the ABCD pattern be discarded even if its structure respects your numbered list that defines it. If the C-D segment penetrates the cloud as shown here on the ES this morning, would you still consider the pattern tradable ?
After measuring the distance from A-B and then adding the half to B if a candle closes above the calculation point which will occur at point D then the signal is void
If C-D penetrates the cloud its OK as long as it does not go above it in that example. So in your example yes that ABCD is tradable
Charles, one more thing which has not been mentionned. When we have a valid setup and price closes below/above the cloud but the entry bar looks like a hammer or inverted hammer do you take the trade ?
Ex. if we are in an uptrend and we get an inverted hammer suggesting a reversal against our position do you take the trade even if the close of the bar is positioned correctly according to the rules ? That's one of the problem i have with TICK chart. I find the close of the bar less significant than with other types of bar.
