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Daily Chart 3-Candle

  • #41
  • May 2, 2018 5:17am May 2, 2018 5:17am
Quoting atbin
Hi Simon This system is reversal or trend continution ? Tx
Hi atbin,

It's a reversal system, however when reversal levels fail we trade the continuation.
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  • #42
  • May 2, 2018 5:18am May 2, 2018 5:18am
Quoting atbin
{quote} Why sell? Becouse candle3 have lower low than candle1 and price cant close above close candle1?
Correct atbin!
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  • #43
  • May 2, 2018 7:07am May 2, 2018 7:07am
Quoting simoneg
{quote} Correct atbin!
  • #44
  • May 2, 2018 7:08am May 2, 2018 7:08am
Your system like 3 drive in price action .
  • #45
  • May 2, 2018 8:27am May 2, 2018 8:27am
Quoting atbin
Your system like 3 drive in price action .
Hi atbin, I'm not so sure. But if that's the best way for you to understand it that's fine. I'm sitting out today. Generally don't trade on Wednesdays as market usually looks to confirm direction or is just plain wacky on Wednesdays.

All pairs also stuck between reversal and continuation levels so...scalplers' day for now.
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  • #46
  • May 2, 2018 9:18am May 2, 2018 9:18am
Quoting simoneg
{quote} Hi loveandpeace, I have been trading this approach for a little over 1 year now. Yes, the daily close is 5:00pm EST. Yes your entry would be on Bar#4 or the bar that takes you to Bar#1's trade price.
Hi Simoneg,

Thanks for your reply, could you plz explain the following,


“ or the bar that takes you to Bar#1's trade price “
  • #47
  • May 2, 2018 11:19am May 2, 2018 11:19am
Quoting simoneg
{quote} Hi atbin, I'm not so sure. But if that's the best way for you to understand it that's fine. I'm sitting out today. Generally don't trade on Wednesdays as market usually looks to confirm direction or is just plain wacky on Wednesdays. All pairs also stuck between reversal and continuation levels so...scalplers' day for now.
  • #48
  • May 2, 2018 1:19pm May 2, 2018 1:19pm
Quoting simoneg
Short Gold, H1 setup in favor of Daily trend. This was a rejection of a bullish reversal so bears continue. {image}
In this example the market was not trending upwards for atleast 3 days, which is a requirement in your strategy. How come you took this trade?
  • #49
  • May 2, 2018 4:15pm May 2, 2018 4:15pm
Quoting loveandpeace
{quote} Hi Simoneg, Thanks for your reply, could you plz explain the following, “ or the bar that takes you to Bar#1's trade price “
Hi loveandpeace,

Sometimes when a reversal setup develops, Bar#3 closes far above or below bar #1's reversal price, hence we have to wait for a retracement. So in cases like this, you wouldn't be able to enter immediately after bar#3 closes.
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  • #50
  • May 2, 2018 4:22pm May 2, 2018 4:22pm
Quoting kafeldom
{quote} In this example the market was not trending upwards for atleast 3 days, which is a requirement in your strategy. How come you took this trade?

Hi kafeldom,

The essence of a reversal trade is that there is first an established trend, then it weakens, then we trade in the opposite direction. So if we are looking at a daily chart to determine whether a trend is established, then we need to see at least three bars trending in the same direction. The same principle may be applied to lower timeframes.

For a continuation trade, we do not need to check to see if a trend is established...it is already the fact. So once a reversal fails price will most likely continue in the established direction.
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  • #51
  • May 2, 2018 5:04pm May 2, 2018 5:04pm
Dear Simon
Can drow your system in paint? Pls
I cant understand some part of your system.
  • #52
  • May 3, 2018 1:07am May 3, 2018 1:07am
Hi everyone,

I will be doing some updates to my 1st post to address some of the questions that you have.
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  • #53
  • May 3, 2018 1:34am May 3, 2018 1:34am
Attached Image


is correct to buy?

Attached Image


or this one correct?
  • #54
  • May 3, 2018 3:07am May 3, 2018 3:07am
Quoting simoneg
Hi everyone, I will be doing some updates to my 1st post to address some of the questions that you have.
Not sure if you trade USDCHF but it has had a great up trend, perhaps it can be an example of where to enter?

Thanks
It takes a lot for me to IGNORE you, but you can try.
  • #55
  • May 3, 2018 3:23am May 3, 2018 3:23am
hi.
thanks for sharing.
i read your topic but i have a little problem about your #2 clause.can you explain more about it with a picture.
thanks.
  • #56
  • May 3, 2018 6:17am May 3, 2018 6:17am
Quoting atbin
{image} is correct to buy? {image} or this one correct?
Hi atbin

The 1st image is correct!
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  • #57
  • May 3, 2018 6:20am May 3, 2018 6:20am
Quoting Erebus
{quote} Not sure if you trade USDCHF but it has had a great up trend, perhaps it can be an example of where to enter? Thanks
Sorry Erebus, i just saw your post. i pic my entries mostly between 7am and 2pm EST . Can't deal with losing sleep for london.
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  • #58
  • May 3, 2018 6:27am May 3, 2018 6:27am
Hi everyone,

NZDUSD DAILY is now at the Bar#1 Reversal price. For price to reverse, the day has to close above here. Will see how lower timeframes are reacting to this price make trade decision
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusddaily.png Size: 79 KB
Click to Enlarge Name: h1nz.png Size: 94 KB
Click to Enlarge Name: h4nz.png Size: 96 KB
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  • #59
  • May 3, 2018 6:31am May 3, 2018 6:31am
GOLD again approaching BAR#1's reversal price. It failed to reverse there yesterday and is again approaching today. Will see how lower timeframes react to make decision during today.
Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDAILY.png Size: 76 KB
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  • #60
  • May 3, 2018 6:40am May 3, 2018 6:40am
USDJPY sitting right on daily Bar#1 reversal price. Watching over the next hour for further confirmations on trade direction. I am taking an aggressive assumption that the trend will continue from here and buy. Since this daily bar has all day to decide on breaking the trend. Lower timeframes will confirm.
Attached Image (click to enlarge)
Click to Enlarge Name: usjpyd.png Size: 91 KB
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