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Daily Chart 3-Candle

  • #641
  • Oct 12, 2018 4:37am Oct 12, 2018 4:37am
Quoting NewTrader88
{quote} Hi Simon, Thanks for your advise. What do you mean by ideal setup?
Ahem, its Simone......not Simon.
  • #642
  • Oct 12, 2018 5:07am Oct 12, 2018 5:07am
GM/GN Everyone,

Gold hit its weekly 190.2 target or is near there 1230. Watchout. Lots of Bearish 123 setups floating on these H4 charts GU, GJ, EJ, EU. Bullish on USDCHF.

Trade safely!
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  • #643
  • Oct 12, 2018 7:44am Oct 12, 2018 7:44am
Quoting Inthebox
gbpusd h1 sell {image}
tp
Attached Image (click to enlarge)
Click to Enlarge Name: 2018-10-12_2043.png Size: 15 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #644
  • Oct 13, 2018 12:41am Oct 13, 2018 12:41am
Quoting Inthebox
{quote} tp {image}
Great !! Interesting!
Inthebox, Could you explain reasons why you entered?
  • #645
  • Edited 4:52am Oct 13, 2018 4:34am | Edited 4:52am
@birdland

and again look at the GJ chart attached.
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  • #646
  • Oct 13, 2018 6:35am Oct 13, 2018 6:35am
Hi Simoneg,

Thanks for a wonderful setup. really thank you from bottom of my heart

However I have not understood this system completely. Please help answering the following questions

1) this system only requires seeing the total 3 candles? the current one and the last 2 ?
2) In case of buy, the first 2 candles should have lower high and lower low and the third candle should close higher than candle 2 and its low should be lower than the first 2 candles?
  • #647
  • Oct 13, 2018 7:18am Oct 13, 2018 7:18am
Quoting Tanmayagrawa
Hi Simoneg, Thanks for a wonderful setup. really thank you from bottom of my heart However I have not understood this system completely. Please help answering the following questions 1) this system only requires seeing the total 3 candles? the current one and the last 2 ? 2) In case of buy, the first 2 candles should have lower high and lower low and the third candle should close higher than candle 2 and its low should be lower than the first 2 candles?

You're welcome Tanmayagrawa!

Answer to Q1: Yes, for the 3 Candle setup...only three candles, #3 having the Highest High (for SELL) or Lowest Low (for BUY)

Answer to Q2: For Sell, the first two candles should have LOWER HIGHS. For Buy, the first two candles should have HIGHER LOWS.
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  • #648
  • Oct 13, 2018 7:27am Oct 13, 2018 7:27am
Quoting simoneg
{quote} You're welcome Tanmayagrawa! Answer to Q1: Yes, for the 3 Candle setup...only three candles, #3 having the Highest High (for SELL) or Lowest Low (for BUY) Answer to Q2: For Sell, the first two candles should have LOWER HIGHS. For Buy, the first two candles should have HIGHER LOWS.
Thanks for the quick reply, sis

I have got a bit confused now. So if i go with sell setup, here are the rules
1st step - look at 3 candles
2nd step - second candle high should be lower than first one
3rd step - third candle high should be higher than first 2 candles and close should be lower than atleast 2nd candle.

If the above rules are correct then in the first post that you posted here, you shared sell screenshot. In that pic, the second candle high is higher than the first candle which should not be the case.
Attached Image (click to enlarge)
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  • #649
  • Oct 13, 2018 7:37am Oct 13, 2018 7:37am
Quoting Tanmayagrawa
{quote} Thanks for the quick reply, sis I have got a bit confused now. So if i go with sell setup, here are the rules 1st step - look at 3 candles 2nd step - second candle high should be lower than first one 3rd step - third candle high should be higher than first 2 candles and close should be lower than atleast 2nd candle. If the above rules are correct then in the first post that you posted here, you shared sell screenshot. In that pic, the second candle high is higher than the first candle which should not be the case. {image}
All that matters, in the case of a sell, is that the 1st and 2nd candles have highs that are lower that that of the 3rd. Do not try to compare the high of candle 1 and 2. That is not relevant at all.

Hope this clears up your question.
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  • #650
  • Oct 13, 2018 7:40am Oct 13, 2018 7:40am
I will be upload the 3 Candle indicator in POST#1 soon. Just waiting for a small adjustment to made.
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  • #651
  • Oct 13, 2018 7:50am Oct 13, 2018 7:50am
Thanks for the help Simoneg. Its clear now

By the way don't you think that markets generally retest a level twice (double bottom or double tops) so markets don't give V shape reversal patterns often.

In these cases what do you do ? Do you take entries as per the rules or you take entries on second retest?
  • #652
  • Oct 13, 2018 7:53am Oct 13, 2018 7:53am
Simoneg, I have marked 3 levels at which we can make entries.

Please check it and let me know if they are correct ? It seems that in the first case, I would not have got any entry.
second would be loss
Third one would be profitable.
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  • #653
  • Oct 13, 2018 7:59am Oct 13, 2018 7:59am
Quoting Tanmayagrawa
Thanks for the help Simoneg. Its clear now By the way don't you think that markets generally retest a level twice (double bottom or double tops) so markets don't give V shape reversal patterns often. In these cases what do you do ? Do you take entries as per the rules or you take entries on second retest?
Yes T, it often does. I take both entries...the initial and the swing back (retest)

Happy it is clearer to you now.
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  • #654
  • Oct 13, 2018 8:09am Oct 13, 2018 8:09am
Quoting Tanmayagrawa
Simoneg, I have marked 3 levels at which we can make entries. Please check it and let me know if they are correct ? It seems that in the first case, I would not have got any entry. second would be loss Third one would be profitable. {image}
Ok, so your first was not a valid setup because, Bar 3 failed to close above the open and close of bars #1 & 2 (recheck this rule)

Your second setup was still valid, and failed.

Then immediately following the second setup was a valid short setup which won. No more setups on your chart.

Make sure after checking the highs and lows, that you also confirm that bar#3 closes as per the rules.
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  • #655
  • Oct 13, 2018 8:15am Oct 13, 2018 8:15am
These should help a bit more...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: egs2.png Size: 54 KB
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  • #656
  • Oct 13, 2018 8:25am Oct 13, 2018 8:25am
Quoting simoneg
{quote} Ok, so your first was not a valid setup because, Bar 3 failed to close above the open and close of bars #1 & 2 (recheck this rule) Your second setup was still valid, and failed. Then immediately following the second setup was a valid short setup which won. No more setups on your chart. Make sure after checking the highs and lows, that you also confirm that bar#3 closes as per the rules.
In the second case, where the setup failed, do you think we would actually have suffered this loss since at the buy entry price, the sell setup would be ready for me. So one would not have taken the buy. Is that so ?
  • #657
  • Oct 13, 2018 8:44am Oct 13, 2018 8:44am
Quoting Tanmayagrawa
{quote} In the second case, where the setup failed, do you think we would actually have suffered this loss since at the buy entry price, the sell setup would be ready for me. So one would not have taken the buy. Is that so ?
Sorry T, when the kids are up...

I would have closed the trade after the opposite setup developed, at least a small loss would have been suffered.
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  • #658
  • Oct 13, 2018 9:12am Oct 13, 2018 9:12am
Quoting simoneg
{quote} Sorry T, when the kids are up... I would have closed the trade after the opposite setup developed, at least a small loss would have been suffered.

Thanks a lot Simoneg for your help. I really appreciate it. You have perfectly managed the thread with your kids

Simoneg, I read that you have been following this setup for a while. How much accuracy are you achieving. I know you would not be counting it but if you are following a risk reward of 1:3 or 1:2, then on an average ,out of 10 trades how many times your stop loss gets hit ?
  • #659
  • Oct 13, 2018 9:31am Oct 13, 2018 9:31am
Quoting Tanmayagrawa
{quote} Thanks a lot Simoneg for your help. I really appreciate it. You have perfectly managed the thread with your kids Simoneg, I read that you have been following this setup for a while. How much accuracy are you achieving. I know you would not be counting it but if you are following a risk reward of 1:3 or 1:2, then on an average ,out of 10 trades how many times your stop loss gets hit ?

Thank you T!

I generally don't allow my stops to be hit. Most times when the setup is not working out. It is already clear and gives me enough time to curtail the loss. I have never sought out to measure win ratio. I just focus on the profitability of the system and its ability to keep me in low drawdown.
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  • #660
  • Oct 13, 2018 9:37am Oct 13, 2018 9:37am
Quoting Gleam
{quote} Great !! Interesting! Inthebox, Could you explain reasons why you entered?
there are 3 setups in this thread.
the entries were made based on the best buy/best sell setup. the other two were mentioned in post 1.
the answer in short is the sell entry was below both the best sell line and the best buy line. the best sell line was below the best buy line.
for further explanation read from # post 441 onward.
ITB - Seeing Orderliness amongst 'Randomness'
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