Quote:
Originally Posted by tyrant_ragg
Just like to share what i have done last friday during those time with recent sample by tymen/8pipike.
Instead i used 1H chart (see attached). During the 3rd bar on the encircled bars, i was thinking it is going to develop a pattern so i wait for it to close and wait for next bar. While i was waiting, i watched TV and forget for a few minutes to monitor. When i get back, i saw the pattern formed and quickly go to 5m chart for entry. Luckily, i returned when the large green bar showedso i doubt myself if i should enter. I change the chart to 1m to look for the perfect entry and managed to enter near the top. I used the 5m chart for exit and managed to get +68 pips when the MACD started to reverse direction on 5m chart.
This was also my first demo trial of tymen's system and entry method and i'm also not aware of the news so this is some kinda luck. I'm not sure if i violated some of his system.  |
I would like to go thro this trade in some detail. I checked that pattern on my charts - it is exactly the same. Unfortunately, my 5 min charts have now deleted this area on 4 April.
I cannot see the Keltner bands on Tryrant Ragg's 5 min chart so I cannot comment.
Also on Friday, I was trading the Australian share market so I missed this trade.
However, suppose we got a good entry after the 3rd evening star candle. Lets say, half way up that candle.
Then the price roared upwards and our stop loss is set at 2/3 pips above the high of the "star". So we hit the stop loss.
This is then, a failed trade.
However, a re-entry
short at the high of this 4th candle is interesting. The high reached a very rare point of 3.4 standard deviations on the upper Bolinger band.
Such a high is unsustainable and would very quickly drop down to the standard 2.0 dev. Bolinger band at which point it could be wise to close the trade - because with such extremes you do not know what will happen next.
This is apparently what Tyrant Ragg has done although it has nothing to do with the orthodox short entry method. Good for you, Tyrant Ragg, that you make a profit out of this.
But watching the TV might not be such a good idea!!
Maybe we should keep in mind that when such a spike occurs above the upper BB, it is worth a rapid short trade.
