Hi JB,
I am not able to see your chart clearly. Which pair is it and what period are you looking at? Also, for smaller swings, one would definitely be risking very little, as such you can relax and let the trade run to further TP levels.
It’s coming up okay for me, but maybe I’m not posting it correctly on imageshack…
It’s AU, 30M chart from 10/30 to about 11/1. The PVSH candles I identified on that image were at 13:30 on 10/31, 20:00 on 10/31, and 22:30 on 10/31.
I guess I’m just having a hard time figuring out when/if you would have entered this trend. Any input you could share would be awesome
Hi JB,
Below is a chart showing where I would take entries on this pair. I am not seeing a PVSH at 13:30 though. Will update the post with your other setup shortly.
Bank…I really appreciate your taking the time to dig out those old charts…I see the differences now.
Our charts are virtually the same, but the key difference is that your orders are hit right at the 11% level, whereas mine were not. So my question is, once the PVSH has been established, and the retracement occurs several candles after, do you have a limit order sitting at the 11% level waiting to be hit? Or, do you wait for the retracement candle to close as well?
Because it seems that in both of these instances, the upper shadow of the retracement candle hits the 11% resistance level, and then ends up closing below it. Obviously, if you’re able to get in at 11% level, your R:R will look much nicer than if you wait until the retracement candle closes…which is what I’ve been doing.
No problem JB. In most instances my limit order is a few pips before the 11% level as sometimes the reaction to the level is so aggressive that you may not get a precise hit. But yes for the most part a limit order is sitting at the 11% presenting a low risk entry/high reward exit opportunity.
Nothing is wrong all together with waiting for a candle close for confirmation. Only that your risk increases and you may miss the opportunity to enter the trade as there may be no retrace or close near the 11%.
Yes, the candle closes on the retraces were constantly pushing my risk up and my return down. I think the key is waiting for the PVSH/SL candles to close, and then you’re okay to trade the retraces once they’re hit…close or not.
I hope you’ll be back in this thread more regularly, as I’m really looking forward to your contributions .
I’m still around when time permits. amb and swallowtail also have a pretty good hang of the method and can answer a lot of your questions as well.
Nice trading strategy and very simple … I like it… do you use the alligator indicator.
Thanks Bank. I’ve been gone for some time myself but am back.
Hi knightpiping,
No alligator at all only fractals.
Hi team, I’ve been extremely busy these past couple weeks and have been MIA from the thread. Hope everyone had a great Thanksgiving last week…
well, i want to try your strategy, hope you will share smth new. Thanks for tips.
Hey Luder, welcome to the thread buddy! Have you tried Bank’s swing method yet?
I just got some time to finally be on the thread again, hopefully we can keep it alive going forward. I know Bank’s busy and ambtn is probably busy as well but every once in a while they pop in.
Happy trading!
I’m currently monitoring AUDUSD H1 for a possible entry.
Seems like your AUDUSD may be into play now. I missed this one, but I primarily make trades on the 4hr charts so I will watch this pair closely.
Looks good so far Jim.
Closed for +87 pips