An ugly old man next to a very pretty woman? 
Iām torn. I donāt like insulting people. I do like joking and I donāt like agreeing with D-Pip.
ur thread is joke like u
Old? He has more hair and looks younger than I, ha! His would no doubt be darker than mine if we both let it grow.
What I see is a hansome young bald dude and a beautiful young blonde woman.
This is how you know mastergunner is legit. And making bank. Thatās the only explanation of why heās with that woman. Or photoshopā¦
I just KNEW MasterGunner was a gal! Whoās that handsome devil youāre with? 
You guys are hilarious. Iām able to upload photos from my phone, so I donāt have to wait to be in front of my computer now. Technology for the win!
Iām assuming that you look at candlestick instead of bar charts?
Can you recommend a good book or two in regards to reading price action as you do?
Thanks,
Studying candlestick patterns is a good start. Steve Nison I believe is the guy that brought the concept from Japan over to the States.
Yes, Nison. I have a couple of his books. Thanks.
This is a set up that I would be prepped and ready to trade every single time. The only thing thatās lacking is one more candle heading downward.
This pair has been falling straight down for a few weeks now. Along the way it met weak support and it continued on down.
It retraced. But it only made it thus far to the 38.2 fib retracement. In strong trends, itās reasonable to see price bounce off this area and keep going in the direction of the overall trend.
Notice the candlestick pattern. My fleeting memory cannot immediately recall the specific name of this pattern, piercing perhaps, but the name is irrelevant. Itās a bearish candlestick pattern nonetheless.
So we have our confluence. A bearish pattern bouncing off the 38.2 retracement following a strong trend.
Is this tradable now? To some. But not for me. Itās still a guessing game. The current candle could still struggle. Or it could continue to rise up. What Iām looking for is it see if it continues down.
If it does drop, I will likely enter a short trade at the break of the low on the candle that confirms the direction.
The pattern itself is not enough for me to trade. I need to see price go first before I get on board.
Any questions?
After getting comfortable with identifying patterns. Move on to Fibonacci.
So would you enter a short order around .9100 to catch a possible drop, or would you just take a look tomorrow or Tuesday and see where it is at that point and if you like it, enter at market? The biggest difference in your methodology from what Iām used to is how hands off everything is. Iām so afraid Iām going to miss my entry. I looked at some charts over the weekend and have several that look good and it was very hard to keep myself from putting an order in 10-20 pips in my direction to be sure I didnāt miss anything. Any words of wisdom/advice to help me combat those bad habits of wanting to do too much? Patience is definitely not my virtueā¦
I canāt create patience in you. Thatās something youāll have to develop on your own. My methodology will ultimately turn away a lot of people because itās long term. As such, the results are long term. Iād say you have to give yourself a solid 90 day commitment to make a decision if this is viable for you or not.
The saying really is true here, that the best things come to those who wait. I knowā¦ Tragically corny.
To answer your question, Iām waiting to see how the current candle closes. This is just a set up that is easy to identify and very tradable. But it has to be confirmed. And the best way is to be willing to leave some pips on the table, let it run in the direction you want to and hop on. This looks like a strong trend thus far. Thereās not much to really miss by waiting a day.
If the last two red/down candles get a 3rd one and it goes below the 2nd oneās close the pattern is called ā3 black crows,ā considered very powerful. If there is 3 up candles with each having a higher high then itās call ā3 white soldiers.ā A couple of years ago or so here in BPs someone had a thread showing how to trade this but i believe it was for a shorter TF, donāt remember the name though.
I loosely recall that. Think it might have been TRO actually. He didnāt name then though, I believe the Japanese originally did.
I appreciate the reference. Iām so used to just seeing these patterns that I donāt think to give them names or what names they already have.
Iām debating naming the set up I showed. I was thinking either Jesus Christ Superstar Reborn a Rockstar (JCSRAR for short). or simply a 38.2 bounce. What do you think?
3BCJCSRAR38P2FSbounceByMG99AD2013
Not to be contrarian - something I seem to be good at ā but wouldnāt the previous 3 up candles be the 3 white soldiers? therefore having some meaning as to a valid ābounceā ? not questioning anyone here - just my observance.
thanks.
Patterns are all over. By themselves they donāt mean much. But place them in confluence with other measures of price action and they stand out.
Also, that also is why I donāt just trade the pattern itself, but wait for confirmation.
Great observation by the way. Never apologize for calling something into question that doesnāt add up. By all means question. And if something sounds like bull poop, call it out.
Well, if it drops to the lows it reached in 8/2011 and gets you 2,000 pips, Iād petition to get it officially named JCSRAR!