Doug wrote the following in "Comments" of the last post:
"X, the "push through" setup works on the 15 minute charts too. I know you don't trade that timeframe, but STT was a great setup and my target was the fibonacci extension of yesterday's low to the high of the first 30 minutes. Entry was a break of the 2nd bar."
Here is the chart:
On another note, here is a better example of the "u-turn" setup mentioned earlier this week. The entry was a break of the third bar high; the third bar was an "offsetting bar" that closed strong above the halfway point between the morning's low and the 50% retracement. Profits were taken when the narrow-range bar that formed above the halfway point between the morning's high and the FE was broken.
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5 comments:
Hi X,
Those U-turn provide a lot of profit potential. I found two yesterday that are similar to the "abandoned baby" pattern. They are NDAQ and JEC (both 10mins and break of the 3rd bar high). Both did not make it to the FE.
Would you have taken these trades?
Thanks
DEM
DEM - on the "u-turn", the FE is a far stretch...it happens but the previous high and then the halfway point to the FE are more realistic. Remember you are moving all the way from the bottom. NDAQ - a case could be made for going long on a break of the fifth bar doji, above the 50%. JEC - I don't see an entry for my style of trading...but nice move.
Credit to Tom C. who owns this setup, and is due to start making a few posts again in March!
Looks like another bloody day!!!
Hi X,
Just want to say a big thanks. What you do for us is just amazing. Wish you even more success in your trading.
DEM
The random Stewie quote is great! I love Family Guy.
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