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Several people posted variations of this setup in comments yesterday (TSL, 2-minute chart). If you plot your Fibonacci lines over the morning's low/high, it presented a nice orderly pullback and a setup on a break of a narrow-range, inside bar that occurred on top of the retracement zone (RZ). Here are Flowtastical's comments:
"Just want to share a simple Trader-X setup on the 2-minute chart today (03/14).
TSL gapped up.
TSL rallied at the open and pulled back to $26.
TSL made an inside bar on the 2-minute chart at 9:38.
The following bar rallied above $26.20, the high of the inside bar.
I got long.
I sold into the upmove."
Nice, simple analysis and trade. It looks like it yielded just under 3%.
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5 comments:
Hey X,
I know one of your standards is to have a high win percentage, and a post you made a long time ago said you were somewhere in the 80% range.
With that said, do you still have losing trades? I have noticed sometimes that when I think a setup is perfect, it stalls and reverses on me. Other times, setups that I was comfortable with the added risk turns out to be better bets.
Can you post a trade where it looked good from the entry, but turned out to be a loss / no gain?
Nice trade...
James, what would be better would be for you to post a setup that looked perfect but didn't work. That way X or other readers could give feedback on what - if anything - would have been a red flag.
Nice, I got promoted from comments!
Simple trade and these are my bread and butter. Anyone can replicate it, just have to find them.
Nice site. Thanks for all the information and charts.
RV
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