Log In
Home
(0 votes) 
VIP Members
$378October 28, 2013
Offline
** Register Here for Free Membership to see this image/link **
Theo,
I took the trade last week.
Reasons for entry:
- confirmed trend
- triangle pattern; indicating a continuation
- only being the fifth wave made me hesitate
Entry (after triangle) and StopLoss (based on previous top) where solid and determined.
My question is on TakeProfit. I determined it on R/R. And not based on a reference on the chart
As you can see: I nailed it perfectly.....burt with 100% luck
And luck happens only once or twice. So could you guide me on the rules you would follow for exiting this trade. I have read the E-book but couldn't find anything that could be of help. As to the left there is no previous HH or LL or vice-versa.
cheers
GG
Cheers and keep the pips floating.
Generaal Goudvis
$8001983February 26, 2011
Offline
There is no triangle there, I'm afraid you made that one up to yourself 
That is a pure and simple trend continuation, a pullback and go.
You could have traded the break of the bottom of either of those red/blue/red patterns,
stop loss on the top and take profit 1:1 away since it is mid longer term wave like that.
However if you have a bigger view of the Market you would see that this was a very established zone for the bounce.
Here is a slither from my chart where you can see the long term mirror flip SR area,
and it is also supported by a more recent SD zone that was created after the initial pass:
VIP Members
$378October 28, 2013
Offline
Oke, you helped me with that.....
I always treated this as a trend continuation. red/blue/red. that's also the reason why I felt confident taking it although it was the fifth wave...it was a small reversal and strong continuation.
And is there a reason why you so strongly disagree with it being a triangle? Is it something you use in your terminology, so that I breach general understanding? Will reread the e-book on this.
SL and TP are explained. thanks for taht
Having a bit of trouble as it doesn't quite resemble my chart, even if I take larger view....but do see your point that it had previous touches and so should be seen as "mirror flip" area.
p.s. thanks for rerouting it to an appropriate topic.
Cheers and keep the pips floating.
Generaal Goudvis
VIP Members
$378October 28, 2013
Offline
Theo,
found the triangle part in video two of the free-course.
And indeed from that perspective a triangle having Higher Lows an Lower highs. the market is compressing. And that was definitely not what I tried to show on my chart.
so will try to learn and stick to your terminology.
Cheers and keep the pips floating.
Generaal Goudvis
$8001983February 26, 2011
Offline
There are only a few easily defined ways that price can structure itself,
the triangle and trend continuations are 2 very simple and very different of those,
there is no need to confuse the 2.
This is not just my terminology,
the Triangle concept is widely known wherever you decide to look.
You can't have a triangle without a swing HL followed by swing LH, or a swing LH followed by a swing HL
The other way triangle is sometimes used is when you have a grouping of candles with consecutive LH's and HL's
If you simply open a daily chart you will see very clearly the mirror filp SR area on the EUR/USD.
It is impossible that your charts will not show it.
The following users say thank you to Theo Patsios for this useful post:
Generaal_Goudvis
Most Users Ever Online: 50
Currently Online:
3 Guest(s)
Currently Browsing this Page:
1 Guest(s)
Top Posters:
koeart: 545
WeeMee: 354
fxstuntelaar: 185
Generaal_Goudvis: 141
juakali: 82
ChrisW: 81
henkknot: 70
Pepe le Pip: 58
Snejanka: 45
Gj8668: 38
Newest Members:
Pfoozy
DutchyFX
ugochinoel
1ez1
vchimereze
Nickachino
COOPER
Michael00000
Rodj
delboy
Forum Stats:
Groups: 5
Forums: 22
Topics: 224
Posts: 2416
Member Stats:
Guest Posters: 3
Members: 2364
Moderators: 5
Admins: 1
Administrators: Theo Patsios
Moderators: cesande, glangstaff@shaw.ca, Rob S, theopatsios, sitegroundam
Usage Policy
