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Renko in this thread - Determing Take Profit
I use renko charts but should still apply to any chart
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Generaal_Goudvis
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November 4, 2013 - 05:48
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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% luckowshh

 

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

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Theo Patsios
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November 4, 2013 - 06:42
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There is no triangle there, I'm afraid you made that one up to yourself idiosmile

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:

GG1.jpg

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Generaal_Goudvis
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November 4, 2013 - 09:58
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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

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Generaal_Goudvis
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November 4, 2013 - 11:35
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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

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Theo Patsios
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November 4, 2013 - 22:32
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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.

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