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$212January 24, 2014
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Hello Theo,
Just want to confirm, with respect to the market structure entry triggers, that there are only two entry methods (free members course):
a) When price trades higher/lower than the defined swing high/low.
b) When price trades above/below the high/low of a defined reversal candlestick at the appropriate location.
Is that correct?
Would you use the TCW (Trend Continuation Wave) if you missed (or were unable to take) the earlier 3PT entry or are there circumstances when the TCW would be the preferred method over the 3PT?
With the ghost (please refer to the inset 'Ghost or Ghost?), is there a requirement that the second shoulder be at the same level or lower for a buy (same level or higher for a short trigger) else the 3PT would have been the trigger?
Do you ever scale into positions? I am thinking that the TCW could be an add after the 3PT trigger and that a ghost with a higher/lower second shoulder could also be an add following the 3PT trigger. There would more than likely not be enough space between a candlestick trigger and the structure trigger to use a scale in entry.
Pepe
Without you (price action), I am not worth a [s]cent.
$8001983February 26, 2011
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Hi Pepe,
You must decide at which scale/speed you would like to trade, to trade that scale most optimally it would be best to use a next scale/speed of wave down as your entry trigger, and a next scale/speed of wave up to monitor structure.
In your case you could use candlesticks instead of waves as your entry trigger and that would be a way for you to read a faster level of price movement than you are trading. The next level of price movement above the candlesticks on your chart will be a good wave scale that you could trade, and the one above that could be used to monitor structure and understand what type of trade you are in and where it could reach.
With that in mind; a TCW is just the next trade for me after the 3PT trade. If the TCW is on my entry trigger line scale then it is just more proof if I was questioning an area, or an opportunity to get in if I was late. Today's blog video displays a trigger that gave you a second chance to enter, or more proof if you weren't convinced.
The same applies to the Ghost; at the trading level it could follow either a winning or losing 3PT trade, at the trigger level it could be the first chance to get in or a second chance if you missed the first.
I do sometimes but very rarely add positions based on these sequences yes. Most of the time it is set and forget with the tools but if I am around then sometimes it makes sense.
Theo
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