Hi Ted,

I have one we made a long time ago which was an edit of the Mauro that you will find around the web, I can send you that if you like? It will have to be when I get back from my holidays though as I don't think I have it on my laptop. Just PM me so I don't forget.

Theo

Notice how a similar thing happened here:

The Black box once again maps out a bit of a Range that it got stuck in,
It poked out the top showing which way it wanted to go,
then it pulled back and gave you some Trigger options to buy out of the Khaki box I have drawn in.
The Risk:Reward on the Trade is good and all systems are go.

Theo

No need to apologize for anything Ted, I was just posting my thoughts in case they helped 

On the subject of waiting for confirmation though;
That 2nd AU chart post I made is actually at the point where I would feel that things were confirmed if I was looking at that AU chart you had posted originally, or if I was looking at the D1 and H1 like you posted just now.
It's the first time since leaving the D1 area that a new area with trigger and good RR had presented itself.

I understand that you were just looking at a bounce but I try and look at things in layers of cash volumes being played, in your case here the D1 would be the Longer Term layer and the H1 would be the Shorter Term layer. In order to Trade what you were looking at with the D1 layer I would want to see the H1 layer confirming that. At the time of your Trade the H1 layer was indicating that a pullback sell was following the herd, but then it broke the range top side and made it less clear. This just means that it is safer to look elsewhere for a while and let things become decided once again, which is what happened much later on.

Using your H1 image to visualize again what I consider to be a confirmed trade:

The black line is the price action in wave format like we use with WavEFX,
LH followed by HL creates the range or area of indecision.
area then gets broken north and you wait for a pullback buy that does not break the previous HL,
you then have that Khaki box as the area you are trading and and Inside Bar as your Trigger,
RR looks good and I have marked the trade out with the 3 blue lines using a very conservative TP.

I am in a bit of a hurry this morning so I hope that makes sense 

impulsewaver said
Thank you Theo for your response and insight, I do understand what you have said, it makes total sense. The only thing i didn't quite understand is the placement of your khaki box. Did you dial down to the 5 min chart to see the placement? Thanks again for your help Ted

Just back from breakfast and getting ready to head to the beach 

That box is drawn off of the H1 swing low I mapped out for you created by that Doji.
The box indi I provided with the Free Course should have drawn that in for you.
I am currently using a slightly more advanced version of that indi which also picks up mirror flips and allows for a small skew of a few pips on the H's and L's... but they are very similar.

certainly does... nicely done 

A quick note to get your mind turning,

If it so happened that you were a few hours late and had missed the entry trigger that you took, there was also that blue Pinbar later on, that blue pinbar was the double tap confirmation of the area created by the previous blue candle (right before your entry trigger) that brushed the bottom of your Triangle, that would mean that you could use that as your SL instead to reduce the risk and stretch out the RR in your favor.

Hi Ted,

The most important thing you can take out of this bad month is the lesson of patience, it is probably not the first time this lesson rears it's head, and it probably won't be the last time. What you need to do now is to go back and review the month at least and make sure you see where you went wrong and where you should have gone right. For example; we had a perfect H4 double tap setup on the GBPUSD to turn the Daily for it's next pullback on the current uptrend that has been in play for a while now. A great trade to end the week that went straight to it's D1 target area even.

Anyway, you should review all of the pairs you were following and try not to only see the Triggers that may have caused you to enter the winners, but also the Triggers that were valid and would have caused a loss. The best way to do this and not get tunnel vision on the winners is to set yourself up the month in MT4's backtester and pay it through one candle at a time using the "open prices only" setting, speed at it's slowest and hitting play-pause-play-pause which will move it 1 candle at a time.

Cheers,

Theo

Hi Ted,

I am a big advocate of making trading fit your life and not the other way around so for now you don't have to sit idle, just adapt it to suite you until December. You say you are working a lot so why not just put aside 10-20 minutes a day for your trading. Use the Daily chart so that you only have 1 candle a day to analyze and work 4 or 5 pairs. You can use a tool such as the "P4L_PeriodCon.mq4" to make that Daily Candle close at the time of the day that you will be available for 10-20 minutes. You can also do the same for 6, 8, or 12 hour candlestick charts and just observe the candle closes that suit your schedule. As long as it is divisible by 24 you can set them up and then you can offset their close time so that you can maximize your schedule vs amount of close times you can catch. Food for thought.

Theo

PS. If you do decide to upgrade in December then email me before you do so we can trade in your EFX $$$ to put towards it.