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No feelings - just rules:
first red candle was 9891-9826 = 65 points
second red candle was 9857-9846 = 11 points
In a short the second body must have at least 20 points - otherwise it smells as reverse
AND IT WAS (28 points - near SL) - at least broken pattern.
Good trades
GFIs1
Can you help answer these questions from other members on NexusFi?
.. found two consecutive long signals for a Walzer while the first Walzer
was still running. After the rules I took the short - which was WRONG
Only after the second "Walzer" within - price was turning and came down in the
following hour.
Now thinking of treating the "babushka" Walzer where one Walzer follows in
the same direction after a first one...
In fact that would have given much more points instead of a negative second
leg.
One does never learn everything
I've been looking through your Walzer setups and learned much from this thread and I would like to say thanks for that.
today I took the same trade as you have but ended up getting out for a break-even. (After what was a 84 pt run before pulling back! )
Anyhow, just wondering at what point did you think the pattern was broken? Why exit at 9755? was it the 4th candle starting to turn green? as well as getting back in IB?
THe 3rd candle shows entry direction then the 4th needs to go into the same direction to take a reversal trade.
If this condition is not given - then a new trade in the reverse direction normally will fail.
As we have seen today - the downside was after 11:00 to see.
Better to stop a trade than to make a loss.
So the reasoning was that since the 4th candle started to reverse, you exited before the candle was completed rather than to wait until it hits your stop?
If you watch the chart above:
The first candle changed color to pink. And you see underneath the !65,5 points marker.
Above the second candle you see the diamond in red for short.
So my entrance was on the third on opening and close was on fourth (ending 11:00) as
written in the green box to this candle.
As the fourth from 10:30 to 11:00 was NOT red - I stopped to take the reversal.