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ON the last trade you posted, my chart did not form ABCD but I took the signal on regular 1508 set up. I had 377 entry at 1.4263 but waited until keltener barely started showing downward slope. The entry I took was at 1.4255 and was stopped out at +1 tick inside the cloud with manuel stop adjustment. Should I had ignored keltner upward slope at time of first entry. Thanks
Can you help answer these questions from other members on NexusFi?
My opinoin your entry was to late. At the point of entry the candle that closed below the cloud closed below the 21 MA (center line of Keltner) take the trade there and allow the 21 MA to hold the move
Does this mean that you want to try and pick an entry bar that once it breaks the trigger lines, it should be turning those trigger lines back in the direction of the trade?
Luckily, there appears to be an example occurring right now that would illustrate my question. I have posted my thought process on the chart, can you let me know if this logic is sound.
Thank you that clears my confusion for future trades. One clarification ,I was not stopped out inside the cloud, it was a stop out that happened to be at colored keltner edge.
you are correct I would not be going long in your chart example with those wide trigger lines. had another candle closed above them and re signaled the trade then you have to ask is the entry within your risk parameters.
sometimes if it takes a series of candles to close up those trigger lines by the time your entry appears your R/R is not right
My thoughts on the entry areas, is that you pay attention to the bar formation and the trigger lines. You will notice an entry bar out of the cloud, and a narrowing of the trigger lines. In the usual case, I would think you would observe the narrowing happening before price comes out the trigger, or right at it. It seems like this is a case when it was borderline of happening right out of it.
market has been sloppy this morning trying to figure out what to do - we have seen this before - right
I sit here patiently and wait - eventually the market will show its hand and I then start to pay attention
see charts of the trade, this should be starting to look very famaliar to everyone, the secret to my method is will you be patient and disciplined enough to wait for this setup
this is an example of what I posted yesterday, you dont always have to have the Stochastic divergence. With Stochastic pulled way back above 50 and the setup be perfect - pull the trigger and take the trade
Thanks Charles, your method has personally helped me very much, mainly in descipline and profitibility ( then what else is left in good trading ).Chrales please explain why the fill was bad. I had the same fill. Also how to avoid a long set up that happened at 8:40 cst on 1508