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Four Brothers Set Up


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  #101 (permalink)
 
BenG's Avatar
 BenG 
London/UK
 
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A good example of what im talking about is the EURGBP that we mentioned in earlier posts. In this case it had actually gone up for about 10 pips before reversing. In this case you have discussed you would enter this trade to the downside, which it did for a bit before reversing back up again. I know its not the best example, especially not since the euro has been very choppy of lately anyway, even more so now with the summer break.

Maybe another good example would be the 14 of August at around 15:41, here we can see it is going just above the FB but then goes back down just below the FB.

Would be nice if you can share your thoughts on these a bit more. perhaps for the benefit of those who're also reading this, maybe explain a bit what would make you enter a trade, other factors besides the FB pattern, and for what kind of profit you're aiming for when entering a trade.

Don't let money control you, control money!
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  #102 (permalink)
 
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 BenG 
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pdhuey2000 View Post
Tweaks should be made by the trader / that's the only way to trade either a pattern set up or level set up. And make yourself comfortable with it. I can always tell you what I do, but what your do is actually more important. And I say that with alot of respect. I will almost certainly guarantee how I see the market and how you see the market is very different. Even though we are talking about the same setup.

When in doubt, lower your position size and put the stop on the other side of the pattern. That's a reasonable solution to an age old pattern.

With any "break from consolidation" pattern certainly the age old problem is when to enter. Here's a couple of items that might help should you trade this or any other pattern.

Do you want to trade the immediate break or wait until price pulls back into the zone then enter at some designated point? I trade the inital break accepting most times price will pull back into the zone, i try to pull 10 points out of the market before that happens.

You are identifying the pattern well - we'll keep working on the rest. I have alot more to share with everyone.

Thank you so much for your efforts and support.

Thanks for answering my question so well...i had posted the last post before i saw this. I'll keep working on it.

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  #103 (permalink)
 pdhuey2000 
Atlanta, GA
 
Experience: Intermediate
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Beng take a peak this weekend there should be a good amount of information from me to peruse. Your feedback is helping me understand how to help those that are reading this journal more, and quite frankly this is helping me.

cheers.

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  #104 (permalink)
 
BenG's Avatar
 BenG 
London/UK
 
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ya I can go through the charts this weekend, I'm glad it's not just helping me but you also.

I do recall Big Mike saying in one of his threads that if you're a consistent profitable trader, the best way to get better is to teach someone else.

Don't let money control you, control money!
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  #105 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Im not trading this week taking some tim off, be back next tuesday.

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  #106 (permalink)
 
BenG's Avatar
 BenG 
London/UK
 
Experience: Intermediate
Platform: NT7 and MT4
Trading: Dax, ES, FX, Gold and Oil but what Bund and Bobl also.
Posts: 106 since Jul 2012
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no worries, have a good week!

Don't let money control you, control money!
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  #107 (permalink)
 
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 Robroyrogers 
Nashville, TN
 
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Thanks for this post. I am a newby and am finding this very helpful and interesting.

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Last Updated on July 3, 2013


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