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I got caught. Tried to be cute and anticipate a 2S signal. Even though it was a weak bearish bar I figured it would trigger and be good for +10, however, the 2S never triggered and we got new highs - lol. I should know better especially after two previous 2S signals failed. I was being way too aggressive anticipating a "Trap" forgetting that our overall bias at this point has been bullish and I should be looking for a "bear trap" and not a "bull trap".
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Hope everyone had a great weekend! I know I did! Super restful and I actually stayed away from the charts which is pretty rare. Good trading to everyone this week! btw I just watched the movie "Hacksaw Ridge" on cable and wow was it good. I wish I would have seen it earlier, anyhow to Ian's question.
When I mark up charts I usually do it this way. I yellow dot indicates my "Entry", a red square my "Stop", and a green diamond my "Target or Take Profit". Sometimes, I will just put 2 marks on a chart as in the chart Ian asked about. If the trade was a loser as it was in that case, the yellow dot indicated the entry and the red square indicated where I got stopped out at. If the trade would have been a winner then I would have had the yellow dot and green diamond.
Hope that answers your question Ian. Here is an example chart on the 6E with a perfect 2S signal:
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I have technically correct 2L on CL so I entered long. 4 tick stop with a 15 tick target. I have a feeling that it may stop me out but I want to be better about taking every signal and just living with results. Almost a 1:4 risk to reward ratio.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Price must get through the 54.34 level for the trade to even have a fighting chance to work out. I am little nervous because on these setups price usually likes to move right away, it usually is not a good sign when price takes so long to move. I am also curious to see if I get stopped out at -4 ticks if it would have been better to use my normal 10 tick stop allowing room for a potential bear trap. Time will tell!
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Stop moved to break even. I am now in a risk free trade. We will see what happens. If price can do its job, breaking thru and obtaining a new high, the combination of the 2SF, the stop run, and the actual fib target being beyond my price target of +15 ticks should allow the trade to work out.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
New high achieved, price so far as advanced +11 ticks. Stop has been moved to +1 tick and we will see from here what happens. Part of me is thinking I should have taken profit at +10 just to start the new week out on a positive note but I want to let the trade play out.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!