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Daily Chart 3-Candle

  • #81
  • May 3, 2018 3:54pm May 3, 2018 3:54pm
Should the 3rd candle be bullish for the buy setup and vice versa for the sell setup?
  • #82
  • May 3, 2018 4:01pm May 3, 2018 4:01pm
Could you maybe Inform me if I am doing something wrong.

First sell signal.
Attached Image (click to enlarge)
Click to Enlarge Name: setup1.PNG Size: 65 KB
Attached Image (click to enlarge)
Click to Enlarge Name: fail1.PNG Size: 80 KB

Second buy signal
Attached Image (click to enlarge)
Click to Enlarge Name: setup3.PNG Size: 74 KB
Attached Image (click to enlarge)
Click to Enlarge Name: fail3.PNG Size: 56 KB
  • #83
  • May 3, 2018 4:17pm May 3, 2018 4:17pm
Quoting kafeldom
Should the 3rd candle be bullish for the buy setup and vice versa for the sell setup?
Hi kafeldom,

No it doesn't have to be. What we are comparing is the trigger price on Bar#1 with the close price on Bar#2
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  • #84
  • May 3, 2018 4:19pm May 3, 2018 4:19pm
Quoting simoneg
.... BUY SETUP 3. Bar 3 closes above the CLOSE PRICE OF BAR 1 (if it has a BEARISH BODY) OR above the OPEN PRICE OF BAR 1 (if it has a BULLISH BODY)....
On your first chart (first post), you say "Bar #3 closes above bar #1's CLOSE PRICE". If that's the case, according to your rule #3, the candle must have a bearish body. To me, Bar #3's body is bullish. So do you think your Rule #3 definitions for both Buy and Sell setups are correct (Close - Bearish Body for buy and Close - Bullish Body for sell)?

Regards,
Blackeagle
  • #85
  • May 3, 2018 4:21pm May 3, 2018 4:21pm
Quoting kafeldom
Could you maybe Inform me if I am doing something wrong. First sell signal.{image}{image} Second buy signal {image}{image}
Nothing wrong here according to what you have learned to this point kafeldom. 1st trade won, second trade lost.
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  • #86
  • May 3, 2018 4:23pm May 3, 2018 4:23pm
Quoting Blackeagle
{quote} On your first chart (first post), you say "Bar #3 closes above bar #1's CLOSE PRICE". If that's the case, according to your rule #3, the candle must have a bearish body. To me, Bar #3's body is bullish. So do you think your Rule #3 definitions for both Buy and Sell setups are correct (Close - Bearish Body for buy and Close - Bullish Body for sell)? Regards, Blackeagle
A typical example why this is not always the case:
Attached Image
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  • #87
  • May 3, 2018 4:24pm May 3, 2018 4:24pm
Everyone, I am trying to update bit by bit, between trading and family. I crave your patience and understanding.
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  • #88
  • May 3, 2018 4:50pm May 3, 2018 4:50pm
Quoting simoneg
{quote} Nothing wrong here according to what you have learned to this point kafeldom. 1st trade won, second trade lost.
As you can see both trades lost though, the red -50 means I lost 50 pips and it hit SL. I will need to do more backtesting. (I really appreciate your rapid responses)
  • #89
  • May 3, 2018 4:58pm May 3, 2018 4:58pm
Quoting simoneg
{quote} A typical example why this is not always the case: {image}
Thanks for quick response. Then maybe you need to restate your Rule #3.

Regards,
Blackeagle
  • #90
  • May 3, 2018 4:58pm May 3, 2018 4:58pm
Quoting kafeldom
{quote} As you can see both trades lost though, the red -50 means I lost 50 pips and it hit SL. I will need to do more backtesting. (I really appreciate your rapid responses)
Sorry I didn't realize that, may have misread your chart...and your timeframe is?
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  • #91
  • May 3, 2018 5:18pm May 3, 2018 5:18pm
Quoting simoneg
{quote} Sorry I didn't realize that, may have misread your chart...and your timeframe is?
Daily like you said.
  • #92
  • May 3, 2018 5:26pm May 3, 2018 5:26pm
Quoting simoneg
{quote} A typical example why this is not always the case: {image}
Brother,
Which pair is it

Thanks
R
  • #93
  • May 3, 2018 5:32pm May 3, 2018 5:32pm
Quoting simoneg
{quote} Sorry Erebus, i just saw your post. i pic my entries mostly between 7am and 2pm EST . Can't deal with losing sleep for london.
I think you misunderstand the suggestion - I wasn't looking for a real time trade entry

Only to use the daily chart to review where the entries would be

I think the confusing part of Post #1 is that although there are Buy and Sell examples given...

in the criteria for each, there are 2 scenarios mentioned, whether the 3-candle is bearish or bullish, so 2 more charts are needed.

Anyway, examining the closing price in relationship to previous bars price, either highs or close, is excellent method of evaluating the probability of trend direction

That's all you need for an edge.

Attached Image (click to enlarge)
Click to Enlarge Name: 2018-05-04_8-17-51.png Size: 45 KB
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  • #94
  • May 3, 2018 6:14pm May 3, 2018 6:14pm
Quoting rookie14
{quote} Brother, Which pair is it Thanks R
Hey rookie14, its sister not brother. Pair is USDCAD
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  • #95
  • May 3, 2018 6:17pm May 3, 2018 6:17pm
Quoting Erebus
{quote} I think you misunderstand the suggestion - I wasn't looking for a real time trade entry Only to use the daily chart to review where the entries would be I think the confusing part of Post #1 is that although there are Buy and Sell examples given... in the criteria for each, there are 2 scenarios mentioned, whether the 3-candle is bearish or bullish, so 2 more charts are needed. Anyway, examining the closing price in relationship to previous bars price, either highs or close, is excellent method of evaluating the probability of trend direction...
Sorry I misunderstood your question Erebus. I am still updating post #1 as its easier than looking through thread for trade examples. I will keep updating as time permits, mostly over the weekend.
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  • #96
  • May 3, 2018 6:21pm May 3, 2018 6:21pm
Alrighty Sis
  • #97
  • May 3, 2018 6:53pm May 3, 2018 6:53pm
Quoting simoneg
{quote} Sorry I misunderstood your question Erebus. I am still updating post #1 as its easier than looking through thread for trade examples. I will keep updating as time permits, mostly over the weekend.
Thanks, one thing that needs to be fixed, this line -

3. Bar 3 closes above the CLOSE PRICE OF BAR 1 (if it has a BEARISH BODY) OR above the OPEN PRICE OF BAR 1 (if it has a BULLISH BODY).

The " it " can possibly mean, Bar 1 or Bar 3 has the Bearish or Bullish Body, know what I mean?

Even move the statement, like this:

3. a) Bar 3, if it has a BEARISH BODY, closes above the CLOSE PRICE OF BAR 1
b) Bar 3, if it has a BULLISH BODY, closes above the OPEN PRICE OF BAR 1

Definitely need a picture of both of those setups, thanks
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  • #98
  • May 3, 2018 7:03pm May 3, 2018 7:03pm
Quoting Erebus
{quote} Thanks, one thing that needs to be fixed, this line - 3. Bar 3 closes above the CLOSE PRICE OF BAR 1 (if it has a BEARISH BODY) OR above the OPEN PRICE OF BAR 1 (if it has a BULLISH BODY). The " it " can possibly mean, Bar 1 or Bar 3 has the Bearish or Bullish Body, know what I mean? Even move the statement, like this: 3. a) Bar 3, if it has a BEARISH BODY, closes above the CLOSE PRICE OF BAR 1 b) Bar 3, if it has a BULLISH BODY, closes above the OPEN PRICE OF BAR 1 Definitely need a picture of both of those setups, thanks
Thank you for that contribution Erebus! Will work on it.
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  • #99
  • May 3, 2018 7:06pm May 3, 2018 7:06pm
Quoting simoneg
{quote} Thank you for that contribution Erebus! Will work on it.
For example, reading the step by step instructions, I got this ???

Thanks

Attached Image (click to enlarge)
Click to Enlarge Name: 2018-05-04_8-39-46.png Size: 88 KB
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  • #100
  • May 3, 2018 7:11pm May 3, 2018 7:11pm
Quoting Erebus
{quote} For example, reading the step by step instructions, I got this ??? Thanks {image}
Ok, let me go back over post #1, revise and welcome feedback from yourself and anyone else following.
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