Disliked{quote} Hi Simon, Thanks for your advise. What do you mean by ideal setup?Ignored
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DislikedHi Simoneg, Thanks for a wonderful setup. really thank you from bottom of my heart However I have not understood this system completely. Please help answering the following questions 1) this system only requires seeing the total 3 candles? the current one and the last 2 ? 2) In case of buy, the first 2 candles should have lower high and lower low and the third candle should close higher than candle 2 and its low should be lower than the first 2 candles?Ignored
Disliked{quote} You're welcome Tanmayagrawa! Answer to Q1: Yes, for the 3 Candle setup...only three candles, #3 having the Highest High (for SELL) or Lowest Low (for BUY) Answer to Q2: For Sell, the first two candles should have LOWER HIGHS. For Buy, the first two candles should have HIGHER LOWS.Ignored
Disliked{quote} Thanks for the quick reply, sis I have got a bit confused now. So if i go with sell setup, here are the rules 1st step - look at 3 candles 2nd step - second candle high should be lower than first one 3rd step - third candle high should be higher than first 2 candles and close should be lower than atleast 2nd candle. If the above rules are correct then in the first post that you posted here, you shared sell screenshot. In that pic, the second candle high is higher than the first candle which should not be the case. {image}Ignored
DislikedThanks for the help Simoneg. Its clear now By the way don't you think that markets generally retest a level twice (double bottom or double tops) so markets don't give V shape reversal patterns often. In these cases what do you do ? Do you take entries as per the rules or you take entries on second retest?Ignored
DislikedSimoneg, I have marked 3 levels at which we can make entries. Please check it and let me know if they are correct ? It seems that in the first case, I would not have got any entry. second would be loss Third one would be profitable. {image}Ignored
Disliked{quote} Ok, so your first was not a valid setup because, Bar 3 failed to close above the open and close of bars #1 & 2 (recheck this rule) Your second setup was still valid, and failed. Then immediately following the second setup was a valid short setup which won. No more setups on your chart. Make sure after checking the highs and lows, that you also confirm that bar#3 closes as per the rules.Ignored
Disliked{quote} In the second case, where the setup failed, do you think we would actually have suffered this loss since at the buy entry price, the sell setup would be ready for me. So one would not have taken the buy. Is that so ?Ignored
Disliked{quote} Sorry T, when the kids are up... I would have closed the trade after the opposite setup developed, at least a small loss would have been suffered.Ignored
Disliked{quote} Thanks a lot Simoneg for your help. I really appreciate it. You have perfectly managed the thread with your kids Simoneg, I read that you have been following this setup for a while. How much accuracy are you achieving. I know you would not be counting it but if you are following a risk reward of 1:3 or 1:2, then on an average ,out of 10 trades how many times your stop loss gets hit ?Ignored
Disliked{quote} Great !! Interesting! Inthebox, Could you explain reasons why you entered?Ignored