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iMi in the image above Example of S2 I can't see a wave 4? I thought a setup 2 is like a Setup 1 just with open gator and new aims level (box).
Good you asked the question. I love questions sadly not many these days ... easy life
The Moment gator opens (Price breaks out) and clears the immediate levels to the left , you 're in the Setup 2 territory. If there is a red/blue dot with open gator, like the way famous occours on h1, You have a Setup 2. On news events, sometimes price will pullback to gator, touch or cross green and give you a setup 2 with a tight box. Go for it
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Can you have a look at my chart and tell me if we could view this as a S2, assuming a new aims levels shows up.
BTW this is the AudUsd H1 chart.
Thanks.
First for a chart that has this unusual spike, you need to get rid of hte spike candle to normalise the chart range.
having done that, you'll see that this might be at the peak of a wave. probably time for it to start to go down.
If your question was in relation to my call for "guys you need to learn to trade Setup2"
This ain't it Madam.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
1. I started trading the US session mostly trading the Dow. Saw a momentum breakout, took a trade based on a. level to the left b. the strong green bar. This is not strictly Fruit method but Market Open Drive Momentum entry. and
2. one more add on to really squeeze profits out. I saw its open time, its going in singular direction, its time to squeeze profit from this move.
3. The market went up pretty strong, creating a PB Fruit. I Move SL below the Fruit. But i was keen to get short as well. I used the pullback technique to enter the fruit short. Because I use fixed lots, this reduces my risk for the fruit. But it also means I might get in before it breaks the low of the fruit. I'm ok with that as long as I know that fruit is strong and price has shot up quick . The longs exited nicely with profit.
4. add on to the short . Because I went in early, I went into short early as well, so that the distance between the two entries is not too far. THIS WAS A MISTAKE over a MISTAKE. being creative at times backfires.
5. So closed the shorts and went long (a Sar) meaning I thought ok. its time to resume the trend.
678, Well probably should not have taken any trades after the longs. This too did not work. The shrots did not hurt though. It was a relatively modest winning session.
I will continue to post my trades like this for each session. Please can you guys do me a favour and hold me responsible to my promise. can you?
ps: this is my preferred way to record trades for M1. All trades one or tw charts market with numbers and talk about. It.
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What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
I will continue to trade the DAX on M1 time frame using The Fruit Method
I will also trade DOW M1 during the NEO
1. Play The Market Open Drive (Catch the open breakouts etc)
2. Play the rest of the period post Open (after the first 20min) using Fruit method rules etc
However, I'd like to remind ourselves this.
What is the Fruit Reversal Entry For?
The Fruit Reversal Mechanism is for, like the name suggests, Possible Reversals.
The message is plain and simple.
But when we start to trade, we start trading every time we see the Fruit Bar Entry Signal.
*That ain't it Chief*
The Fruit Entry Signal is ONLY valid when the RUBBER BAND principle Apply.
You always have to ask, yes, lets do reversal but *Reversal of WHAT*
> has the market "Pulled away from the gator too far too fast?"
> has price broken all the levels and gone so far up so quick that it cannot sustain it?
For me I trade the OPEN Drive, as the name suggests, at the Open.
and I may utilise Box, momentum, fruit or box entry to catch the first move.
add on as much as possible keeping risk under control.
then soon after when price consolidates. Now I'll only trade the Setup breakouts, may use apple to get into next wave up. (I won't call it wave 5.)
so there it is. And I will post here one or two times, how the session went.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
