Giorrgi
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Yep, was thinking about taking that 2nd one too. There were some opportunities in the morning but nothing noteworthy after London lunch (in my opinion).
I wanted to ask about the 2nd box in my chart. I think that the break of the setup came from a mini false break of sorts. It came straight from the top of the box and pierced the lower barrier. Now, Bob talks about false breaks mostly in RBs but sometimes he points them out on miniature time scales. In one of the blocks in the book he says that if the block is tiny, then the breakout (entry) bar may also touch the other side of the setup. This bar spanning the whole block and breaking to the other side sounds like a false break to me!
My thoughts on this are: if we don't trade false breaks in a range break, we shouldn't trade them in a smaller block formation either (like the one on the chart). In my example the market thought otherwise.
Any thoughts ?
I wanted to ask about the 2nd box in my chart. I think that the break of the setup came from a mini false break of sorts. It came straight from the top of the box and pierced the lower barrier. Now, Bob talks about false breaks mostly in RBs but sometimes he points them out on miniature time scales. In one of the blocks in the book he says that if the block is tiny, then the breakout (entry) bar may also touch the other side of the setup. This bar spanning the whole block and breaking to the other side sounds like a false break to me!
My thoughts on this are: if we don't trade false breaks in a range break, we shouldn't trade them in a smaller block formation either (like the one on the chart). In my example the market thought otherwise.
Any thoughts ?
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BLS
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Depends on the buildup preceding the entry bar. You can have nice buildup from bars that are 4-5 pip tall. I think the case he is talking about is when a block is 4 pip and under, but again, it would depend on how the price action preceding the entry bar was built up. The block in your case looks like a false break because the 4-5 bars preceding it was a move from a false high with not much buildup.
ptsnu
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Talking about the 2nd trade, It happened excatly the same thing to me, I didnt want to pay that 7.5 pip stop. Then regreat, I got stopped at the same tipping point level as you did. This is the 3rd time I see a channel like that compressed, with that width, I even posted 1 very similar b4. They have good odds after a rally, I think next time I will pay the 7.5 pips on cases like this. Cant wait to see Bobs comment on this one. Thursdays are so polemic lately
I took the same trade, but my observation based on my limited experience with this to date is that I have been too quick to move my stop. So this time I decided to not move it but merely mark where I normally would have. I worked out this time. But it remains to be seen if this is wise. I will attempt to attach an image of my trade, but I am new to this forum and may not have success in doing so.
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ptsnu
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Yes, because I have seen this kind of market b4 I opt next time for taking the expensive stop, 7, 7.5 is prob the most expensive on our method but is still valid if condition favor the risk, and according to what I have seen so far its worth it. Tho I will pay more next time, I will still keep an eye to any market similar to this situation, I think several more times will have the final word. Also, we are lucky we have had Bob's charts at the end of the week see his view on this kind of trades.
Keep sharing ur view whenever u can without worries, I think the more we see setups, more so those that are polemic, the more XP we will accumulate for the benefit of our trading.
Is the platform of ur charts esignal?
No my platform is Tradestation and I am using a 35 tick chart. Also here is another trade that I did get stopped out. It was a SB and I moved the stop to what I thought was the ceiling of the last arch. In retrospect it was probably foolish to make such a small adjustment.
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ptsnu
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ptsnu
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BLS
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I'd skip that DD myself but I might be getting too paranoid with DD's and SB's. I don't see an IRB setup.
Thank you for the feedback. You are correct. Upon review of the book I find figure 14.5 is very clear on this. Live and learn!
Yorkshire Terrier
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Thanks again for the charts :clap: :clap: :smart:
matty_dunn
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ptsnu
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is this a with trend FB? looks more like a trend than a range