cj12 - thanks for yr comments - I've been trading long enough to take a loss and see it as a statistical certainty - it's just a shame it was the first time I traded this set-up for real.
I am a committed Gold bug (I hate that naff name) . . . . on an hourly chart Feb Gold gives loads of ''cj12'' set-ups in a time frame I am more comfortable with. My filter would be long only in the current market. I agree about the 65-85% retracements. It's almost as though, without this, they don't have the spring to clear P2.
Joe Ross. . . . what do you think? I've been reading his free stuff over the past weeks. A bit long winded eh? Saying that his 'trader's trick' entry is very effective. However worthwhile set-ups are rare - or at least seem to be. Anyone any thoughts? How many proceeding bars do you think you'd need to justify a Ross Hook? I know he is very specific about this (or at least I think it's in there somewhere - like I say - v long winded) - surely secondary proof of a trend would improve reliability. The downside would be less of a retracement before the resumption, especially in a strong trend.
Thanks
I am a committed Gold bug (I hate that naff name) . . . . on an hourly chart Feb Gold gives loads of ''cj12'' set-ups in a time frame I am more comfortable with. My filter would be long only in the current market. I agree about the 65-85% retracements. It's almost as though, without this, they don't have the spring to clear P2.
Joe Ross. . . . what do you think? I've been reading his free stuff over the past weeks. A bit long winded eh? Saying that his 'trader's trick' entry is very effective. However worthwhile set-ups are rare - or at least seem to be. Anyone any thoughts? How many proceeding bars do you think you'd need to justify a Ross Hook? I know he is very specific about this (or at least I think it's in there somewhere - like I say - v long winded) - surely secondary proof of a trend would improve reliability. The downside would be less of a retracement before the resumption, especially in a strong trend.
Thanks
trendie
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cj12 said:
CJ12,
this thread wont die away !!
I try to learn things afresh, but you cant help but bring along baggage from other ideas.
I see the retracements as Fibonacci ( sorry ), and therefore feel comfortable reading them.
I still feel reluctant trading against the major trend. But thats MY problem. I feel a retrace into the main trend is statistically more likely to complete.
Your 65%-85% is not very far from Fibonaccis 62% - 78% !!
Anything that adds to our tools, is a good thing.
( I personally want a string of 20 trades on paper to ascertain viability, but I feel comfortable with the idea anyway - look forward to your further revelations )
MGBRoadster
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cj12 said:See if anyone notice it had gone. :arrowl:
Any reason you removed this CJ ? I was intending to take a closer look at it this weekend.
Hi CC - sorry if I'm being a bit thick but are you waiting for a short set-up (depending on where P3 is defined) or are you already long and looking for a new high?
I think it's the former which is why I don't understand why you are long??
Thanks
PS - maybe some of us could post set ups we see developing on our favourite charts?
I think it's the former which is why I don't understand why you are long??
Thanks
PS - maybe some of us could post set ups we see developing on our favourite charts?
FN, apologies for the confusion. I trade breakout strats in the background and today I'm long EUR/USD. I noticed the hrly short setup unfolding, the international trade deficit report is likely to confirm direction from here.
I agree, it would be great to see other setups posted.
I agree, it would be great to see other setups posted.
Hi all,
Excellent thread - thankyou for sharing this with us cj12, looks very interesting.
I have been looking at setups and think I see a potential on the daily YM. I don't have exact pivot prices to hand.
P1 9780 = double bottom early Aug
P2 10360 = double top early Sept
P3 9950 yesterday low
Looking for long entry at 10080 with target of 10530.
Assuming this looks ok, does the fact that the price has spiked up to 10250 and back down negate this potential setup?
Thanks,
Gizmo
Excellent thread - thankyou for sharing this with us cj12, looks very interesting.
I have been looking at setups and think I see a potential on the daily YM. I don't have exact pivot prices to hand.
P1 9780 = double bottom early Aug
P2 10360 = double top early Sept
P3 9950 yesterday low
Looking for long entry at 10080 with target of 10530.
Assuming this looks ok, does the fact that the price has spiked up to 10250 and back down negate this potential setup?
Thanks,
Gizmo
From Fastnet
Joe Ross. . . . what do you think? I've been reading his free stuff over the past weeks. A bit long winded eh? Saying that his 'trader's trick' entry is very effective. However worthwhile set-ups are rare - or at least seem to be. Anyone any thoughts? How many proceeding bars do you think you'd need to justify a Ross Hook? I know he is very specific about this (or at least I think it's in there somewhere - like I say - v long winded) - surely secondary proof of a trend would improve reliability. The downside would be less of a retracement before the resumption, especially in a strong trend.
Thanks[/QUOTE
Joe Ross. for a 123 set up, after p2 is past. he says no more than 3 down bars lets say this is on a 5 min chart. but you get 6 down bars, and get the break on the 5 down bar, he would say no trade, but if you was watching a 10 min chart the break would be valid, so in my opinion subjective, Even what i have offered with my 123, it's subjective to a certain degree.
Im giving you time to see where others might take this method what I have offered.There is a lot more to this method,When I feel its time I will add more details to it.
im long late last night at 9974 looking to take some money off the table at 10060. stop will be moved as the price goes in my favour
CJ
Joe Ross. . . . what do you think? I've been reading his free stuff over the past weeks. A bit long winded eh? Saying that his 'trader's trick' entry is very effective. However worthwhile set-ups are rare - or at least seem to be. Anyone any thoughts? How many proceeding bars do you think you'd need to justify a Ross Hook? I know he is very specific about this (or at least I think it's in there somewhere - like I say - v long winded) - surely secondary proof of a trend would improve reliability. The downside would be less of a retracement before the resumption, especially in a strong trend.
Thanks[/QUOTE
Joe Ross. for a 123 set up, after p2 is past. he says no more than 3 down bars lets say this is on a 5 min chart. but you get 6 down bars, and get the break on the 5 down bar, he would say no trade, but if you was watching a 10 min chart the break would be valid, so in my opinion subjective, Even what i have offered with my 123, it's subjective to a certain degree.
Im giving you time to see where others might take this method what I have offered.There is a lot more to this method,When I feel its time I will add more details to it.
im long late last night at 9974 looking to take some money off the table at 10060. stop will be moved as the price goes in my favour
CJ
MGBRoadster
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...EUR update if P3 @1.2418 holds. Doesn't look like it wants to roll over yet though:
P1 2432
P2 2224
P3 2418
Entry 2366
StopL 2433
Crit Price 2314
Target 2210
Running a trend line along the lows of the P2 to P3 leg up can improve entries, once P3 is 'in'; ie enter when the trend line is broken.
P1 2432
P2 2224
P3 2418
Entry 2366
StopL 2433
Crit Price 2314
Target 2210
Running a trend line along the lows of the P2 to P3 leg up can improve entries, once P3 is 'in'; ie enter when the trend line is broken.
ChowClown said:....wondering if this will deliver? I'm long from todays' 7-10am breakout...if it can just hold off heading south for another day...
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