Max. RSI is nice and high, good sharp shape.
Price action/Bollinger Band is a double move up and back down.
Risk was small compared to distance to middle Bollinger line.
Full trade.
Bounce off a near approach to the middle line - ready for that, took profit with half and shifted rest to B/E.
Didn't qualify as a "failed M etc.." because it did not deliver the 20+ minimum needed. If you risked the profit and had a punt at half stake then you would have got away with it.
The second one was on almost the same time setting but not quite, being on 17 min.
Max. RSI is nice and high again, good sharp shape.
Price action / Bollinger Band is a double one again, including a very close / touch on the SD=4 Band - fairly rare event that.
This time though the risk is bigger and the Bollinger middle line closer.
It's at least a half trade but not,IMO, a full one - in that case I settle for a 75% trade.
Took profit with 25% and let the other two 25%s run as split trades. Will leave them, hopefully over the weekend but with guaranteed S/Ls if that happens.
cheers theory
Hi Theory
ReplyDeleteI hope you have had a good weekend.
In the first example is not the candle that forms P1 a (near) doji? If it is does it not matter becuase it is not part of the internal make up of the pattern?
I hope the question makes sense
Thanks
Zac
Zac,
ReplyDeleteYou're getting there! The shape of the Pt1 candle does not matter because it is not internal to the shape, it defines the start of it. It's what happens AFTER Pt1 forms that matters.
cheers theory