Amit wrote:

Captain Jack wrote:Might not get the full 50 on these sets'....will be watching for the bottom turn....

CJ

CJ please refer to your GCAD sell trade on 20 March.

What made you so sure that price would tank here?. was it the rapid rise? We did have 3 levels of rise the previous day. And the sudden fall was followed by an equally sudden rise.

So trying to see the logic here.

thanks

lvdfx888 wrote:Hi CJ,

Sorry to bother you again. I would like to draw some lessons on my GJ trade on Friday, please kindly give me some guidance:

GJ chart below shows 2 long wicks (red) which looked like a good setup for level 3 push, then a pull back in NY session. But after trade was entered but price went south. Luckily the trade was recovered after the long RRT was formed later and price come back.

1. Did I read the chart correctly ?
2. Price went below L2 low, would the 3 level push is still valid as price seems heading to L3 ?
3. Is there situations where 3 level push cannot complete and reset ?

Thank you for your patient.
Ron

nicoacademia wrote:Hi Captain Jack
really must say thank you for putting in all your effort into posting n updating and clarifying for us all.
i'm greatly appreciative of all your work.
i love how you sling out all your orders. "if i'm right i'm right all the way" style.

i've done my homework. learn by doing. and just want to clarify just one thing that bugs me.
i know the 3 pushes will not always be perfect. but the fox will always have to push his book.

1)how would you handle the missing count in the middle of last week on the EJ 1H pair?
it did do a nice W. with a small stop hunt after the pins cluster.

2)looking at the way the EJ ended the week. is that counted as 1 push up(although they pinned it both ways=stop hunt). meaning the peak low(and also cracked week low) was made?

thanks for teaching us to tag the foxes trail

130322 ej weekend.png

Angat wrote:

lvdfx888 wrote:Hi CJ,

Sorry to bother you again. I would like to draw some lessons on my GJ trade on Friday, please kindly give me some guidance:

GJ chart below shows 2 long wicks (red) which looked like a good setup for level 3 push, then a pull back in NY session. But after trade was entered but price went south. Luckily the trade was recovered after the long RRT was formed later and price come back.

1. Did I read the chart correctly ?
2. Price went below L2 low, would the 3 level push is still valid as price seems heading to L3 ?
3. Is there situations where 3 level push cannot complete and reset ?

Thank you for your patient.
Ron

The fox tricked alot of people on this day with the jpy pairs. I personally find the jpy pairs slightly more riskier at times. Its harder to use pins to identify the stop hunts. Just look at the H1 chart every candle has pins on pretty much both sides. If you were to go to the h4 chart you could see that from the 14th to now there is a giant wedge forming. Okay now it becomes slightly clearer, there was a W within a giant M. Now the bottom part of M seems like it needed to touch the bottom part of the wedge.

That being said I dont trade these M and W patterns off the H4, I only find the quality setups off the H1 using the H4 and Daily to see the bigger picture and look for RTTs.

CJ will probably advise you better.

Captain Jack wrote:

lvdfx888 wrote:Hi CJ,

Sorry to bother you again. I would like to draw some lessons on my GJ trade on Friday, please kindly give me some guidance:

GJ chart below shows 2 long wicks (red) which looked like a good setup for level 3 push, then a pull back in NY session. But after trade was entered but price went south. Luckily the trade was recovered after the long RRT was formed later and price come back.

1. Did I read the chart correctly ?
2. Price went below L2 low, would the 3 level push is still valid as price seems heading to L3 ?
3. Is there situations where 3 level push cannot complete and reset ?

Thank you for your patient.
Ron

Your level and count appear right, but you are trading on the 1H time frame. The patterns are still the same. Price was in a range....the a 3 candle push dropped below the range into a stop hunt, this is the pattern. You just got in early.

I entered my UJ trade at the same point on the 15M time frame, price continued lower on it as well and I took additional entry at the bottom of the stop hunt, closed it at the top of the stop hunt and rode price back down into the range with another set of orders.

You need to work on identifying the stop hunts, when they hit the stops low then high in this case. Sometimes they hit them high then low. Depends on the pair and the trend.

Some pair tend to have more pins than others and are harder to trade. NZDUSD is another one with lots of pins...

CJ

Captain Jack wrote:

Amit wrote:HI Captain. Thanks for the thread . Read thru all of it today. Could you clarify GCAD on which level it is cos it has such wide variations that I cant figure it out. My chart posted.

GBPCAD is full of stop hunts....they can't be counted as levels....they use them to keep traders from riding the trend higher...shaking them out along the way....

CJ

Lifesys wrote:Yes, sorry CJ, I would have to agree with Fok on the D1 candle for the 20th March NZDUSD. The strong rise was clearly on the 21st, starting with hour 1 and not the last 2 hours of the 20th by true Forex week.
This again shows the severe weakness in the GMT system. In this case it completely distorts D1 candles to show 3 rises 20th, 21, & 22 when there were only 2, 21st & 22nd.
You can't really use D1 or H4 candles as being decisively Up or Down when H1 candles are moved from one day to another by GMT (non-NYClose or Forex open) brokers.
This should not affect trading if M15/H1 is used but people just have to get used to the fact that H4 & D1 will be different.

march20-D1.gif

march20-H1.gif