Search results

A bit unclear on the rules described here. Let me summarize to verify my understanding: 1) If one of candles prior to the white hammer is WRB then there's an additional rule: the LS (lowershadow) of hammer should be longer than LSs of 3 candles prior to WRB 2) LS of white hammer should be...

This is also range trading and you recommend against that?

I understand the white hammers discussed here can be in the context of 1) trend reversal up 2) trend continuation up. I also understand what trend reversal is. But I do not understand how countertrend trading is different to trend reversal. Does it look different? What makes it different? Are...

NA, why wouldn't you trade this one?

Wasn't this hammer pattern in a range, and you advice against trading candles in a range?

When you were looking for support (long LowerShadow), why did you look on the 10min and not 5min?

MVP, do you trade off candles successfully?

5min. Depends on how many valid hammer signals show up.

The idea is that often S&R levels are not bounced off exactly. Sometimes a bounce off support comes a bit above support, sometimes it breaks support a bit and then bounces. The idea is to create a tight band above and below the level. Now we watch price action in this whole zone, as opposed to...

I'm now concentrating on FOREX. And you said that volume is one of the factors that determine whther a line is a valid pattern signal or not. FOREX doesn't really have volume. So do you think this fact would severely hinder the identification of high probability patterns or not?

OK but the hit rate has since gone down to 75%. And the trade management is very simplistic, meaning there's a stop equal to the range of the hammer and a profit target of the same size. Nothing else, no breakeven, no trailing.

Well, yes I'm confused. For example I enter when the high of the hammer signal (pattern) is taken out. I don't understand when you enter. Like when you got a hammer that qualifies as the one you want to trade (i think you call that a pattern as opposed to a line), when/how do you actually enter?

i did and my findings were inconclusive wise ass, thats why i asked here.

This is a test to see if I'm seeing WRBs correctly according to your definition. Chart atached.

Alrite. 1) Were these two subgroups picked by you for description because they're most reliable? 2) What is your entry method?

And White Hammer pattern is confirmed when the hammer candle closes or when?

And how do you know if you're gonna get a better price to enter on the next bar than at the hammer's close?

NA, I decided to concentrate only on White Bullish Hammer patterns for now. I'm posting a bunch of charts to see if my identification of them is correct so far. http://charts.dacharts.com/2005-08-20/1h.png http://charts.dacharts.com/2005-08-20/2h.png...

And in how many pieces do you scale out at the profit targets? Do you scale out in thirds or?