Bride of If You Can Draw A Straight Line

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Quote from niko:

9:55 DL broken, no RET for short just yet.
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9:58 SL traced, but it is already in trouble.

10:01 Are buyers losing the ball or is it just me?

10:01 Short at 57.50
 
To recap, the first trade pre-open which was a 2t loser, the next at the open which if taken would be at least a 10pt winner, if not taken the next at 0941 which would be at least a 3pt winner.

Therefore, so far, a 50% winrate and a P:L ratio of up to 10:1 off two trades.
 
Quote from niko:

9:58 SL traced, but it is already in trouble.

10:01 Are buyers losing the ball or is it just me?

10:01 Short at 57.50
More...
10:03 SL fanned
 
Quote from niko:

9:58 SL traced, but it is already in trouble.

10:01 Are buyers losing the ball or is it just me?

10:01 Short at 57.50
More...

Should point out for readers that an SAR was necessary here if a long had been taken off that retracement at 0947.
 
Quote from dbphoenix:

Should point out for readers that an SAR was necessary here.
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Yep

10:06 SL fanned
10:08 SL poked, we are at the 50% level from the open :(
 
Quote from dbphoenix:

I don't know that it would be considered a supply line break. More likely a test of the pre-open range. But a decision to take or not the retracement at 0931 would absolutely have to be done based on trader behavior and not bars. A more reasonable entry for someone not completely versed in this would be the 0941 bar.
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Based on the higher low?
 
Quote from dbphoenix:

To recap, the first trade pre-open which was a 2t loser, the next at the open which if taken would be at least a 10pt winner, if not taken the next at 0941 which would be at least a 3pt winner.

Therefore, so far, a 50% winrate and a P:L ratio of up to 10:1 off two trades.
More...

Loss: 2 ticks
Profit: 10 points = 40 ticks.

P:L ratio 20:1? I am not sure about my math but perhaps someone else can correct me.

Gringo
 
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