Quote from version77:
Actually I just realized that these are links to another website so
I guess it doesn't matter how big the size or what form the pic is in...
Except that Ttrader does itself limit the size of the chart you put
on their website.
Hi version77,
I have relatives from out of town so I'm very slow to responding to this thread or to emails with those sharing their charts of Hammer patterns either traded or saw.
Thus, I'm not trading nor watching the markets until Friday.
By the way, you can upload and link to your charts at DaCharts.
http://www.dacharts.com/posting.php
Quote from version77:
...Nihaba, tell me (us) if this is where you like to enter, in the shadow of the previous hammer or if you have different rules on where to enter if it is a white hammer or a dark hammer. I know
I have read previously that you like to get a better entry than the close of the white hammer... Myself, I like to enter as far down into the shadow as possible... be it a white or dark hammer...
P.S.S. Please note the entry on the 5-min chart is a Dark Bullish
Hammer Pattern... It's amazing how a 3-min invalid White Bullish Hammer
Pattern can quickly change into a valid 5-min Dark Hammer Bullish Pattern...
At least for me it can...
If there's any subjectivity in my trading its in the entry area below the close of the pattern signal price (bullish white hammer or bullish dark hammer) or above the close of the pattern signal price (bearish dark inverted hammer).
One pattern I may enter at a 2 tick better entry, another maybe 5 tick better entry, another 3 tick better entry...
No specific area just as long as its below the close of the bullish hammers or above the close of the bearish dark inverted hammers...
Regardless if by limit orders or market orders.
I usually average about 3 ticks below the close of bullish patterns or above the close of bearish patterns via my entry price.
Last of all...glad you've been studying the price action of Hammers because you'll notice as you did that if you get a Long Shadow on one particular interval regadless if its a dark hammer line, white hammer line or long legged doji line...
(critical understanding that's needed)
There could be a valid hammer pattern on different chart interval or in a different similar-like trading instrument.
Therefore, good Hammer traders don't need to have a dozen monitors to be able to find valid Hammer patterns in different chart intervals or in other trading instruments.
All they need to do is monitor a few trading instruments and 1-2 intervals...
Knowing if something looks interesting (long shadows)...they can quickly change interval or bring up a chart of the respected
sister trading instruments.
One more reason why some of these good Hammer traders only trade Hammers because they are very active and can see a large area of the playing field by understanding the price action of
Long Shadows.
NihabaAshi